20240020692. PAYMENT REDEMPTION USING NON-FUNGIBLE TOKENS simplified abstract (Bank of America Corporation)
Contents
PAYMENT REDEMPTION USING NON-FUNGIBLE TOKENS
Organization Name
Inventor(s)
Brandon Castagna of Charlotte NC (US)
Lisa Pugh of Charlotte NC (US)
Alfred Reed of Charlotte NC (US)
PAYMENT REDEMPTION USING NON-FUNGIBLE TOKENS - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240020692 titled 'PAYMENT REDEMPTION USING NON-FUNGIBLE TOKENS
Simplified Explanation
The patent application describes an apparatus and methods for using non-fungible tokens (NFTs) for payment redemption and remittances. Here is a simplified explanation of the abstract:
- A computer program product allows a payor to create an NFT, which includes a digital envelope and metadata.
- The digital envelope contains payment terms and the payment funds.
- The NFT can be transferred to a digital wallet owned by a payee.
- The payee can choose to redeem the payment funds.
- The payment funds are then transferred to the payee based on their selection.
Potential applications of this technology:
- Digital payments: This technology enables the use of NFTs as a form of digital payment, providing a secure and transparent method for transferring funds.
- Remittances: The ability to transfer payment funds through NFTs can be used for remittances, allowing individuals to send money to others in different locations.
- Micropayments: NFTs can facilitate micropayments, allowing for small transactions to be made easily and efficiently.
Problems solved by this technology:
- Security: The use of NFTs provides a secure method for transferring payment funds, reducing the risk of fraud or unauthorized access.
- Transparency: The digital envelope and metadata included in the NFT provide transparency regarding the payment terms, ensuring that both the payor and payee have a clear understanding of the transaction.
- Efficiency: The use of NFTs streamlines the payment redemption and remittance process, making it faster and more efficient compared to traditional methods.
Benefits of this technology:
- Accessibility: The use of digital wallets and NFTs makes payment redemption and remittances accessible to a wider range of individuals, including those without access to traditional banking services.
- Cost-effectiveness: By utilizing digital technology, this method of payment redemption and remittance can be more cost-effective compared to traditional methods, reducing transaction fees and other associated costs.
- Traceability: The use of NFTs allows for the traceability of payment transactions, providing a clear audit trail and enhancing accountability.
Original Abstract Submitted
apparatus and methods for utilizing non-fungible tokens (“nfts”) for payment redemption and remittances are provided. a payor may use a computer program product to create an nft. the nft may include a digital envelope and metadata. the digital envelope may include one or more payment terms as a payment statement and the payment funds. the nft may be transferred to a digital wallet belonging to a payee. the payee may select an option to redeem the payment funds. the payment funds may be transferred to the payee per the selection.