18442975. UTILIZING PAYMENT TOKENS TO TRACK REWARDS simplified abstract (PayPal, Inc.)
Contents
UTILIZING PAYMENT TOKENS TO TRACK REWARDS
Organization Name
Inventor(s)
Avik Chatterjee of Phoenix AZ (US)
Srivathsan Narasimhan of Saratoga CA (US)
UTILIZING PAYMENT TOKENS TO TRACK REWARDS - A simplified explanation of the abstract
This abstract first appeared for US patent application 18442975 titled 'UTILIZING PAYMENT TOKENS TO TRACK REWARDS
The abstract of the patent application describes a computer system that detects the reception of a token associated with a transaction, determines a Payments Reward Identifier (PRI) associated with the token, accesses a PRI database to find a corresponding rewards ID (RID), calculates a rewards amount for the transaction, and updates a total rewards amount in a rewards database.
- The computer system detects the reception of a token associated with a transaction.
- It determines a Payments Reward Identifier (PRI) associated with the token.
- The system accesses a PRI database to find a corresponding rewards ID (RID).
- It calculates a rewards amount for the transaction.
- The computer system updates a total rewards amount in a rewards database based on the determined RID and rewards amount.
Potential Applications: - Loyalty programs in retail or e-commerce. - Incentivizing customer behavior in various industries. - Tracking and rewarding user engagement in online platforms.
Problems Solved: - Efficiently managing and tracking rewards for transactions. - Providing personalized rewards based on transaction history. - Encouraging customer loyalty and repeat business.
Benefits: - Increased customer engagement and loyalty. - Improved customer retention and satisfaction. - Enhanced data analytics for targeted marketing strategies.
Commercial Applications: Title: "Enhanced Rewards Management System for Improved Customer Engagement" This technology can be used in retail, e-commerce, and other industries to enhance customer loyalty programs, incentivize customer behavior, and improve overall customer satisfaction. The market implications include increased customer retention, higher sales, and improved brand loyalty.
Questions about the technology: 1. How does the system determine the rewards amount for each transaction? The system calculates the rewards amount based on the rewards ID (RID) associated with the Payments Reward Identifier (PRI) in the PRI database. 2. Can the system be integrated with existing loyalty programs in businesses? Yes, the system can be customized and integrated with existing loyalty programs to enhance rewards management and customer engagement.
Original Abstract Submitted
A computer system detects the reception of a first token associated with a first transaction. The computer system determines that a first Payments Reward Identifier (PRI) is associated with the first token by accessing a PRI database. In response to determining that the first PRI is associated with the first token, the computer system accesses the PRI database and determines that the first PRI is associated with a record within the PRI database that corresponds to a first rewards ID (RID). In response to determining that the first PRI is associated with a record within the PRI database that corresponds to the first rewards, the computer system determines a first rewards amount corresponding to the first transaction, and updates a total rewards amount, in a rewards database, corresponding to the determined first RID based on the first rewards amount.
