The desire of buyers and sellers to use non-nationally recognized currencies, such as cryptocurrencies and mobile carrier airtime minutes, in financial transactions has created many problems for online marketplaces and third-party payment processors. Online marketplaces and/or third party payments services tend to require nationally recognized currencies when performing currency transactions to reduce currency exchange risk. Currency exchange risks refer to the losses that a financial transaction may incur due to currency fluctuations. Currency exchange risks often arise when a company or individual engages in financial transactions denominated in a currency other than the currency where that company or individual is based. Any appreciation/depreciation of the base currency or the depreciation/appreciation of the denominated currency may affect the flow of currency in that transaction.
Online marketplaces and third-party payment providers are well adapted to handling single currency transactions and even dual currency transactions with limited risk. For example, a buyer may checkout using a single currency common to the buyer and the seller, or upon checkout, a third-party payment system may convert a first currency held by the buyer into a second currency desired by the seller. However, in order for the buyer to purchase an item sold in the second currency and an item sold in a third currency, the online shopping experience would require the buyer to go through the checkout process two separate times. During a first checkout process, a third-party payment system would convert the first currency held by the buyer into the second currency desired by the seller of the first item, and then during the second separate checkout process, the third-party payment system would convert the first currency held by the buyer into the third currency desired by the seller of the second item. Be it that two separate checkouts occur, the buyer is twice as likely to encounter a problem and/or get distracted and only perform one purchase, thereby potentially limiting the shopping experience with one of the sellers. Existing marketplace checkout environments do not provide an option for a buyer to perform a single checkout process to purchase a first item in a non-nationally recognized currency, such as mobile carrier airtime minutes or some cryptocurrencies, and a second item in a nationally recognized currency, such as the U.S. dollar or Philippine Peso.
It is with respect to these and other general considerations that embodiments have been described. Although relatively specific problems have been discussed, it should be understood that the examples described herein should not be limited to solving the specific problems identified in the background above.
In accordance with at least one example of the present disclosure, a method for performing a single checkout process using multiple currencies, is provided. The method may include dynamically displaying a first item total in a first currency type at a first location in a user interface, the first item total indicating a subtotal for one or more items associated with the first currency type; dynamically displaying a second item total in a second currency type at a second location in the user interface, the second item total indicating a subtotal for one or more items associated with the second currency type; and in response to receiving a determination of a third currency type associated with a buyer of the one or more items associated with the first currency type and the one or more items associated with the second currency type, dynamically displaying a transaction total including a currency transaction fee associated with converting the first currency type to the third currency type and a second currency transaction fee associated with converting the second currency type to the third currency type.
In accordance with at least one example of the present disclosure, a method for performing a single checkout process using multiple currencies is provided. The method may include receiving a first item total in a first currency type, the first item total indicating a subtotal for one or more items associated with the first currency type; receiving a second item total in a second currency type, the second item total indicating a subtotal for one or more items associated with the second currency type; and in response to receiving a third currency type associated with a buyer of the one or more items associated with the first currency type and the one or more items associated with the second currency type, dynamically displaying a transaction total including a currency transaction fee associated with converting the first currency type to the third currency type and a second currency transaction fee associated with converting the second currency type to the third currency type.
In accordance with at least one example of the present disclosure, a system is provided. The system may include a processor; and memory including instructions, which when executed by the processor, cause the processor to: dynamically display a first item total in a first currency type at a first location in a user interface, the first item total indicating a subtotal for one or more items associated with the first currency type; dynamically display a second item total in a second currency type at a second location in the user interface, the second item total indicating a subtotal for one or more items associated with the second currency type; and in response to receiving a determination of a third currency type associated with a buyer of the one or more items associated with the first currency type and the one or more items associated with the second currency type, dynamically display a transaction total including a currency transaction fee associated with converting the first currency type to the third currency type and a second currency transaction fee associated with converting the second currency type to the third currency type.
This summary is provided to introduce a selection of concepts in a simplified form that are further described below in the Detailed Description. This summary is not intended to identify key features or essential features of the claimed subject matter, nor is it intended to be used to limit the scope of the claimed subject matter.
Non-limiting and non-exhaustive examples are described with reference to the following Figures.
In the following detailed description, references are made to the accompanying drawings that form a part hereof, and in which are shown by way of illustrations specific embodiments or examples. These aspects may be combined, other aspects may be utilized, and structural changes may be made without departing from the present disclosure. Embodiments may be practiced as methods, systems, or devices. Accordingly, embodiments may take the form of a hardware implementation, an entirely software implementation, or an implementation combining software and hardware aspects. The following detailed description is therefore not to be taken in a limiting sense, and the scope of the present disclosure is defined by the appended claims and their equivalents.
Currency exchange risks refer to the losses that a financial transaction may incur due to currency fluctuations. Currency exchange risks often arise when a company or individual engages in financial transactions denominated in a currency other than the currency where that company or individual is based. Any appreciation/depreciation of the base currency or the depreciation/appreciation of the denominated currency may affect the flow of currency in that transaction. emanating from that transaction. Often times a seller may limit their risk and/or exposure to currency exchange risk by accepting, in exchange for goods and services, a single currency according to where the seller is based. For example, a transaction occurring between the seller and the buyer may require the buyer to pay the seller in the seller's desired currency. Alternatively, or in addition, the buyer or seller may convert currency provided by the buyer into a currency accepted by the seller by converting the currency at a physical currency exchange or rely on a third-party payment agency, such as a credit agency, to do the currency conversion for them. In such instances where the buyer or seller use a physical currency exchange, effort is required on the part of the seller or buyer (e.g., physically locating and going to a currency exchange, and then exchanging currency at the currency exchange's rate) to perform the conversion. When a third-party payment agency, such as a credit agency, performs the conversion, the conversion rate and transaction fee may be unbeknownst to the buyer and seller until many days after the transaction occurred. By only accepting a single type of currency, the seller may be losing business from potential buyers that do not possess the currency and/or do not wish to go through the extra steps involved to obtain the currency. By only holding a single currency, buyers may miss out on goods and services.
Similar problems exist in online marketplaces that provide goods and services for purchase from sellers in one or more countries by buyers in one or more different countries. For example, an on-line marketplace may operate in various locations throughout the world and therefore may be exposed to transactions in multiple currencies. Online marketplaces are well adapted to handling single currency transactions and even dual currency transaction. For example, a buyer may checkout using a single currency common to the buyer and the seller, or upon checkout, a third-party payment system may convert a first currency held by the buyer into a second currency desired by the seller. However, in order for the buyer to purchase an item sold in the second currency and an item sold in a third currency, the online shopping experience would require the buyer to go through the checkout process two separate times and have a third-party payment system convert the first currency held by the buyer into the second currency desired by the seller of the first item and then separately have the third-party payment system convert the first currency held by the buyer into the third currency desired by the seller of the second item. Be it that two separate checkouts occur, the buyer is twice as likely to encounter a problem and/or get distracted and only perform one purchase, thereby potentially limiting the shopping experience with one of the sellers.
In examples, a multicurrency online shopping experience is described that provides opportunities for sellers to showcase their goods and services without regard to the type of currency involved in the transaction. Further, the multicurrency online shopping experience provides opportunities for buyers to purchase goods and services denominated in difference currencies in a single checkout process.
As further depicted in the second user interface 202, a control 222 may display a total transaction cost 223 associated with the purchase of both items. The buyer may select the control 222 to change the paying currency. For example, the control 222, when selected, may cause a selection menu 224, such as a dropdown menu, to be presented to the buyer. Displayed in the selection menu 224, are various currencies that the user can select from, where each selection also includes the total transaction cost associated with the purchase of both items for the respective selection. As a buyer selects different currencies 226, different transaction fees 216 and 220 and different total transaction costs 223 may be displayed. Upon selecting the desired currency, the buyer may confirm the selection by selecting the control 228 and cause the online marketplace to debit the total transaction cost 223 from an account associated with the buyer, such as but not limited to an account associated with the online marketplace, a bank account, and the like, and pay at least one of a first seller in a first currency and/or a second seller with a second currency. Alternatively, or in addition, upon selecting the desired currency, the buyer may confirm the selection by selecting the control 228 and cause the online marketplace to charge the total transaction cost 223 to an account associated with the buyer, such as a credit card, gift card, or the like, and pay at least one of a first seller in a first currency and/or a second seller with a second currency.
The transaction fees 216 and 220 represent the cost of converting the selected currency 226 into the respective currency for each of the respective items. As will be described with respect to
As will be further discussed, upon selection of the control 228, at least a portion of the details of the transaction may be provided to a publicly available ledger, providing currency conversion transparency. Accordingly, the maximum transaction fees 216 and 220 may be provided to the publicly available ledger. Upon the settlement of the currency conversions, each settlement transaction cost may be provided to the publicly available ledger. Upon receiving the settlement cost, any refund due to the buyer may be calculated and provided to the ledger. In examples, to facilitate the currency conversions, a smart contract may be used to initiate one or more processes by which currency is converted and/or by which transactions are recorded in the publicly available ledger.
As further depicted in the third user interface 230, a control 238 may display a total transaction cost 237 associated with the purchase of both items. The buyer may select the control 238 to change the paying currency. For example, the control 238, when selected, may cause a selection menu 240, such as a dropdown menu, to be presented to the buyer. Displayed in the selection menu 240, are various currencies that the user can select from, where each selection also includes the total transaction cost associated with the purchase of both items for the respective selection. As a buyer selects different currencies 242, different transaction fees 216 and 220 and different total transaction costs 237 may be displayed based on the currency conversion rate. Upon selecting the desired currency, the buyer may confirm the selection by selecting the control 244 and cause the online marketplace to debit the total transaction cost 237 from an account associated with the buyer, such as but not limited to an account associated with the online marketplace, a bank account, and the like, and pay a first seller in a first currency and pay a second seller with a second currency. Alternatively, or in addition, upon selecting the desired currency, the buyer may confirm the selection by selecting the control 238 and cause the online marketplace to charge the total transaction cost 237 to an account associated with the buyer, such as a credit card, gift card, or the like, and pay a first seller in a first currency and pay a second seller with a second currency.
The transaction fees 234 and 236 represent the cost of converting the selected currency 242 into the respective currency for each of the respective items. As will be described with respect to
As further depicted in the third user interface 246, a control 252 may display a total transaction cost 254 associated with the purchase of both items. The buyer may select the control 252 to change the paying currency. For example, the control 252, when selected, may cause a selection menu 256, such as a dropdown menu, to be presented to the buyer. Displayed in the selection menu 256, are various currencies that the user can select from, where each selection also includes the total transaction cost associated with the purchase of both items for the respective selection. As a buyer selects different currencies 258, different transaction fees 260 and 262 in the selected currency 258 may be displayed based on the currency conversion rate. Upon selecting the desired currency 258, the control 252 may display the updated total transaction cost in the currency of the selected currency 258. The buyer may confirm the selection by selecting the control 264 and cause the online marketplace to debit the total transaction cost 254 from an account associated with the buyer, such as but not limited to an account associated with the online marketplace, a bank account, and the like, and pay a first seller in a first currency and pay a second seller with a second currency. Alternatively, or in addition, upon selecting the desired currency, the buyer may confirm the selection by selecting the control 264 and cause the online marketplace to charge the total transaction cost 254 to an account associated with the buyer, such as a credit card, gift card, or the like, and pay a first seller in a first currency and pay a second seller with a second currency.
The transaction fees 260 and 262 represent the cost of converting the selected currency 258 into the respective currency for each of the respective items. As will be described with respect to
As further depicted in the fourth user interface 266, a user may select from one of a plurality of different currency options 276 displaying a total transaction cost. The buyer may select one of the currency options 276 to change the paying currency. For example, the user may select the currency option 278 resulting in the transaction fees 280 and 282 to be updated reflecting the transaction fees in the selected currency options 278. The buyer may confirm the transaction total by selecting the control 284 and cause the online marketplace to debit the total transaction cost associated with the selected currency 278 from an account associated with the buyer, such as but not limited to an account associated with the online marketplace, a bank account, and the like, and pay a first seller in a first currency and pay a second seller with a second currency. Alternatively, or in addition, upon selecting the desired currency, the buyer may confirm the selection by selecting the control 284 and cause the online marketplace to charge the total transaction cost associated with selected currency 278 to an account associated with the buyer, such as a credit card, gift card, or the like, and pay a first seller in a first currency and pay a second seller with a second currency.
The transaction fees 280 and 282 represent the cost of converting the selected currency 278 into the respective currency for each of the respective items. As will be described with respect to
In examples, the currency may be a nationally recognized currencies, such as Euros, Pesos, or Dollars, and non-nationally recognized currencies, such as cryptocurrencies and mobile carrier airtime minutes. Thus, each risk profile 302 may include an identity requirements, or other national requirements, specific to the currency. For example, some nations require online platforms handling transactions compliance with known your customer (e.g., KYC) rules or regulations. Accordingly, the presence of or lack of an identity requirement may influence the transaction fee conversion rate.
The method starts at 602, where flow may proceed to 604 where a first currency total for a transaction provided to a display. For example, the first currency total may be the first order total 214 of
The method 600 may proceed to 616, where a currency profile may be retrieved for the first currency. For example, a currency profile corresponding to the currency profile 302 (
The method starts at 702, where flow may proceed to 704 where a currency profile is obtained for a specific currency. For example, a currency profile corresponding to the currency profile 302 (
In its most basic configuration, the operating environment 800 typically includes at least one processing unit 802 and memory 804. Depending on the exact configuration and type of computing device, memory 804 may be volatile (such as RAM), non-volatile (such as ROM, flash memory, etc.), or some combination of the two and may include one or more instructions to implemented the risk profile generator as described in
Operating environment 800 typically includes at least some form of computer readable media. Computer readable media can be any available media that can be accessed by at least one processing unit 802 or other devices comprising the operating environment. By way of example, and not limitation, computer readable media may comprise computer storage media and communication media. Computer storage media includes volatile and nonvolatile, removable and non-removable media implemented in any method or technology for storage of information such as computer readable instructions, data structures, program modules or other data. Computer storage media includes, RAM, ROM, EEPROM, flash memory or other memory technology, CD-ROM, digital versatile disks (DVD) or other optical storage, magnetic cassettes, magnetic tape, magnetic disk storage or other magnetic storage devices, or any other tangible, non-transitory medium which can be used to store the desired information. Computer storage media does not include communication media. Computer storage media does not include a carrier wave or other propagated or modulated data signal.
Communication media embodies computer readable instructions, data structures, program modules, or other data in a modulated data signal such as a carrier wave or other transport mechanism and includes any information delivery media. The term “modulated data signal” means a signal that has one or more of its characteristics set or changed in such a manner as to encode information in the signal. By way of example, and not limitation, communication media includes wired media such as a wired network or direct-wired connection, and wireless media such as acoustic, RF, infrared and other wireless media.
The operating environment 800 may be a single computer operating in a networked environment using logical connections to one or more remote computers. The remote computer may be a personal computer, a server, a router, a network PC, a peer device or other common network node, and typically includes many or all of the elements described above as well as others not so mentioned. The logical connections may include any method supported by available communications media. Such networking environments are commonplace in offices, enterprise-wide computer networks, intranets and the Internet.
In addition, the aspects and functionalities described herein may operate over distributed systems (e.g., cloud-based computing systems), where application functionality, memory, data storage and retrieval and various processing functions may be operated remotely from each other over a distributed computing network, such as the Internet or an intranet. User interfaces and information of various types may be displayed via on-board computing device displays or via remote display units associated with one or more computing devices. For example, user interfaces and information of various types may be displayed and interacted with on a wall surface onto which user interfaces and information of various types are projected. Interaction with the multitude of computing systems with which of the present disclosure may be practiced include, keystroke entry, touch screen entry, voice or other audio entry, gesture entry where an associated computing device is equipped with detection (e.g., camera) functionality for capturing and interpreting user gestures for controlling the functionality of the computing device, and the like.
The present disclosure relates to systems and methods for performing a single checkout process using multiple currencies according to at least the examples provided in the sections below:
At least one aspect of the present disclosure is directed to a method for performing a single checkout process using multiple currencies, the method comprising: dynamically displaying a first item total in a first currency type at a first location in a user interface, the first item total indicating a subtotal for one or more items associated with the first currency type; dynamically displaying a second item total in a second currency type at a second location in the user interface, the second item total indicating a subtotal for one or more items associated with the second currency type; and in response to receiving a determination of a third currency type associated with a buyer of the one or more items associated with the first currency type and the one or more items associated with the second currency type, dynamically displaying a transaction total including a currency transaction fee associated with converting the first currency type to the third currency type and a second currency transaction fee associated with converting the second currency type to the third currency type.
In accordance with at least one aspect of the above method, the method may include dynamically displaying the currency transaction fee associated with converting the first currency type to the third currency type in the user interface; and dynamically displaying the currency transaction fee associated with converting the second currency type to the third currency type in the user interface. In accordance with at least one aspect of the above method, the currency transaction fee associated with converting the first currency type to the third currency type is displayed as the third currency type, and the currency transaction fee associated with converting the second currency type to the third currency type is displayed as the third currency type. In accordance with at least one aspect of the above method, the currency transaction fee associated with converting the first currency type to the third currency type is displayed as the first currency type, and the currency transaction fee associated with converting the second currency type to the third currency type is displayed as the second currency type. In accordance with at least one aspect of the above method, the method includes receiving a determination of a fourth currency type associated with a buyer of the one or more items associated with the first currency type and the one or more items associated with the second currency type, displaying a second transaction total including a currency transaction fee associated with converting the first currency type to the fourth currency type and a second currency transaction fee associated with converting the second currency type to the fourth currency type. In accordance with at least one aspect of the above method at least one of the first currency type, the second currency type, and the third currency type is a non-nationally recognized currency. In accordance with at least one aspect of the above method the least one of the first currency type, the second currency type, and the third currency type is associated with minutes of a communication services provider. In accordance with at least one aspect of the above method, the method may include accessing a risk profile associated with the first currency type; and generating the currency transaction fee associated with converting the first currency type to the third currency type based on the risk profile associated with the first currency type. In accordance with at least one aspect of the above method, the risk profile is associated with the first currency type and the third currency type. In accordance with at least one aspect of the above method the currency transaction fee associated with converting the first currency type to the third currency type is based on identifying at least one of the buyer and a seller.
At least one aspect of the present disclosure is directed to a method for performing a single checkout process using multiple currencies. The method may include receiving a first item total in a first currency type, the first item total indicating a subtotal for one or more items associated with the first currency type; receiving a second item total in a second currency type, the second item total indicating a subtotal for one or more items associated with the second currency type; and in response to receiving a third currency type associated with a buyer of the one or more items associated with the first currency type and the one or more items associated with the second currency type, dynamically displaying a transaction total including a currency transaction fee associated with converting the first currency type to the third currency type and a second currency transaction fee associated with converting the second currency type to the third currency type.
In accordance with at least one aspect of the above method, the method may include dynamically displaying the currency transaction fee associated with converting the first currency type to the third currency type in a user interface; and dynamically displaying the currency transaction fee associated with converting the second currency type to the third currency type in the user interface. In accordance with at least one aspect of the above method, the method may include writing the currency transaction fee associated with converting the first currency type to the third currency type to a publicly available ledger; writing the currency transaction fee associated with converting the second currency type to the third currency type to the publicly available ledger; writing a first subsequent currency transaction fee associated with converting the first currency type to the third currency type to the publicly available ledger, the first subsequent currency transaction fee being associated with an actual incurred conversion cost associated with converting the first currency type to the third currency type; and writing a second subsequent currency transaction fee associated with converting the second currency type to the third currency type to the publicly available ledger, the second subsequent currency transaction fee being associated with an actual incurred conversion cost associated with converting the second currency type to the third currency type. In accordance with at least one aspect of the above method, the method may include determining a difference between the currency transaction fee associated with converting the first currency type to the third currency type and the first subsequent currency transaction fee; and providing a credit to an account associated with the buyer when the first subsequent currency transaction fee is less than the currency transaction fee associated with converting the first currency type to the third currency type. In accordance with at least one aspect of the above method, at least one of the first currency type, the second currency type, and the third currency type is a non-nationally recognized currency. In accordance with at least one aspect of the above method, the method may include accessing a risk profile associated with the first currency type; and generating the currency transaction fee associated with converting the first currency type to the third currency type based on the risk profile associated with the first currency type. In accordance with at least one aspect of the above method, the risk profile is associated with the first currency type and the third currency type. In accordance with at least one aspect of the above method, the currency transaction fee associated with converting the first currency type to the third currency type is based on identifying at least one of the buyer and a seller.
At least one aspect of the present disclosure is directed to a system comprising a processor, and memory including instructions, which when executed by the processor, cause the processor to: dynamically display a first item total in a first currency type at a first location in a user interface, the first item total indicating a subtotal for one or more items associated with the first currency type; dynamically display a second item total in a second currency type at a second location in the user interface, the second item total indicating a subtotal for one or more items associated with the second currency type; and in response to receiving a determination of a third currency type associated with a buyer of the one or more items associated with the first currency type and the one or more items associated with the second currency type, dynamically display a transaction total including a currency transaction fee associated with converting the first currency type to the third currency type and a second currency transaction fee associated with converting the second currency type to the third currency type.
In accordance with at least one aspect of the above system, at least one of the first currency type, the second currency type, and the third currency type is a non-nationally recognized currency.
Aspects of the present disclosure, for example, are described above with reference to block diagrams and/or operational illustrations of methods, systems, and computer program products according to aspects of the disclosure. The functions/acts noted in the blocks may occur out of the order as shown in any flowchart. For example, two blocks shown in succession may in fact be executed substantially concurrently or the blocks may sometimes be executed in the reverse order, depending upon the functionality/acts involved.
The description and illustration of one or more aspects provided in this application are not intended to limit or restrict the scope of the disclosure as claimed in any way. The aspects, examples, and details provided in this application are considered sufficient to convey possession and enable others to make and use the claimed disclosure. The claimed disclosure should not be construed as being limited to any aspect, example, or detail provided in this application. Regardless of whether shown and described in combination or separately, the various features (both structural and methodological) are intended to be selectively included or omitted to produce an embodiment with a particular set of features. Having been provided with the description and illustration of the present application, one skilled in the art may envision variations, modifications, and alternate aspects falling within the spirit of the broader aspects of the general inventive concept embodied in this application that do not depart from the broader scope of the claimed disclosure.