Payment processing systems and methods with automatic generation and application of transaction incentives

Abstract

Disclosed are systems and method for continuously collecting transaction data associated with a plurality of users, generating, for a user having a user device communicatively coupled to a payment system, a set of transaction incentives to be applied to current or future transactions; identifying a geo-location of the user device; determining a likelihood of the user engaging in a transaction with a merchant at a merchant device; based at least in part on at least one of the geo-location of the user device or the likelihood of the user engaging in the transaction, selecting at least one transaction incentive to be applied to the transaction; processing a payment for the transaction with the at least one transaction incentive is applied thereto; and updating a user interface on the user device to indicate at least one of the transaction and the at least one transaction incentive applied.

What is claimed is: 
     
         1 . A method comprising:
 continuously collecting and storing, by a payment system and in a database, transaction data associated with a plurality of users, wherein each user of the plurality of users is associated with a respective user device that is communicatively coupled to the payment system for collecting the transaction data, and wherein the respective user device of each user has a corresponding application installed thereon for participating in transactions;   generating, for a user having a user device communicatively coupled to the payment system, a set of transaction incentives to be applied to current or future transactions to be conducted using a payment instrument associated with the user;   storing the set of transaction incentives in the database of the payment system;   identifying a geo-location of the user device of the user;   determining a likelihood of the user engaging in a transaction with a merchant at a merchant device of the merchant;   based at least in part on at least one of the geo-location of the user device or the likelihood of the user engaging in the transaction, selecting at least one transaction incentive of the set of transaction incentives to be applied to the transaction;   processing a payment for the transaction using the payment instrument, wherein the at least one transaction incentive is applied to the transaction; and   updating a user interface presented via the corresponding application installed on the user device to indicate at least one of the transaction and the at least one transaction incentive applied.   
     
     
         2 . The method of  claim 1 , wherein the payment instrument is a virtual payment card installed on the user device. 
     
     
         3 . The method of  claim 1 , wherein the likelihood of the user engaging in the transaction is determined based on user data available to the payment system. 
     
     
         4 . The method of  claim 3 , wherein the user data includes one or more of past transaction history, user social engagement history, and user personal history. 
     
     
         5 . The method of  claim 1 , wherein the likelihood of the user engaging in the transaction is determined using a predictive spending model for the user. 
     
     
         6 . The method of  claim 1 , wherein the set of transaction incentives include one or more of a free item or service, a discount on one or more items that are subject of the transaction, a discount or a promotion for a future transaction between the user and the merchant, or a product or service recommendation. 
     
     
         7 . The method of  claim 1 , wherein for a particular incentive of the set of incentives, a virtual merchant card representative of the merchant with which the particular incentive is associated is displayed on the user interface, and wherein the virtual merchant card is arranged on the user interface based at least in part on the geo-location of the user device. 
     
     
         8 . A payment system comprising:
 one or more memories having computer-readable instructions stored therein; and   one or more processors configured to execute the computer-readable instructions to:   continuously collect and store, in a database, transaction data associated with a plurality of users, wherein each user of the plurality of users is associated with a respective user device that is communicatively coupled to the payment system for collecting the transaction data, and wherein the respective user device of each user has a corresponding application installed thereon for participating in transactions;   generate, for a user having a user device communicatively coupled to the payment system, a set of transaction incentives to be applied to current or future transactions to be conducted using a payment instrument associated with the user;   store the set of transaction incentives in the database of the payment system;   identifying a geo-location of the user device of the user;   determine a likelihood of the user engaging in a transaction with a merchant at a merchant device of the merchant;   based at least in part on at least one of the geo-location of the user device or the likelihood of the user engaging in the transaction, select at least one transaction incentive of the set of transaction incentives to be applied to the transaction;   process a payment for the transaction using the payment instrument, wherein the at least one transaction incentive is applied to the transaction; and   update a user interface presented via the corresponding application installed on the user device to indicate at least one of the transaction and the at least one transaction incentive applied.   
     
     
         9 . The payment system of  claim 8 , wherein the payment instrument is a virtual payment card installed on the user device. 
     
     
         10 . The payment system of  claim 8 , wherein the likelihood of the user engaging in the transaction is determined based on user data available to the payment system. 
     
     
         11 . The payment system of  claim 10 , wherein the user data includes one or more of past transaction history, user social engagement history, and user personal history. 
     
     
         12 . The payment system of  claim 8 , wherein the likelihood of the user engaging in the transaction is determined using a predictive spending model for the user. 
     
     
         13 . The payment system of  claim 8 , wherein the set of transaction incentives include one or more of a free item or service, a discount on one or more items that are subject of the transaction, a discount or a promotion for a future transaction between the user and the merchant, or a product or service recommendation. 
     
     
         14 . The payment system of  claim 8 , wherein for a particular incentive of the set of incentives, a virtual merchant card representative of the merchant with which the particular incentive is associated is displayed on the user interface, and wherein the virtual merchant card is arranged on the user interface based at least in part on the geo-location of the user device. 
     
     
         15 . One or more non-transitory computer-readable media comprising computer-readable instructions, which when executed by one or more processors of a payment system, cause the payment system to:
 continuously collect and store, in a database, transaction data associated with a plurality of users, wherein each user of the plurality of users is associated with a respective user device that is communicatively coupled to the payment system for collecting the transaction data, and wherein the respective user device of each user has a corresponding application installed thereon for participating in transactions;   generate, for a user having a user device communicatively coupled to the payment system, a set of transaction incentives to be applied to current or future transactions to be conducted using a payment instrument associated with the user;   store the set of transaction incentives in the database of the payment system;   identifying a geo-location of the user device of the user;   determine a likelihood of the user engaging in a transaction with a merchant at a merchant device of the merchant;   based at least in part on at least one of the geo-location of the user device or the likelihood of the user engaging in the transaction, select at least one transaction incentive of the set of transaction incentives to be applied to the transaction;   process a payment for the transaction using the payment instrument, wherein the at least one transaction incentive is applied to the transaction; and   update a user interface presented via the corresponding application installed on the user device to indicate at least one of the transaction and the at least one transaction incentive applied.   
     
     
         16 . The one or more non-transitory computer-readable media of  claim 15 , wherein the payment instrument is a virtual payment card installed on the user device. 
     
     
         17 . The one or more non-transitory computer-readable media of  claim 15 , wherein the likelihood of the user engaging in the transaction is determined based on user data available to the payment system, the user data including one or more of past transaction history, user social engagement history, and user personal history. 
     
     
         18 . The one or more non-transitory computer-readable media of  claim 15 , wherein the likelihood of the user engaging in the transaction is determined using a predictive spending model for the user. 
     
     
         19 . The one or more non-transitory computer-readable media of  claim 15 , wherein the set of transaction incentives include one or more of a free item or service, a discount on one or more items that are subject of the transaction, a discount or a promotion for a future transaction between the user and the merchant, or a product or service recommendation. 
     
     
         20 . The one or more non-transitory computer-readable media of  claim 15 , wherein for a particular incentive of the set of incentives, a virtual merchant card representative of the merchant with which the particular incentive is associated is displayed on the user interface, and wherein the virtual merchant card is arranged on the user interface based at least in part on the geo-location of the user device.