Abstract
The present disclosure relates to (1) a system and a method of using NFTs as an instrument of stored value at a product level, (2) a system and a method of processing of payments by a POS from an NFT-enabled multichannel wallet, and (3) a system and a method of processing of payments by the POS in a processing order set by a consumer in an NFT-enabled multichannel wallet. The first method discloses a consumer purchasing product values from a merchant. Upon purchasing, the merchant sends the NFTs to the consumer. In response to receiving the NFTs from the merchant, the consumer stores the NFTs in a web enabled payment wallet for future use. While shopping for goods, the consumer may purchase one or more goods at the merchant and may add it to a shopping basket. Among the one or more goods added to the shopping basket, some goods may qualify for NFT credit. At checkout, the merchant scans all relevant NFTs and reduces basket price and marks the NFTs as “redeemed” or may pay with an NFT-enabled wallet that may automatically deduct items having a valid NFT and marks the NFTs as “redeemed”. In the second method, payment at POS may automatically split tender between available eligible NFTs, default payment cards and other payment means like UPI, net banking, or cash. In the third method, the consumer may set order of preference of payment channels by merchant or by date. Depending on the preference and other settings set by the consumer, the POS may process the payment.
Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 License.
Recommended Citation
SORIANO, EDMAR; NISSLY, DAVID; and RHEE, PETER, "USAGE OF NFT AS AN INSTRUMENT OF STORED VALUE AT A PRODUCT LEVEL AND AS PAYMENT MEANS", Technical Disclosure Commons, (September 15, 2023)
https://www.tdcommons.org/dpubs_series/6250