Technology for user-enabled use restrictions on user-authorized financial instrument

A computer program product comprising at least one non-transitory computer readable medium having with a set of instructions of computer-executable program code, which when executed by one or more processors of a server computing system, cause the server computing system to:

• receive, from an authenticated client device executing financial institution application software, a service request to participate in a temporary spend limit program for a user-authorized financial payment instrument comprising a digital wallet associated with a user financial account;
• cause, via a digital wallet hardware module in response to receipt of the service request, a visual display of a graphical user interface (GUI) on a user interface of the client device, the GUI comprising a digital representation of the digital wallet and one or more user-engageable use restriction input settings to facilitate entry of one or more use restrictions on the digital wallet, the one or more user-engageable use restriction input settings comprising a predetermined spend limit input setting associated with a predetermined time limit input setting, the predetermined spend limit setting having a predetermined maximum spend limit based on a current user status level among a plurality of user status levels associated with the financial account, the GUI having a user-engageable toggle switch to selectively enable or disable the predetermined time limit;
• receive, from the client device, account settings data associated with the one or more use restrictions input settings for the digital wallet;
• execute, in response to expiration of the predetermined end date, a return of the predetermined spend limit to a default spend limit;
• and
• transmit, to the client device via the digital wallet hardware module in response to the expiration of the predetermined end date, an electronic notification including a user-engageable link that causes a visual display of the GUI dashboard on the user interface to enable the user to set one or more new use restrictions on the digital wallet.

A computer-implemented method, comprising:

• authenticating, by a server computing system via a user authentication hardware module based on receipt of user authentication data, a client device of a user during execution of financial institution application software by the client device;
• receiving, by the server computing system from the client device in response to authenticating the client device, a service request to participate in a temporary spend limit program for a user-authorized financial payment instrument comprising a digital wallet associated with a user financial account;
• causing, by the server computing system via a digital wallet hardware module in response to receipt of the service request, a visual display of a graphical user interface (GUI) on a user interface of the client device, the GUI comprising a digital representation of the digital wallet and one or more user-engageable use restriction input settings to facilitate entry of one or more use restrictions on a user-authorized financial payment instrument associated with the digital wallet, the one or more user-engageable use restriction input settings comprising a predetermined spend limit input setting associated with a predetermined time limit input setting, the predetermined spend limit setting having a predetermined maximum spend limit based on a current user status level among a plurality of user status levels associated with the financial account, the GUI having a user-engageable toggle switch to selectively enable or disable the predetermined time limit;
• receiving, from the client device by the server computing system, account settings data associated with the one or more use restrictions input settings for the digital wallet;
• executing, by the server computing system in response to expiration of the predetermined end date, a return of the predetermined spend limit to a default spend limit;
• and
• transmitting, by the server computing system to the client device via the digital wallet hardware module in response to the expiration of the predetermined end date, an electronic notification including a user-engageable link that causes a visual display of the GUI dashboard on the user interface to enable the user to set one or more new use restrictions on the digital wallet.