FINANCIAL TRANSACTIONS WITH SMART WEARABLE CONTACT LENS

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Patent granted in India and pending in US

Problem Statement:
Currently most of the bank transactions are going through wireless mode. There are many devices are available in the current market such as Smart Ring, NFC cards etc… However people have to carry the device along with their regular things but without any additional device users can’t perform the financial transaction.

Solution:
The objective of this idea is to perform financial transactions at ATM’s or at POS without carrying any special device by the user and they can use their contact lens itself works as wireless financial transaction device

How it works:
This special contact lens is made up of the same material which are using as of today without compromising the quality or health standards. We have to embed small circuit in this contact lens with different sensors and chips that can support Wi-Fi, BT, storage space, processing and NFC technologies.

The power supply can be generated while user blinks the eyes or by moving/rotating the eye balls. That generated energy can store in very compact power storage space and later it can be used for at least for few transactions.


How it works at POS/merchant sale devices:
As shown in the below picture once the smart lens is connected with the particular POS if the lens have multiple bank accounts then the ATM/POS will display all the bank names on the screen and user has to select the desired bank account from the displayed list an then enter the bank PIN to start the transaction. If user has configured multiple banks in the lens i.e. including both (credit cards and Debit cards) then the ATM or POS will display all the bank names including debit card and credit card bank name on the screen.

For example if any use has configured ABCD bank debit and credit cards in the same lens then the POS/ATM will display the bank names in the following manner.

ABCD DC  - Where DC represents Debit Card
ABCD CC  - Where CC represents Credit Card

Once the user selects the particular bank name and it may ask for bank PIN (based on bank server) or biometric or iris for authentication. Once the authentication is successful and then it start the transaction. We can enable or disable the embedded features inside the lens by pressing micro switches on the lens or by using mobile device we ca enable or disable the features temporarily. Bank related information will be stored in the lens in the encrypted format. Whenever we are trying to pay using this lens the bank details can read from the wifi/BT/NFC reader and send it to bank server and if that particular bank account have sufficient balance then the payment will be approved automatically. The system may or may not ask PIN or authentication details of the user.

ADVANTAGES OF THE PRESENT INVENTION:

Provides flexibility to the users to travel and/or do transaction without bank cards.
Provides two level security authentications one using biometric iris scan identification and second one is appropriate bank ATM PIN.
Enables the user with a provision to enable or disable the RFID feature on the smart wearable contact lens through smartphone.
The proposed smart wearable contact lens of the present invention requires no battery.
The proposed smart wearable contact lens of the present invention is water proof.
The applicability of the proposed smart wearable contact lens of the present invention is not only limited to performing financial transactions but can also be used for wireless communications in applications such as but not limited to:
a.    Home automations: blink based lighting and other electronic device control.
b.     Automated mail transmission: Sending mails upon blinking of eye in particular fashion say double blinking in a pre-determined time period.
c.    Automated Car communication: Making a call from cars when user blinks in particular fashion say double blinking in a pre-determined time period. & etc.

Please provide your valuable suggestion and comments on this article

Reach me @ my.innovationconcepts@gmail.com

Note: All the above images are only for illustration purpose.

Disclaimer: Chances are there that some one may have patents on the similar innovative ideas but all these concepts are my own individual thoughts.

Thanks,
SPCS


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