METHOD AND SYSTEM FOR FACILITATING AN OFFLINE TRANSACTION BETWEEN
A SENDER DEVICE AND A RECEIVER DEVICE
TECHNICAL FIELD
5 Embodiments of the present disclosure generally relate to facilitating digital
transactions. More particularly, embodiments of the present disclosure relate to
facilitating an offline transaction between a sender device and a receiver device.
BACKGROUND
10 The following description of the related art is intended to provide background
information pertaining to the field of the disclosure. This section may include
certain aspects of the art that may be related to various features of the present
disclosure. However, it should be appreciated that this section is used only to
enhance the understanding of the reader with respect to the present disclosure,
15 and not as admissions of the prior art.
The advancement of digital technology has brought about significant changes in
the world of transactable financial instruments. Today, people can easily access a
wide range of financial products and services through digital channels such as
20 mobile applications (apps), online banking platforms, and/or other web-based
platforms. This has made it possible for individuals and businesses to conduct
financial transactions quickly and securely, such as money transfers, payments,
and investments. Digital technology has also made it easier for financial
institutions to develop and offer innovative financial products that cater to the
25 changing needs of consumers. Additionally, the digital technology has made it
possible for the financial transactions to be conducted across borders and time
zones with minimal delays or transaction costs. Overall, the advancement of the
digital technology has transformed the way people conduct the financial
3
transactions, making these ways more convenient, efficient, and accessible to a
larger audience.
With the rapid advancement of technology, the financial transactions have
5 become more accessible than ever before. Traditionally, the financial transactions
were initiated through desktop computers or mobile devices, but with the
introduction of new technologies, this has changed. Smartwatches, living room
(LR) devices, and other Internet of Things (IoT) devices can now be used to initiate
the financial transactions, making the process faster, more convenient, and more
10 accessible. This means that individuals can transact finances while they are on the
go or while performing other tasks without having to switch between devices or
interrupt their daily activities. Moreover, these devices can provide a seamless and
personalised experience for users, allowing them to view their account
information, manage their finances, and transact with ease. As technology
15 continues to evolve, we can expect to see even more innovative solutions that will
make financial transactions more accessible and convenient than ever before.
Further, one of the key limitations of the currently known technologies in the field
of financial technology is the requirement of stable internet connectivity for
transactions to be realised. This is due to the fact that most financial transactions
20 are processed online and therefore require the transacting device to have a stable
and reliable internet connection. However, this poses a challenge for individuals
and businesses in areas with poor internet connectivity or in situations where the
internet connection is unstable or intermittent. As a result, the ability to transact
financial instruments becomes limited, which can significantly affect financial
25 inclusion and accessibility. Furthermore. To address this challenge, limited efforts
have been made to develop offline transaction processing systems. However,
these currently known solutions in the field of offline transaction processing
systems have several limitations when it comes to enabling transactions in areas
4
with no or low network coverage. One of the limitations is that users are not able
to perform transactions using data-based applications, which require stable
internet connectivity to function properly. While wearable-based transactions
have emerged as a possible solution for facilitating easy financial transactions,
5 they still depend on the internet network to facilitate end-to-end transactions.
Additionally, existing offline solutions depend on online synchronisation every
time they transfer ownership, making them less efficient and slower. Moreover,
while there are some offline solutions for payments, they are not equipped to
handle a transfer of assets with instant realisation. The limitations of the prior arts
10 have made it challenging to provide financial services in areas with poor network
connectivity or limited access to the internet. Therefore, it is crucial to develop
innovative technologies that can address these limitations and promote financial
inclusion in even the most remote regions where internet connectivity is unstable
or absent.
15 In conclusion, while there have been significant advancements in the field of
financial technology, there are still several shortcomings in the present known
solutions. One of the key limitations is the requirement of stable internet
connectivity for initiating and realising financial transactions, which can be a
challenge in areas with no coverage area or poor network coverage or unstable
20 internet connectivity. While several solutions have been deployed to address this
challenge, they still have limitations and are not be suitable for all use cases.
Having said that, and in view of the aforementioned shortcomings, enigmas, and
drawbacks inherent in the existing techniques, there exist unembellished needs
for an improved and enhanced mechanism to provide method for facilitating an
25 offline transaction. Further, there is a requirement to propose a system and a
method for facilitating an offline transaction between a sender device and a
receiver device that can provide safe, secure, and reliable offline financial
5
transaction that can work efficiently, even in areas with poor network coverage or
limited access to the internet.
OBJECTS OF THE DISCLOSURE
5 Some of the objects of the present disclosure, which at least one embodiment
disclosed herein satisfies are listed herein below.
It is an object of the present disclosure to provide a system and a method for
enabling secure and efficient payment or transaction in areas with poor network
10 connectivity, while maintaining a high level of security and reducing the risk of
fraud.
It is an object of the present disclosure to provide a system and a method that
facilitates instant and offline transfer of financial instruments and financial assets
15 in a secure manner, while providing risk-based controls in the form of rules to
prevent fraud.
It is an object of the present disclosure to provide a system and a method to
provide tap and transact solutions in an offline environment with multiple form
20 factors, enabling quick and convenient transactions, while reducing the load on
online systems to process large volumes of transactions.
Yet another object of the present disclosure to provide a system and a method to
provide more anonymity of offline transactions, by enabling peer to peer
25 connection, ensuring a safer and more secure financial ecosystem.
SUMMARY
This section is provided to introduce certain aspects of the present disclosure in a
simplified form that are further described below in the detailed description. This
6
summary is not intended to identify the key features or the scope of the claimed
subject matter.
An aspect of the present disclosure may relate to a system for facilitating an offline
5 transaction between a sender device and a receiver device. The system comprises
a processing unit, wherein the processing unit is configured to identify at the
sender device, a connection between the sender device and the receiver device,
wherein at least one of the sender device and the receiver device is in an offline
state. The processing unit is further configured to initiate at the sender device a
10 first transaction terminal based on the connection, wherein the first transaction
terminal comprises a set of sender purses. The processing unit is further
configured initiate at the sender device, the offline transaction from the first
transaction terminal, wherein the offline transaction comprises at least one of a
first transaction value and a second transaction value, and wherein the offline
15 transaction further comprises one or more transaction parameters. Further, the
processing unit is configured to select at the sender device one or more sender
purses from the set of sender purses based on at least one of the first transaction
value, the second transaction value and the one or more transaction parameters.
The system further comprises a transceiver unit, connected to at least the
20 processing unit, wherein the transceiver unit is configured to transmit from the
sender device to the receiver device, a sender purse information of the one or
more sender purses. The transceiver unit is further configured to receive at the
sender device from the receiver device, an indication of an initiation of a second
transaction terminal on the receiver device in response to the transmission of the
25 sender purse information. Further, the transceiver unit is configured to receive at
the sender device from the receiver device, a receiver purse information of one or
more receiver purses associated with the second transaction terminal, wherein
the processing unit is further configured to detect at the sender device, at least
one of a successful authentication of the one or more sender purses and a
7
successful authentication of the one or more receiver purses. The processing unit
is further configured to send from the sender device to the receiver device, at least
one of the first transaction value and the second transaction value based on at
least one of the successful authentication of the one or more sender purses and
5 the successful authentication of the one or more receiver purses. Further, the
processing unit is configured to facilitate at the sender device, the offline
transaction between the sender device and the receiver device, based on the
sending of at least one of the first transaction value and the second transaction
value.
10
Another aspect of the present disclosure may relate to a method for facilitating an
offline transaction between a sender device and a receiver device. The method
comprises identifying, by a processing unit at the sender device, a connection
between the sender device and the receiver device, wherein at least one of the
15 sender device and the receiver device is in an offline state. The method further
comprises initiating, by the processing unit at the sender device, a first transaction
terminal based on the connection, wherein the first transaction terminal
comprises a set of sender purses. The method further comprises initiating, by the
processing unit at the sender device, the offline transaction from the first
20 transaction terminal, wherein the offline transaction comprises at least one of a
first transaction value and a second transaction value, and wherein the offline
transaction further comprises one or more transaction parameters. The method
further encompasses selecting, by the processing unit at the sender device, one or
more sender purses from the set of sender purses based on at least one of the first
25 transaction value, the second transaction value and the one or more transaction
parameters. Further, the method comprises transmitting, by a transceiver unit
from the sender device to the receiver device, a sender purse information of the
one or more sender purses. The method further comprises receiving, by the
transceiver unit at the sender device from the receiver device, an indication of an
8
initiation of a second transaction terminal on the receiver device in response to
the transmission of the sender purse information. Further, the method
encompasses receiving, by the transceiver unit at the sender device from the
receiver device, a receiver purse information of one or more receiver purses
5 associated with the second transaction terminal. The method further
encompasses detecting, by the processing unit at the sender device, at least one
of a successful authentication of the one or more sender purses and a successful
authentication of the one or more receiver purses. The method further comprises
sending, by the processing unit from the sender device to the receiver device, at
10 least one of the first transaction value and the second transaction value based on
at least one of the successful authentication of the one or more sender purses and
the successful authentication of the one or more receiver purses. Thereafter the
method comprises facilitating, by the processing unit at the sender device, the
offline transaction between the sender device and the receiver device, based on
15 the sending of at least one of the first transaction value and the second transaction
value.
DESCRIPTION OF THE DRAWINGS
The accompanying drawings, which are incorporated herein, and constitute a part
20 of this disclosure, illustrate exemplary embodiments of the disclosed methods and
systems in which like reference numerals refer to the same parts throughout the
different drawings. Components in the drawings are not necessarily to scale,
emphasis instead being placed upon clearly illustrating the principles of the
present disclosure. Also, the embodiments shown in the figures are not to be
25 construed as limiting the disclosure, but the possible variants of the method and
system according to the disclosure are illustrated herein to highlight the
advantages of the disclosure. It will be appreciated by those skilled in the art that
disclosure of such drawings includes disclosure of electrical components or
circuitry commonly used to implement such components.
9
FIG.1 illustrates an exemplary block diagram [100] depicting an exemplary sender
device and an exemplary receiver device in connection, in accordance with an
embodiment of the present disclosure.
5
FIG.2 illustrates an exemplary block diagram of a system [200] for facilitating an
offline transaction between a sender device and a receiver device, in accordance
with an embodiment of the present disclosure.
10 FIG.3 illustrates an exemplary method flow diagram [300], for facilitating an offline
transaction between a sender device and a receiver device, in accordance with an
embodiment of the present disclosure.
FIG.4 illustrates an exemplary method flow diagram [400], for detecting at a
15 sender device, at least one of a successful authentication of one or more sender
purses and a successful authentication of one or more receiver purses, in
accordance with an embodiment of the present disclosure.
FIG.5 illustrates an exemplary method flow diagram [500], for sending from a
20 sender device to a receiver device, at least one of a first transaction value and a
second transaction value, in accordance with an embodiment of the present
disclosure.
FIG.6 illustrates an exemplary diagram of a transaction flow [600] between the
25 sender device [102] and the receiver device [104], in accordance with an
embodiment of the present disclosure.
The foregoing shall be more apparent from a more detailed description of the
disclosure below.
10
DETAILED DESCRIPTION
In the following description, for the purposes of explanation, various specific
details are set forth in order to provide a thorough understanding of embodiments
5 of the present disclosure. It will be apparent, however, that embodiments of the
present disclosure may be practiced without these specific details. Several
features described hereafter may each be used independently of one another or
with any combination of other features. An individual feature may not address any
of the problems discussed above or might address only some of the problems
10 discussed above.
The ensuing description provides exemplary embodiments only, and is not
intended to limit the scope, applicability, or configuration of the disclosure.
Rather, the ensuing description of the exemplary embodiments will provide those
15 skilled in the art with an enabling description for implementing an exemplary
embodiment. It should be understood that various changes may be made in the
function and arrangement of elements without departing from the spirit and
scope of the disclosure as set forth.
20 Specific details are given in the following description to provide a thorough
understanding of the embodiments. However, it will be understood by one of
ordinary skill in the art that the embodiments may be practiced without these
specific details. For example, circuits, systems, processes, and other components
may be shown as components in block diagram form in order not to obscure the
25 embodiments in unnecessary detail.
Also, it is noted that individual embodiments may be described as a process which
is depicted as a flowchart, a flow diagram, a data flow diagram, a structure
diagram, or a block diagram. Although a flowchart may describe the operations as
11
a sequential process, many of the operations may be performed in parallel or
concurrently. In addition, the order of the operations may be re-arranged. A
process is terminated when its operations are completed but could have
additional steps not included in a figure.
5
The word “exemplary” and/or “demonstrative” is used herein to mean serving as
an example, instance, or illustration. For the avoidance of doubt, the subject
matter disclosed herein is not limited by such examples. In addition, any aspect or
design described herein as “exemplary” and/or “demonstrative” is not necessarily
10 to be construed as preferred or advantageous over other aspects or designs, nor
is it meant to preclude equivalent exemplary structures and techniques known to
those of ordinary skill in the art. Furthermore, to the extent that the terms
“includes,” “has,” “contains,” and other similar words are used in either the
detailed description or the claims, such terms are intended to be inclusive—in a
15 manner similar to the term “comprising” as an open transition word—without
precluding any additional or other elements.
As used herein, a “processing unit” or “processor” or “operating processor”
includes one or more processors, wherein processor refers to any logic circuitry
20 for processing instructions. A processor may be a general-purpose processor, a
special purpose processor, a conventional processor, a digital signal processor, a
plurality of microprocessors, one or more microprocessors in association with a
DSP core, a controller, a microcontroller, Application Specific Integrated Circuits,
Field Programmable Gate Array circuits, any other type of integrated circuits, etc.
25 The processor may perform signal coding data processing, input/output
processing, and/or any other functionality that enables the working of the system
according to the present disclosure. More specifically, the processor or processing
unit is a hardware processor.
12
As used herein, “a user equipment”, “a user device”, “a smart-user-device”, “a
smart-device”, “an electronic device”, “a mobile device”, “a handheld device”, “a
wireless communication device”, “a mobile communication device”, “a
communication device”, “a sender device”, “a receiver device” and the like
5 device(s) may be any electrical, electronic and/or computing device or equipment,
capable of implementing the features of the present disclosure. The user
equipment/device may include, but is not limited to, a mobile phone, smart
phone, laptop, a general-purpose computer, desktop, personal digital assistant,
tablet computer, wearable device or any other computing device which is capable
10 of implementing the features of the present disclosure. Also, the user device may
contain at least one input means configured to receive an input from any unit(s)
which are required to implement the features of the present disclosure.
As used herein, “storage unit” or “memory unit” refers to a machine or computer15 readable medium including any mechanism for storing information in a form
readable by a computer or similar machine. For example, a computer-readable
medium includes read-only memory (“ROM”), random access memory (“RAM”),
magnetic disk storage media, optical storage media, flash memory devices or
other types of machine-accessible storage media. The storage unit stores at least
20 the data that may be required by one or more units of the system to perform their
respective functions.
The present disclosure provides a significant technical advancement in the field of
offline transactions, overcoming the limitations of traditional online payment
systems in areas with no or limited mobile network connectivity. By providing a
25 highly secure and efficient system for offline transactions, the present disclosure
enables the instant transfer of financial instruments and digital assets in a secure
manner with risk-based controls in the form of rules that are able to prevent fraud.
The present disclosure uses cryptographic controls to protect the digital assets and
13
the financial instruments in the sender device and/or the receiver device,
providing a highly secure environment for offline transactions. This technical
solution offers tap-and-transact solutions with multiple form factors, reducing
load on online systems (especially in payments) to process large volumes of
5 financial transactions. The present disclosure discloses peer-to-peer nature of the
offline transactions that offers more anonymity and privacy to the users, making
it an attractive option for people who value privacy and security.
Referring to Figure 1, the Figure 1 illustrates an exemplary block diagram [100]
depicting an exemplary sender device [102] and an exemplary receiver device
10 [104] in connection, in accordance with exemplary embodiments of the present
disclosure. As shown in Figure 1, the exemplary block diagram [100] comprises at
least one sender device [102] that is connected to at least one receiver device
[104] via at least one of a wired network and a wireless network (not shown in the
Figure 1 for the purpose of clarity), wherein in an implementation the sender
15 device [102] further comprises a system [200] or is in connection with the receiver
device [104] via the system [200], and wherein the system [200] is configured to
implement the feature of the present disclosure. Also, in an implementation the
system [200] may reside in the sender device [102] or the receiver device [104]
partially in a manner that may be obvious to a person skilled in the art to
20 implement the features of the present disclosure. In order to facilitate the
technical solution as disclosed by the present disclosure, in an exemplary
implementation of the present disclosure, a storage unit [206] of the system or an
independent storage unit may be present in the receiver device [104] or, in an
exemplary scenario, the storage unit [206] or, the independent storage unit may
25 not reside inside the receiver device [104]. In such a scenario, the storage unit
[206] or the independent storage unit may be in connection with the receiver
device [104] via at least one of a wired communication means and a wireless
communication means.
14
Also, in Figure 1 only the single sender device [102] and the single receiver device
[104] are shown, however, there may be multiple such sender device [102]s and
multiple receiver device [104]s, or there may be any such numbers of said sender
5 device [102]s and the receiver device [104]s as obvious to a person skilled in the
art or as required to implement the features of the present disclosure. Further, in
the implementation where the system [200] is present in the sender device [102],
based on the implementation of the features of the present disclosure, an offline
payment may be facilitated by the system [200] from the sender device [102] to
10 the receiver device [104] by sending at least one of a first transaction value and a
second transaction value from the sender device [102].
Referring to Figure 2, an exemplary block diagram of a system [200] for facilitating
an offline transaction between a sender device [102] and a receiver device [104]
15 is shown, in accordance with the exemplary embodiments of the present
disclosure. The system [200] comprises at least one processing unit [202], at least
one transceiver unit [204], and at least one storage unit [206]. Also, all of the
components/ units of the system [200] are assumed to be connected to each other
unless otherwise indicated below. Also, in Fig. 2 only a few units are shown,
20 however, the system [200] may comprise multiple such units or the system [200]
may comprise any such numbers of said units, as required to implement the
features of the present disclosure. Further, in an implementation, the system
[200] may be present in the sender device [102] to implement the features of the
present disclosure. The system [200] may be a part of the sender device [102] or
25 may be independent but in communication with the sender device [102] and the
receiver device [104]. For instance, in an exemplary implementation of the present
disclosure, the storage unit [206] of the system may be present in the sender
device [102] or, in an exemplary scenario, the storage unit [206] may not reside
inside the sender device [102]. In such a scenario, the storage unit [206] may be in
15
connection with the sender device [102] via at least one of a wired communication
means and a wireless communication means.
The system [200] is configured for facilitating the offline transaction between the
5 sender device [102] and the receiver device [104], with the help of the
interconnection between the components/units of the system [200].
The processing unit [202] as disclosed by the present disclosure is configured to
identify at the sender device [102], a connection between the sender device [102]
10 and the receiver device [104], wherein at least one of the sender device [102] and
the receiver device [104] is in an offline state. In an implementation of the present
disclosure the offline state is one of a no internet connectivity state, an unstable
internet connectivity state and a poor internet connectivity state. It is to be noted
that a person skilled in the art would appreciate the system for establishing the
15 connection between the sender device [102] and the receiver device [104], even
when one or both devices are offline state may include a known system(s) or
techniques(s) or a system that may be developed for this purpose. Further, the
person skilled in the art would also appreciate that the term "offline state" used
herein refers to a situation where at least one of the sender device [102] and the
20 receiver device [104] is not able to establish a connection to the internet or a
network, or where the sender device [102] and/or receiver device [104] are
experiencing connectivity issues that prevent these devices from communicating
with each other and/or other devices over the internet or the network. The offline
state may manifest in various ways, including but not limited to a complete lack of
25 internet connectivity, an unstable or intermittent internet connection, or a poorquality internet connection that hinders data transfer. It is to be understood that
the specific nature of the offline state may vary depending on the sender device
[102] and/or the receiver device [104] with internet connectivity issues, the
network, and other factors, and the present disclosure is intended to encompass
16
all such variations. The scope of the present disclosure is not limited by the specific
definition of the offline state provided herein and includes all such variation and
combinations that would be obvious to a person skilled in the art.
5 Further, in an exemplary implementation of the present disclosure the connection
between the sender device [102] and the receiver device [104] is at least one of a
wired connection and a wireless connection. Additionally, in a preferred
implementation of the present disclosure the sender device [102] and the receiver
device [104] are in a predefined proximity range, for example 5 meter, 2 meter
10 etc. Further, the connection between the sender device [102] and the receiver
device [104] may be a Wi-Fi connection, a Bluetooth connection, a Near-field
communication (NFC) connection, a Universal Serial Bus (USB) connection, or any
other connection that would be obvious to a person skilled in the art. Further, in
an exemplary implementation of the present disclosure, the connection between
15 the sender device [102] and the receiver device [104] may be a dedicated
communication channel for facilitating the offline transaction between the sender
device [102] and the receiver device [104]. Furthermore, the modes of connection
disclosed above are exemplary in nature and are not exhaustive, and any other
means of establishing a connection between two or more devices that are known
20 or obvious to the person skilled in the art may be used. It is important to note that
the aforementioned examples of connection modes are provided for illustrative
purposes only and must not be considered as limiting the scope of the present
disclosure. The present disclosure is not limited to any specific connection mode,
and other modes of connection that are functionally equivalent to the examples
25 provided above may also be used. It is to be noted that the present patent
disclosure acknowledges that a system for wireless connection, including but not
limited to Bluetooth, NFC, and any other known form of wireless connection
between two devices, as well as any future systems of wireless connection that
may become available, are not exclusive to this disclosure. The present
17
specification intends to cover the use of any form of wireless connection and/or
wired connection between two devices, as well as any known or future method of
wired connection such as USB. The use of these connections is not restricted to
the embodiments described in this specification, and any other alternative
5 implementations using these connections may also fall within the scope of the
disclosure. Further, the person skilled in the art would also appreciate that the
mode of connection between the sender device [102] and the receiver device
[104] for a given application may be further based on factors such as the nature of
these devices, the distance between them, and the required data transfer rate.
10 For ease of understanding let’s consider an example, wherein a user Mr. K wants
to initiate a digital transaction from his mobile device (i.e., sender device [102])
hereinafter referred as mobile A to a potable tablet (i.e., receiver device [104]) of
a user Mr. A using hereinafter referred as tablet B, wherein the mobile A and the
tablet B are in a predefined proximity range say for e.g., 0.5 meter and the mobile
15 A is in offline state. Now, according to the system [200] as disclosed by the present
disclosure a processing unit [202] at the mobile A, identifies a wireless connection
say for e.g., a Bluetooth connection between the mobile A and the tablet B.
The processing unit [202] is further configured to initiate at the sender device
[102] a first transaction terminal based on the connection, wherein the first
20 transaction terminal comprises a set of sender purses. In an exemplary
implementation of the present disclosure, the set of sender purses comprises one
or more sender purses, and as used herein a “sender purse” may be a digital wallet
that contains at least one of one or more centralized financial instruments, one or
more decentralized financial instruments, and one or more other digital assets
25 that a sender may use to make payments or transactions. Further, the set of
sender purses may include one or more wallets, wherein each wallet from the one
or more wallets may be associated with a different type of digital asset or financial
instrument. For example, one sender purse may contain fiat asset, while another
sender purse may contain crypto-assets. It is important to note that the use of the
18
sender purses in the present disclosure is provided for illustrative purposes only,
and other types of digital wallets or payment systems that are obvious to a person
skilled in the art for digital transactions may also be used. A specific
implementation of the first transaction terminal may vary depending on the needs
5 of an offline transaction and the present disclosure is intended to encompass all
such variations. For ease of understanding continuing from the above example,
wherein the user Mr. K wants to initiate a transaction from the mobile A to the
tablet B of the user Mr. A, and where the processing unit [202] at the mobile A,
identifies the Bluetooth connection between the mobile A and the tablet B. Now,
10 at the mobile A, a first transaction terminal e.g., App 1 that is capable of initiating
a transaction based on the connection between the mobile A and the tablet B is
initiated by the processing unit [202],wherein the App 1 comprises a set of sender
purses such that each sender purse from the set of sender purses is associated
with one or more financial instruments and/or one or more digital assets such as
15 a purse R is associated with an asset R, a purse C is associate with a crypto asset
A, a purse D is associated with an asset R, a crypto asset B and a crypto asset A,
and a purse G is associated with a digital asset such as Gold etc.
The processing unit [202] is further configured initiate at the sender device [102],
20 the offline transaction from the first transaction terminal, wherein the offline
transaction comprises at least one of a first transaction value and a second
transaction value, and wherein the offline transaction further comprises one or
more transaction parameters. Further, it would be obvious to a person skilled in
the art that each of the first transaction value and the second transaction value
25 may represent an amount of fund(s) or digital asset(s) being transferred in the
offline transaction. Further, the specific nature or type of these values, i.e., the
first transaction value and/or the second transaction value, may vary depending
on a type of asset(s) or values being used for the offline transaction, and may
19
include both numeric values and non-numeric indicators, such as other digital
assets as obvious to a person skilled in the art.
Further, in an implementation of the present disclosure the one or more
5 transaction parameters comprises at least one of a date of transaction, a time of
transaction, a transaction value and a transaction value type, however the present
disclosure is not limited thereto and other transaction parameter(s) that are
obvious to a person skilled in the art may be used to implement the features of
the present disclosure. In an exemplary implementation of the present disclosure
10 the one or more transaction parameters may be used to identify and track the
offline transaction as well as provide additional information about the offline
transaction. Additionally, it is be noted that the one or more transaction
parameters included in the offline transaction may vary depending on the needs
of an offline transaction and the type of digital assets or values being used. The
15 present disclosure is intended to encompass all variations of offline transactions
that include the one or more transaction parameters, regardless of any specific
parameter(s) used. For ease of understanding continuing from the above example,
wherein a user Mr. K has initiated the offline transaction from the mobile A to the
tablet B of the user Mr. A via the App 1 on the mobile A comprising of the set of
20 purses such as the purse R that is associated with the asset R, the purse C that is
associate with the crypto asset A, the purse D that is associated with the asset R,
the crypto asset A and the crypto asset B, and the purse G that is associated with
the digital asset. Now. Mr. K initiates a transaction comprising a value 60 of the
asset R and a value 40 of the crypto asset A.
25
Further, the processing unit [202] is configured to select at the sender device [102]
one or more sender purses from the set of sender purses based on at least one of
the first transaction value, the second transaction value and the one or more
transaction parameters. For ease of understanding continuing from the above
20
example, wherein the user Mr. K has initiated the offline transaction from the
mobile A to the tablet B of Mr. A via the App 1 and wherein the offline transaction
comprising the value 60 of the asset R and the value 40 of the crypto asset A. Now,
according to the present disclosure the system [200] selects via the processing unit
5 [202] at the mobile A one or more sender purses from the set of sender purses
associated with the App 1 i.e., the purse R, the purse C, and/or the purse D based
of the first transaction value i.e., the value 60 of the asset R, the second
transaction value i.e., the value 40 of the crypto asset A and/or the one or more
transaction parameters. Now, in this scenario, the processing unit [202] at the
10 mobile A selects the purse D for the offline transaction.
The transceiver unit [204] is connected to at least the processing unit [202],
wherein the transceiver unit [204] is configured to transmit from the sender device
[102] to the receiver device [104], a sender purse information of the one or more
15 sender purses. More particularly, the sender purse information is transmitted to a
receiver user agent configured at the receiver device [104] using a sender user
agent configured at the sender device [102].
In a preferred implementation of the present disclosure the sender purse
20 information comprises at least a sender purse identifier, a sender purse sequence
number, a sender purse state, one or more sender purse passcodes and an
available sender purse limit, wherein the sender purse identifier is a unique
identifier associated with the one or more sender purses to identify the one or
more sender purses, and may be used to debit the first transaction value and/or
25 the second transaction value from the one or more sender purses. The sender
purse sequence number represents an order in which one or more offline
transactions are required to be executed from the one or more sender purses. The
sender purse state indicates whether the one or more sender purses are currently
in an active state or an inactive state, wherein the active state represents that the
21
one or more sender purses are available for the offline transaction. Further, each
sender purse passcode from the one or more sender purse passcodes represents
an authentication code associated with a user of the sender device [102] to verify
the user’s identity and wherein the authentication code is required to authorize
5 the offline transaction from the one or more sender purses. The one or more
sender purse passcodes may include one or more authentication personal
identification numbers (PINs), a user biometric authentication-related data, or any
other form of authentication method that is obvious to a person skilled in the art.
The available sender purse limit indicates a maximum transaction amount
10 associated with at least one of the first transaction value and the second
transaction value that may be debited from the one or more sender purses for the
offline transaction, or a maximum transaction amount associated with at least one
of the first transaction value and the second transaction value that the sender
device [102] is authorized to send to the receiver device [104]. Also, a second
15 transaction terminal is initiated on the receiver device [104] based on at least one
of the sender purse information and the one or more transaction parameters.
Further, it is to be noted that in the context of offline transactions, "user agent,"
i.e., the sender user agent or the receiver user agent, as used herein, refers to an
20 intermediary with computing capabilities that acts on behalf of the user, either as
a sender or receiver of the offline transaction. The sender user agent is the
intermediary with computing capabilities that is configured on the sender device
[102] and is responsible for initiating the offline transaction. The sender user agent
communicates with the receiver user agent to exchange a transaction-related
25 information such as at least one of the first transaction value and the second
transaction value, a type of digital asset and/or financial instrument, and a
transaction limit etc. Further, the receiver user agent, on the other hand, is the
intermediary with computing capabilities that is configured on the receiver device
[104] and is responsible for receiving and processing at least one of the first
22
transaction value and the second transaction value of the offline transaction. The
receiver user agent is configured to detect one or more preferences pre-defined
at the receiver device [104] for performing the offline transaction, such as whether
a receiver purse at the receiver device [104] is configured to receive the type of
5 digital asset and/or financial instrument, and at least one of the first transaction
value and the second transaction value.
Furthermore, in an exemplary implementation of the present disclosure, to
facilitate the offline transaction between the sender device [102] and the receiver
10 device [104], first a preference configuration is made, wherein the sender device
[102] and the receiver device [104] is configured with respective user agents i.e.,
the sender user agent and the receiver user agent, that clearly define the
preferences or the pre-defined preferences for performing the offline transaction,
including a use of the digital assets, a transaction value, and/or a limit of
15 transaction etc. Then a transaction request is performed, wherein the sender
device [102] initiates the transaction request for the offline transaction with the
receiver device [104], indicating the digital assets and the transaction value (i.e.,
an amount of the offline transaction). Based on the transaction request and risk
check parameter(s), before the transaction may proceed offline, one or more
20 transaction-related risk checks are performed, wherein, the transaction-related
risk check(s) may include a check to ensure that the transaction value is within an
acceptable range, based on the pre-defined preferences. Also, for the transactionrelated risk check(s), a check is performed to ensure that the sender device [102]
and receiver device [104] are authorised and belong to correct users, based on
25 device identification and ownership information, a check is performed to analyse
a user's transaction history to detect any patterns of suspicious activity, such as
unusual transaction amounts or frequency, and a check is performed to ensure
that the offline transaction is being initiated from an authorised location, based
on a geolocation information. Thereafter, once the transaction-related risk
23
check(s) are performed, the system [200] may determine a level of risk associated
with the offline transaction based on results of the transaction-related risk
check(s), and if the level of risk associated with the offline transaction is deemed
acceptable, the offline transaction may proceed further, and the sender device
5 [102] may complete the offline transaction with the receiver device [104]. In a
preferred implementation of the present disclosure, the system [200] as disclosed
may continuously monitor the offline transaction for any suspicious activity and
alert the user of the sender device [102] and/or the receiver device [104], if any
anomalies are detected. Thus, by implementing the above transaction-related risk
10 check(s) and determining the level of risk associated with the offline transaction,
an issuer may reduce a risk of fraud and unauthorised transactions while allowing
users to perform transactions offline, providing a more convenient and seamless
user experience.
For ease of understanding continuing from the above example, wherein the user
15 Mr. Khas initiated the offline transaction from the mobile A to the tablet B via the
App 1. Now, according to the present disclosure the processing unit [202] at the
sender device [102] may select one or more sender purses from the set of sender
purses associated with the App 1 (e.g., the purse D) at least based on the first
transaction value i.e., the value 60 of the asset R, the second transaction value i.e.,
20 the value 40 of the crypto asset A and the one or more transaction parameters as
disclosed in the present disclosure. Also, the processing unit [202] then from the
mobile device A sends to the tablet B, a sender purse information of the purse D.
Furthermore, in an exemplary implementation of the present disclosure the
25 sender purse information of the purse D may further comprise various parameters
such as a sender purse identifier of the purse D, a sender purse sequence number
of the purse D, a sender purse state of the purse D, one or more sender purse
passcodes of the purse D, and an available sender purse limit of the purse D.
24
The transceiver unit [204] is further configured to receive at the sender device
[102] from the receiver device [104], an indication of an initiation of the second
transaction terminal on the receiver device [104] in response to the transmission
of the sender purse information. Further, the transceiver unit [204] is also
5 configured to receive at the sender device [102] from the receiver device [104], a
receiver purse information of one or more receiver purses associated with the
second transaction terminal. In a preferred implementation of the present
disclosure, the receiver purse information is received at the sender user agent of
the sender device [102] from the receiver user agent of the receiver device [104].
10 Further, in another preferred implementation of the present disclosure, the
receiver purse information comprises at least a receiver purse identifier (ID), a
receiver purse sequence number, a receiver purse state, one or more receiver
purse passcodes and an available receiver purse limit etc.
Further, the receiver purse identifier (ID) is a unique identifier associated with the
15 one or more receiver purses to identify the one or more receiver purses, which
may be used to credit a transaction amount. The receiver purse sequence number
represents an order in which offline transaction(s) may be executed to the one or
more receiver purses. The receiver purse state indicates whether the receiver
device [104]'s digital wallet (or a receiver purse) is currently in an active state or
20 an inactive state, wherein the active state represents that the receiver purse is
available for the offline transaction. Further, each receiver purse passcode from
the one or more receiver purse passcodes represents one or more authentication
codes associated with a user of the receiver device [104] to verify such user’s
identity and the authentication code(s) may be required to authorise the offline
25 transaction on the receiver purse(s). The receiver purse passcode(s) may include
one or more authentication PINs, a user biometric authentication-related data,
and/or any other form of authentication method that is obvious to a person skilled
in the art.
25
For ease of understanding continuing from the above example, wherein the user
Mr. K has initiated the transaction from the mobile A to the tablet B of the user
Mr. A via the App A, and where the purse D is selected. Now according to the
present disclosure, the mobile A may receive by the transceiver unit [204] from
5 the tablet B, an indication of an initiation of a second transaction terminal i.e., App
B on the tablet B in response to the transmission of the receiver purse information
of the purse D. Next, the mobile A receives, by the transceiver unit [204] from the
tablet B, a receiver purse information of a purse K from one or more receiver
purses associated with the App B. Further, the receiver purse information of the
10 purse K may be received at the sender user agent of the mobile A from the receiver
user agent associated with the tablet B. Further, the receiver purse information of
the purse K information may comprise at least one of a purse K identifier, a purse
K sequence number, a purse K state and one or more receiver purse K passcodes
etc.
15 Further, the processing unit [202] is configured to detect at the sender device
[102], at least one of a successful authentication of the one or more sender purses
and a successful authentication of the one or more receiver purses. Further, the
processing unit [202] of the system [200] as disclosed by the present disclosure to
detect at the sender device [102], at least one of the successful authentication of
20 the one or more sender purses and the successful authentication of the one or
more receiver purses is further configured to retrieve, via the sender user agent
from the one or more sender purses, a sender purse authentication data, wherein
the sender purse authentication data comprises at least the sender purse
identifier (ID) and one or more sender purse public key certificates. The sender
25 purse public key certificate(s) are used to verify a digital signature associated with
the one or more sender purses used for the offline transaction in order to ensure
the integrity and authenticity of the offline transaction, thereby helping to prevent
an unauthorised access and ensuring that only authorised users are able to
perform offline transactions. Further, the processing unit [202] is configured to
26
send via the sender user agent to the receiver user agent, the sender purse
authentication data. The processing unit [202] is further configured to receive at
the sender user agent from the receiver user agent, a sender purse verification
update and a receiver purse authentication data in response to the sender purse
5 authentication data, wherein the receiver purse authentication data comprises at
least the receiver purse identifier (ID) and one or more receiver purse public key
certificates. The processing unit [202] is further configured to determine via the
sender user agent, a receiver purse verification update based on the receiver
purse authentication data. Further, the processing unit [202] is configured to
10 detect, at the sender device [102], at least one of the successful authentication of
the one or more sender purses based on the sender purse verification update and
the successful authentication of the one or more receiver purses based on the
receiver purse verification update.
For ease of understanding continuing from the above example, wherein the user
15 Mr. K has initiated the offline transaction from the mobile A to the tablet B. Now,
according to the system [200] of the present disclosure detects at the mobile A by
the processing unit [202], at least one of a successful authentication of the purse
D i.e., the sender purse and a successful authentication of the purse K i.e., the
receiver purse. For detecting at the mobile A the successful authentication of the
20 purse D i.e., the sender purse and the successful authentication of the purse K i.e.,
the receiver purse, the system [200] first retrieves by the processing unit [202] via
the sender user agent from the purse D, a purse D authentication data, wherein
the purse D authentication data comprises a purse D identifier (ID) and purse D
public key certificates. Then, the mobile A sends via the sender user agent to the
25 receiver user agent, the purse D authentication data. Further, the system [200]
receives by the processing unit [202] at the sender user agent from the receiver
user agent, a purse D verification update and a purse K authentication data in
response to the purse D authentication data, wherein the purse K authentication
data comprises a purse K identifier (ID) and purse K public key certificates. Now,
27
according to the system [200] as disclosed in the present disclosure, the
processing unit [202] via the sender user agent, determines a purse K verification
update based on the purse K authentication data i.e., whether purse K is
successfully verified or not based on the purse K authentication data received by
5 the processing unit [202] at the sender user agent associated with the mobile A
from the receiver user agent associated with the tablet B.
Thereafter, the system [200] detects by the processing unit [202] at the mobile A,
the successful authentication of the purse D i.e., the sender purse based on the
purse D verification update and the successful authentication of the purse K i.e.,
10 receiver purse based on the purse K verification update. Further, the processing
unit [202] is configured to send from the sender device [102] to the receiver device
[104], at least one of the first transaction value and the second transaction value
based on at least one of the successful authentication of the one or more sender
purses and the successful authentication of the one or more receiver purses.
15 Further the processing unit [202] as disclosed by the system [200] to send from
the sender device [102] to the receiver device [104], at least one of the first
transaction value and the second transaction value is further configured to verify
via the sender user agent, the available sender purse limit, wherein the available
sender purse limit is at least equal to at least one of the first transaction value and
20 the second transaction value. Further, the processing unit [202] is configured to
generate via the sender user agent, a start transfer data object based on the
verification of the available sender purse limit, wherein the start transfer data
object comprises at least the sender purse identifier (ID), the sender purse
sequence number, the receiver purse identifier (ID), the receiver purse sequence
25 number, and the one or more transaction parameters. Further, the processing unit
[202] is configured to send via the sender user agent to the receiver user agent, a
start credit request, wherein the start credit request comprises at least the start
transfer data object and the available sender purse limit. Further, the processing
unit [202] is configured to receive at the sender user agent from the receiver user
28
agent, a start credit response message and an indication of the available receiver
purse limit in response to the start credit request, wherein the available receiver
purse limit is at least equal to at least one of the first transaction value and the
second transaction value. Further, the processing unit [202] is configured to
5 determine at the sender user agent, a request value based on the start credit
response message and the available receiver purse limit wherein the request value
is one of a value higher than at least one of the first transaction value and the
second transaction value, and a value equal to the at least one of the first
transaction value and the second transaction value. Further, the processing unit
10 [202] is configured to send, from the sender user agent to the receiver user agent,
a transfer value request message, wherein the transfer value request message
comprises the request value. The processing unit [202] is further configured to
receive at the sender user agent from the receiver user agent, a transfer value
response message in response to the transfer value request message, wherein the
15 transfer value response message comprises an acknowledge value. Further, in an
implementation of the present invention, the acknowledge value may be a
positive acknowledge value or a negative acknowledge value, wherein the positive
acknowledge value signifies that the available receiver purse limit is at least equal
to at least one of the first transaction value and the second transaction value and
20 therefore the offline transaction is possible. Further, the negative acknowledge
value signifies that the available receiver purse limit is lesser to at least one of the
first transaction value and the second transaction value, therefore the offline
transaction is not possible Thereafter, the processing unit [202] is configured to
send, from the sender device [102] to the receiver device [104], at least one of the
25 first transaction value and the second transaction value based on the transfer
value response message.
For ease of understanding continuing from the above example, now once the
purse D and purse K i.e., sender purse and the receiver purse respectively are
successfully authenticated, the mobile A sends by the processing unit [202] to the
29
tablet B, the value 60 of the asset R and the value 40 of the crypto asset A i.e., the
first transaction value and the second transaction value respectively. To send the
value 60 of the asset R and the value 40 of the crypto asset A from the mobile A
to the tablet B, the processing unit [202] via the sender user agent associated with
5 the purse D verifies the available purse D limit, wherein the available purse D limit
is at least equal to the value 60 of the asset R i.e., the first transaction value and
the value 40 of the crypto asset A i.e., the second transaction value. In case if the
available purse D limit for the crypto asset A is less than the value 40 but is at least
the value 60 for the asset R, the App A may select another purse C to transact the
10 value 40 of the crypto asset A and the purse D to transact the value 60 of the asset
R. Then the processing unit [202] via the sender user agent generates a start
transfer data object based on the verification of the available purse D limit. The
start transfer data object comprises at least the purse D identifier, the purse D
sequence number, the purse K identifier, the purse K sequence number, and the
15 transaction parameters as discussed above. Then the processing unit [202] via the
sender user agent sends to the receiver user agent, a start credit request, wherein
the start credit request comprises at least the start transfer data object and the
available purse D limit. Then the processing unit [202] receives at the sender user
agent from the receiver user agent, a start credit response message and an
20 indication of an available purse K limit in response to the start credit request,
wherein the available purse K limit is at least equal to at least the value 60 for the
asset R and the value 40 for the crypto asset A. The available purse K limit is a limit
or threshold on a transaction amount that the purse K is authorized to accept for
a financial instrument and/or digital asset or total amount of the financial
25 instrument and/or the digital asset. Now, the processing unit [202] at the sender
user agent determines, a request value based on the start credit response
message and the available purse K limit wherein the request value is one of a value
higher than at least one of the value 60 for the asset R and the value 40 for the
crypto asset A, and a value equal to the at least one of the value 60 for the asset
30
R and the value 40 for the crypto asset A. Then the sender user agent sends to the
receiver user agent, a transfer value request message, wherein the transfer value
request message comprises the request value. Now, the sender user agent
receives from the receiver user agent, a transfer value response message in
5 response to the transfer value request message, wherein the transfer value
response message comprises an acknowledge value. Thereafter, the mobile A i.e.,
sender device [102] sends to the tablet B i.e., the receiver device [104], the value
60 of the asset R and the value 40 of the crypto asset A based on the transfer value
response message received above.
10 Thereafter, the processing unit [202] is configured to facilitate at the sender device
[102], the offline transaction between the sender device [102] and the receiver
device [104], based on the sending of at least one of the first transaction value and
the second transaction value. For ease of understanding continuing from the
above example, once the mobile A i.e., sender device [102] sends to the tablet B
15 i.e., the receiver device [104], the value 60 of the asset R and the value 40 of the
crypto asset A based on the transfer value response message. The mobile A i.e.,
the sender device [102] facilitates the offline transaction between the mobile A
and the tablet B i.e., the receiver device [104], based on the sending of the value
60 of the asset R and the value 40 of the crypto asset A i.e., the first transaction
20 value and the second transaction value.
Further, in an exemplary implementation of the present invention, the processing
unit [202] is configured to facilitate at the sender device [102], the offline
transaction between the sender device [102] and the receiver device [104], based
on the sending of at least one of the first transaction value and the second
25 transaction value, wherein the at least first transaction value is a digitized value
of a virtual asset such as a property in a metaverse environment. In another
exemplary implementation of the present invention, the processing unit [202] is
configured to facilitate at the sender device [102], the offline transaction between
31
the sender device [102] and the receiver device [104], based on the sending of at
least one of the first transaction value and the second transaction value, wherein
at least the first transaction value is a digitized value of a physical asset such as a
real estate asset.
5
Furthermore, in another exemplary implementation of the present invention, the
processing unit [202] is configured to facilitate at the sender device [102], the
offline transaction between the sender device [102] and the receiver device [104],
based on the sending of at least one of the first transaction value and the second
10 transaction value, wherein the sender device [102] transmits the first transaction
value from one of a sender purse from the set of sender purses to a receiver purse
at the receiver device [104], and the sender purse receives from the receiver purse
at the sender device [102], a transaction value/asset in return of the first
transaction value.
15
Referring to Figure 3 an exemplary method flow diagram [300], for facilitating an
offline transaction between a sender device [102] and a receiver device [104], in
accordance with exemplary embodiments of the present disclosure is shown. In
20 an implementation the method [300] is performed by the system [200]. Further,
in an implementation, the system [200] may be present in a server device to
implement the features of the present disclosure. Also, as shown in Figure 3, the
method [300] starts at step [302].
25 At step 304, the method comprises identifying by a processing unit [202] at the
sender device [102], a connection between the sender device [102] and the
receiver device [104], wherein at least one of the sender device [102] and the
receiver device [104] is in an offline state.
32
In an implementation of the present disclosure the offline state is one of a no
internet connectivity state, an unstable internet connectivity state and a poor
internet connectivity state. It is to be noted that a person skilled in the art would
appreciate the method for establishing the connection between the sender device
5 [102] and the receiver device [104], even when one or both devices are offline
state may include a known method(s) or techniques(s) or a method that may be
developed for this purpose. Further, the person skilled in the art would also
appreciate that the term “offline state” used herein refers to a situation where at
least one of the sender device [102] and the receiver device [104] is not able to
10 establish a connection to the internet or a network, or where the sender device
[102] and/or receiver device [104] are experiencing connectivity issues that
prevent these devices from communicating with each other and/or other devices
over the internet or the network. The offline state may manifest in various ways,
including but not limited to a complete lack of internet connectivity, an unstable
15 or intermittent internet connection, or a poor-quality internet connection that
hinders data transfer. It is to be understood that the specific nature of the offline
state may vary depending on the sender device [102] and/or the receiver device
[104] with internet connectivity issues, the network, and other factors, and the
present disclosure is intended to encompass all such variations. The scope of the
20 present disclosure is not limited by the specific definition of the offline state
provided herein and includes all such variation and combinations that would be
obvious to a person skilled in the art.
Further, in an exemplary implementation of the present disclosure the connection
between the sender device [102] and the receiver device [104] is at least one of a
25 wired connection and a wireless connection. Additionally, in a preferred
implementation of the present disclosure the sender device [102] and the receiver
device [104] are in a predefined proximity range, for example 5 meter, 2 meter
etc. Further, the connection between the sender device [102] and the receiver
device [104] may be a Wi-Fi connection, a Bluetooth connection, a Near-field
33
communication (NFC) connection, a Universal Serial Bus (USB) connection, or any
other connection that would be obvious to a person skilled in the art.
Furthermore, the modes of connection disclosed above are exemplary in nature
and are not exhaustive, and any other means of establishing a connection
5 between two or more devices that are known or obvious to the person skilled in
the art may be used. It is important to note that the aforementioned examples of
connection modes are provided for illustrative purposes only and must not be
considered as limiting the scope of the present disclosure. The present disclosure
is not limited to any specific connection mode, and other modes of connection
10 that are functionally equivalent to the examples provided above may also be used.
It is to be noted that the present patent disclosure acknowledges that a method
for wireless connection, including but not limited to Bluetooth, NFC, and any other
known form of wireless connection between two devices, as well as any future
methods of wireless connection that may become available, are not exclusive to
15 this disclosure. The present specification intends to cover the use of any form of
wireless connection and/or wired connection between two devices, as well as any
known or future method of wired connection such as USB. The use of these
connections is not restricted to the embodiments described in this specification,
and any other alternative implementations using these connections may also fall
20 within the scope of the disclosure.
Further, the person skilled in the art would also appreciate that the mode of
connection between the sender device [102] and the receiver device [104] for a
given application may be further based on factors such as the nature of these
devices, the distance between them, and the required data transfer rate. For ease
25 of understanding let’s consider an example, wherein a user Mr. K wants to initiate
a digital transaction from his mobile device (i.e., sender device [102]) hereinafter
referred as mobile A to a potable tablet (i.e., receiver device [104]) of a user Mr.
A using hereinafter referred as tablet B, wherein the mobile A and the tablet B are
in a predefined proximity range say for e.g., 0.5 meter and the mobile A is in offline
34
state. Now, according to the method [300] as disclosed by the present disclosure
a processing unit [202] at the mobile A, identifies a wireless connection say for
e.g., a Bluetooth connection between the mobile A and the tablet B.
Next, at step [306], the method comprises initiating by the processing unit [202]
5 at the sender device [102], a first transaction terminal based on the connection,
wherein the first transaction terminal comprises a set of sender purses.
In an exemplary implementation of the present disclosure, the set of sender
purses comprises one or more sender purses, and as used herein a “sender purse”
may be a digital wallet that contains at least one of one or more centralised
10 financial instruments, one or more decentralised financial instruments, and one
or more other digital assets that a sender may use to make payments or
transactions. Further, the set of sender purses may include one or more wallets,
wherein each wallet from the one or more wallets may be associated with a
different type of digital asset or financial instrument. For example, one sender
15 purse may contain fiat asset, while another sender purse may contain cryptoassets. It is important to note that the use of the sender purses in the present
disclosure is provided for illustrative purposes only, and other types of digital
wallets or payment systems that are obvious to a person skilled in the art for digital
transactions may also be used. A specific implementation of the first transaction
20 terminal may vary depending on the needs of an offline transaction and the
present disclosure is intended to encompass all such variations. For ease of
understanding continuing from the above example, wherein the user Mr. K wants
to initiate a transaction from the mobile A to the tablet B of the user Mr. A, and
where the processing unit [202] at the mobile A, identifies the Bluetooth
25 connection between the mobile A and the tablet B. Now, at the mobile A, a first
transaction terminal e.g., App 1 that is capable of initiating a transaction based on
the connection between the mobile A and the tablet B is initiated by the
processing unit [202],wherein the App 1 comprises a set of sender purses such
35
that each sender purse from the set of sender purses is associated with one or
more financial instruments and/or one or more digital assets such as a purse R is
associated with an asset R, a purse C is associate with a crypto asset A, a purse D
is associated with an asset R, a crypto asset B and a crypto asset A, and a purse G
5 is associated with a digital asset such as Gold etc.
Next, at step [308], the method comprises initiating by the processing unit [202]
at the sender device [102], the offline transaction from the first transaction
terminal, wherein the offline transaction comprises at least one of a first
transaction value and a second transaction value, and wherein the offline
10 transaction further comprises one or more transaction parameters. Further, it
would be obvious to a person skilled in the art that each of the first transaction
value and the second transaction value may represent an amount of fund(s) or
digital asset(s) being transferred in the offline transaction. Further, the specific
nature or type of these values, i.e., the first transaction value and/or the second
15 transaction value, may vary depending on a type of asset(s) or values being used
for the offline transaction, and may include both numeric values and non-numeric
indicators, such as other digital assets as obvious to a person skilled in the art.
Further, in an implementation of the present disclosure the one or more
transaction parameters comprises at least one of a date of transaction, a time of
20 transaction, a transaction value and a transaction value type, however the present
disclosure is not limited thereto and other transaction parameter(s) that are
obvious to a person skilled in the art may be used to implement the features of
the present disclosure. In an exemplary implementation of the present disclosure
the one or more transaction parameters may be used to identify and track the
25 offline transaction as well as provide additional information about the offline
transaction. Additionally, it is be noted that the one or more transaction
parameters included in the offline transaction may vary depending on the needs
of an offline transaction and the type of digital assets or values being used. The
36
present disclosure is intended to encompass all variations of offline transactions
that include the one or more transaction parameters, regardless of any specific
parameter(s) used.
For ease of understanding continuing from the above example, wherein a user Mr.
5 K has initiated the offline transaction from the mobile A to the tablet B of the user
Mr. A via the App 1 on the mobile A comprising of the set of purses such as the
purse R that is associated with the asset R, the purse C that is associate with the
crypto asset A, the purse D that is associated with the asset R, the crypto asset A
and the crypto asset B, and the purse G that is associated with the digital asset.
10 Now. Mr. K initiates a transaction comprising a value 60 of the asset R and a value
40 of the crypto asset A.
Next, at step [310], the method comprises selecting by the processing unit [202]
at the sender device [102], one or more sender purses from the set of sender
purses based on at least one of the first transaction value, the second transaction
15 value and the one or more transaction parameters.
For ease of understanding continuing from the above example, wherein the user
Mr. K has initiated the offline transaction from the mobile A to the tablet B of Mr.
A via the App 1 and wherein the offline transaction comprising the value 60 of the
asset R and the value 40 of the crypto asset A. Now, according to the present
20 disclosure the method encompasses selecting via the processing unit [202] at the
mobile A one or more sender purses from the set of sender purses associated with
the App 1 i.e., the purse R, the purse C, and/or the purse D based of the first
transaction value i.e., the value 60 of the asset R, the second transaction value i.e.,
the value 40 of the crypto asset A and/or the one or more transaction parameters.
25 Now, in this scenario, the processing unit [202] at the mobile A selects the purse
D for the offline transaction.
Next, at step [312], the method comprises transmitting by a transceiver unit [204]
from the sender device [102] to the receiver device [104], a sender purse
37
information of the one or more sender purses. More particularly, the sender purse
information is transmitted to a receiver user agent configured at the receiver
device [104] using a sender user agent configured at the sender device [102]. In a
preferred implementation of the present disclosure the sender purse information
5 comprises at least a sender purse identifier, a sender purse sequence number, a
sender purse state, one or more sender purse passcodes and an available sender
purse limit, wherein the sender purse identifier is a unique identifier associated
with the one or more sender purses to identify the one or more sender purses,
and may be used to debit the first transaction value and/or the second transaction
10 value from the one or more sender purses. The sender purse sequence number
represents an order in which one or more offline transactions are required to be
executed from the one or more sender purses. The sender purse state indicates
whether the one or more sender purses are currently in an active state or an
inactive state, wherein the active state represents that the one or more sender
15 purses are available for the offline transaction. Further, each sender purse
passcode from the one or more sender purse passcodes represents an
authentication code associated with a user of the sender device [102] to verify the
user’s identity and wherein the authentication code is required to authorise the
offline transaction from the one or more sender purses. The one or more sender
20 purse passcodes may include one or more authentication personal identification
numbers (PINs), a user biometric authentication-related data, or any other form
of authentication method that is obvious to a person skilled in the art. The
available sender purse limit indicates a maximum transaction amount associated
with at least one of the first transaction value and the second transaction value
25 that may be debited from the one or more sender purses for the offline
transaction, or a maximum transaction amount associated with at least one of the
first transaction value and the second transaction value that the sender device
[102] is authorised to send to the receiver device [104]. Also, a second transaction
38
terminal is initiated on the receiver device [104] based on at least one of the
sender purse information and the one or more transaction parameters.
Further, it is to be noted that in the context of offline transactions, “user agent,”
i.e., the sender user agent or the receiver user agent, as used herein, refers to an
5 intermediary with computing capabilities that acts on behalf of the user, either as
a sender or receiver of the offline transaction. The sender user agent is the
intermediary with computing capabilities that is configured on the sender device
[102] and is responsible for initiating the offline transaction. The sender user agent
communicates with the receiver user agent to exchange a transaction-related
10 information such as at least one of the first transaction value and the second
transaction value, a type of digital asset and/or financial instrument, and a
transaction limit etc. Further, the receiver user agent, on the other hand, is the
intermediary with computing capabilities that is configured on the receiver device
[104] and is responsible for receiving and processing at least one of the first
15 transaction value and the second transaction value of the offline transaction. The
receiver user agent detects one or more preferences pre-defined at the receiver
device [104] for performing the offline transaction, such as whether a receiver
purse at the receiver device [104] receives the type of digital asset and/or financial
instrument, and at least one of the first transaction value and the second
20 transaction value.
Furthermore, in an exemplary implementation of the present disclosure, to
facilitate the offline transaction between the sender device [102] and the receiver
device [104], first a preference configuration is made, wherein the sender device
[102] and the receiver device [104] is configured with respective user agents i.e.,
25 the sender user agent and the receiver user agent, that clearly define the
preferences or the pre-defined preferences for performing the offline transaction,
including a use of the digital assets, a transaction value, and/or a limit of
transaction etc. Then a transaction request is performed, wherein the sender
39
device [102] initiates the transaction request for the offline transaction with the
receiver device [104], indicating the digital assets and the transaction value (i.e.,
an amount of the offline transaction). Based on the transaction request and risk
check parameter(s), before the transaction may proceed offline, one or more
5 transaction-related risk checks are performed, wherein, the transaction-related
risk check(s) may include a check to ensure that the transaction value is within an
acceptable range, based on the pre-defined preferences. Also, for the transactionrelated risk check(s), a check is performed to ensure that the sender device [102]
and receiver device [104] are authorised and belong to correct users, based on
10 device identification and ownership information, a check is performed to analyse
a user’s transaction history to detect any patterns of suspicious activity, such as
unusual transaction amounts or frequency, and a check is performed to ensure
that the offline transaction is being initiated from an authorised location, based
on a geolocation information. Thereafter, once the transaction-related risk
15 check(s) are performed, the method may determine a level of risk associated with
the offline transaction based on results of the transaction-related risk check(s),
and if the level of risk associated with the offline transaction is deemed
acceptable, the offline transaction may proceed further, and the sender device
[102] may complete the offline transaction with the receiver device [104]. In a
20 preferred implementation of the present disclosure, the method as implemented
may continuously monitor the offline transaction for any suspicious activity and
alert the user of the sender device [102] and/or the receiver device [104], if any
anomalies are detected. Thus, by implementing the above transaction-related risk
check(s) and determining the level of risk associated with the offline transaction,
25 an issuer may reduce a risk of fraud and unauthorised transactions while allowing
users to perform transactions offline, providing a more convenient and seamless
user experience.
For ease of understanding continuing from the above example, wherein the user
Mr. Khas initiated the offline transaction from the mobile A to the tablet B via the
40
App 1. Now, according to the present disclosure the processing unit [202] at the
sender device [102] may select one or more sender purses from the set of sender
purses associated with the App 1 (e.g., the purse D) at least based on the first
transaction value i.e., the value 60 of the asset R, the second transaction value i.e.,
5 the value 40 of the crypto asset A and the one or more transaction parameters as
disclosed in the present disclosure. Also, the processing unit [202] then from the
mobile device A sends to the tablet B, a sender purse information of the purse D.
Furthermore, in an exemplary implementation of the present disclosure the
sender purse information of the purse D may further comprise various parameters
10 such as a sender purse identifier of the purse D, a sender purse sequence number
of the purse D, a sender purse state of the purse D, one or more sender purse
passcodes of the purse D, and an available sender purse limit of the purse D.
Next, at step [314], the method comprises receiving by the transceiver unit [204]
at the sender device [102] from the receiver device [104], an indication of an
15 initiation of the second transaction terminal on the receiver device [104] in
response to the transmission of the sender purse information. Next, at step [316],
the method comprises receiving by the transceiver unit [204] at the sender device
[102] from the receiver device [104], a receiver purse information of one or more
receiver purses associated with the second transaction terminal. In a preferred
20 implementation of the present disclosure, the receiver purse information is
received at the sender user agent of the sender device [102] from the receiver
user agent of the receiver device [104]. Further, in another preferred
implementation of the present disclosure, the receiver purse information
comprises at least a receiver purse identifier (ID), a receiver purse sequence
25 number, a receiver purse state, one or more receiver purse passcodes and an
available receiver purse limit etc. Further, the receiver purse identifier (ID) is a
unique identifier associated with the one or more receiver purses to identify the
one or more receiver purses, which may be used to credit a transaction amount.
The receiver purse sequence number represents an order in which offline
41
transaction(s) may be executed to the one or more receiver purses. The receiver
purse state indicates whether the receiver device [104]’s digital wallet (or a
receiver purse) is currently in an active state or an inactive state, wherein the
active state represents that the receiver purse is available for the offline
5 transaction. Further, each receiver purse passcode from the one or more receiver
purse passcodes represents one or more authentication codes associated with a
user of the receiver device [104] to verify such user’s identity and the
authentication code(s) may be required to authorise the offline transaction on the
receiver purse(s). The receiver purse passcode(s) may include one or more
10 authentication PINs, a user biometric authentication-related data, and/or any
other form of authentication method that is obvious to a person skilled in the art.
For ease of understanding continuing from the above example, wherein the user
Mr. K has initiated the transaction from the mobile A to the tablet B of the user
Mr. A via the App A, and where the purse D is selected. Now according to the
15 present disclosure, the mobile A may receive by the transceiver unit [204] from
the tablet B, an indication of an initiation of a second transaction terminal i.e., App
B on the tablet B in response to the transmission of the receiver purse information
of the purse D. Next, the mobile A receives, by the transceiver unit [204] from the
tablet B, a receiver purse information of a purse K from one or more receiver
20 purses associated with the App B. Further, the receiver purse information of the
purse K may be received at the sender user agent of the mobile A from the receiver
user agent associated with the tablet B. Further, the receiver purse information of
the purse K information may comprise at least one of a purse K identifier, a purse
K sequence number, a purse K state and one or more receiver purse K passcodes
25 etc.
Next, at step [318], the method comprises detecting by the processing unit [202]
at the sender device [102], at least one of a successful authentication of the one
or more sender purses and a successful authentication of the one or more receiver
42
purses. Referring to Figure 4 an exemplary method flow diagram [400], for
detecting at the sender device [102], at least one of the successful authentication
of the one or more sender purses and the successful authentication of the one or
more receiver purses is shown in accordance with exemplary embodiments of the
5 present disclosure. Also, as shown in Figure 4, the method [400] starts at step
[402].
At step [404] comprises retrieving by the processing unit [202] via the sender user
agent from the one or more sender purses, a sender purse authentication data,
10 wherein the sender purse authentication data comprises at least the sender purse
identifier (ID) and one or more sender purse public key certificates. The sender
purse public key certificate(s) are used to verify a digital signature associated with
the one or more sender purses used for the offline transaction in order to ensure
the integrity and authenticity of the offline transaction, thereby helping to prevent
15 an unauthorised access and ensuring that only authorised users are able to
perform offline transactions.
Next, at step [406], the method [400] comprises sending by the processing unit
[202] via the sender user agent to the receiver user agent, the sender purse
authentication data.
20 Next, at step [408], the method [400] comprises receiving by the processing unit
[202] at the sender user agent from the receiver user agent, a sender purse
verification update and a receiver purse authentication data in response to the
sender purse authentication data, wherein the receiver purse authentication data
comprises at least the receiver purse identifier (ID) and one or more receiver purse
25 public key certificates.
Next, at step [410], the method [400] comprises determining by the processing
unit [202] via the sender user agent, a receiver purse verification update based on
the receiver purse authentication data.
43
Next, at step [412], the method [400] comprises detecting by the processing unit
[202] at the sender device [102], at least one of the successful authentication of
the one or more sender purses based on the sender purse verification update and
the successful authentication of the one or more receiver purses based on the
5 receiver purse verification update.
Thereafter, the method [400] terminates at [414].
For ease of understanding continuing from the above example, wherein the user
Mr. K has initiated the offline transaction from the mobile A to the tablet B. Now,
according to the present disclosure the method now detects at the mobile A by
10 the processing unit [202], at least one of a successful authentication of the purse
D i.e., the sender purse and a successful authentication of the purse K i.e., the
receiver purse. For detecting at the mobile A the successful authentication of the
purse D i.e., the sender purse and the successful authentication of the purse K i.e.,
the receiver purse, the method first retrieves by the processing unit [202] via the
15 sender user agent from the purse D, a purse D authentication data, wherein the
purse D authentication data comprises a purse D identifier (ID) and purse D public
key certificates. Then, the mobile A sends via the sender user agent to the receiver
user agent, the purse D authentication data. Further, the method encompasses
receiving by the processing unit [202] at the sender user agent from the receiver
20 user agent, a purse D verification update and a purse K authentication data in
response to the purse D authentication data, wherein the purse K authentication
data comprises a purse K identifier (ID) and purse K public key certificates. Now,
according to the method as disclosed in the present disclosure, the processing unit
[202] via the sender user agent, determines a purse K verification update based
25 on the purse K authentication data i.e., whether purse K is successfully verified or
not based on the purse K authentication data received by the processing unit [202]
at the sender user agent associated with the mobile A from the receiver user agent
associated with the tablet B.
44
Thereafter, the method encompasses detecting by the processing unit [202] at the
mobile A, the successful authentication of the purse D i.e., the sender purse based
on the purse D verification update and the successful authentication of the purse
K i.e., receiver purse based on the purse K verification update.
5 Now, referring again to figure 3, next, at step [320], the method comprisessending
by the processing unit [202] from the sender device [102] to the receiver device
[104], at least one of the first transaction value and the second transaction value
based on at least one of the successful authentication of the one or more sender
purses and the successful authentication of the one or more receiver purses. Now,
10 referring to Figure 5 an exemplary method flow diagram [500], for sending by the
processing unit [202] from the sender device [102] to the receiver device [104], at
least one of the first transaction value and the second transaction value is shown,
in accordance with the exemplary embodiments of the present disclosure. Also,
as shown in Figure 5, the method [500] starts at step [502].
15
Next, at step [504], the method [500] comprises verifying by the processing unit
[202] via the sender user agent, the available sender purse limit, wherein the
available sender purse limit is at least equal to at least one of the first transaction
value and the second transaction value.
20 Next, at step [506], the method [500] comprises generating by the processing unit
[202] via the sender user agent, a start transfer data object based on the
verification of the available sender purse limit, wherein the start transfer data
object comprises at least the sender purse identifier (ID), the sender purse
sequence number, the receiver purse identifier (ID), the receiver purse sequence
25 number, and the one or more transaction parameters.
Next, at step [508], the method [500] comprises sending by the processing unit
[202] via the sender user agent to the receiver user agent, a start credit request,
45
wherein the start credit request comprises at least the start transfer data object
and the available sender purse limit.
Next, at step [510], the method [500] comprises receiving by the processing unit
[202] at the sender user agent from the receiver user agent, a start credit response
5 message and an indication of the available receiver purse limit in response to the
start credit request, wherein the available receiver purse limit is at least equal to
at least one of the first transaction value and the second transaction value.
Next, at step [512], the method [500] comprises determining by the processing
unit [202] at the sender user agent, a request value based on the start credit
10 response message and the available receiver purse limit wherein the request value
is one of a value higher than at least one of the first transaction value and the
second transaction value, and a value equal to the at least one of the first
transaction value and the second transaction value.
Next, at step [514], the method [500] comprises sending by the processing unit
15 [202] from the sender user agent to the receiver user agent, a transfer value
request message, wherein the transfer value request message comprises the
request value.
Next, at step [516], the method [500] comprises receiving by the processing unit
[202] at the sender user agent from the receiver user agent, a transfer value
20 response message in response to the transfer value request message, wherein the
transfer value response message comprises an acknowledge value. Further, in an
implementation of the present invention, the acknowledge value may be a
positive acknowledge value or a negative acknowledge value, wherein the positive
acknowledge value signifies that the available receiver purse limit is at least equal
25 to at least one of the first transaction value and the second transaction value and
therefore the offline transaction is possible. Further, the negative acknowledge
value signifies that the available receiver purse limit is lesser to at least one of the
46
first transaction value and the second transaction value, therefore the offline
transaction is not possible.
Next, at step [518], the method [500] comprises sending by the processing unit
[202] from the sender device [102] to the receiver device [104], at least one of the
5 first transaction value and the second transaction value based on the transfer
value response message.
Thereafter, the method [500] terminates at [520].
For ease of understanding continuing from the above example, now once the
purse D and purse K i.e., sender purse and the receiver purse respectively are
10 successfully authenticated, the mobile A sends by the processing unit [202] to the
tablet B, the value 60 of the asset R and the value 40 of the crypto asset A i.e., the
first transaction value and the second transaction value respectively. To send the
value 60 of the asset R and the value 40 of the crypto asset A from the mobile A
to the tablet B, the processing unit [202] via the sender user agent associated with
15 the purse D verifies the available purse D limit, wherein the available purse D limit
is at least equal to the value 60 of the asset R i.e., the first transaction value and
the value 40 of the crypto asset A i.e., the second transaction value. In case if the
available purse D limit for the crypto asset A is less than the value 40 but is at least
the value 60 for the asset R, the App A may select another purse C to transact the
20 value 40 of the crypto asset A and the purse D to transact the value 60 of the asset
R. Then the processing unit [202] via the sender user agent generates a start
transfer data object based on the verification of the available purse D limit. The
start transfer data object comprises at least the purse D identifier, the purse D
sequence number, the purse K identifier, the purse K sequence number, and the
25 transaction parameters as discussed above. Then the processing unit [202] via the
sender user agent sends to the receiver user agent, a start credit request, wherein
the start credit request comprises at least the start transfer data object and the
available purse D limit. Then the processing unit [202] receives at the sender user
47
agent from the receiver user agent, a start credit response message and an
indication of an available purse K limit in response to the start credit request,
wherein the available purse K limit is at least equal to at least the value 60 for the
asset R and the value 40 for the crypto asset A. The available purse K limit is a limit
5 or threshold on a transaction amount that the purse K is authorized to accept for
a financial instrument and/or digital asset or total amount of the financial
instrument and/or the digital asset. Now, the processing unit [202] at the sender
user agent determines, a request value based on the start credit response
message and the available purse K limit wherein the request value is one of a value
10 higher than at least one of the value 60 for the asset R and the value 40 for the
crypto asset A, and a value equal to the at least one of the value 60 for the asset
R and the value 40 for the crypto asset A. Then the sender user agent sends to the
receiver user agent, a transfer value request message, wherein the transfer value
request message comprises the request value. Now, the sender user agent
15 receives from the receiver user agent, a transfer value response message in
response to the transfer value request message, wherein the transfer value
response message comprises an acknowledge value. Thereafter, the mobile A i.e.,
sender device [102] sends to the tablet B i.e., the receiver device [104], the value
60 of the asset R and the value 40 of the crypto asset A based on the transfer value
20 response message received above.
Now, referring again to figure 3, next, at step [322], the method comprises
facilitating by the processing unit [202] at the sender device [102], the offline
transaction between the sender device [102] and the receiver device [104], based
on the sending of at least one of the first transaction value and the second
25 transaction value. Now, referring to Table 1 illustrating some exemplary use case
scenarios of facilitating by the processing unit [202] at the sender device [102], the
offline transaction between the sender device [102] and the receiver device [104],
in accordance with the exemplary embodiments of the present disclosure.
48
Scenario Sender
device
[102]
Receiver
device
[104]
Transaction
Value
Possible Action with
Respect to Transaction
1 Online Online Less than or
equal to Purse
limit i.e., the
sender purse
limit or the
receiver purse
limit.
And
Meet risk
check for the
offline
transaction
Offline transaction if both
user devices i.e., the
sender device [102] and
the receiver device [104]
are in proximity.
Online transaction if user
devices are not in
proximity.
2 Online Offline Any value Offline transaction not
allowed.
Only online transaction
allowed.
3 Offline Online Less than or
equal to Purse
limit i.e., the
sender purse
limit or the
receiver purse
limit.
And
Meet risk
check for the
offline
transaction
Offline transaction if both
user devices i.e., the
sender device [102] and
the receiver device [104]
are in proximity.
Or
Online transaction if user
devices are not in
proximity.
4 Offline Offline Less than or
equal to Purse
limit i.e., the
sender purse
limit or the
receiver purse
limit.
And
Meet risk
check for the
offline
transaction
Offline transaction if both
user devices i.e., the
sender device [102] and
the receiver device [104]
are in proximity.
49
5 Offline Offline Less than or
equal to Purse
limit i.e., the
sender purse
limit or the
receiver purse
limit.
And
Meet risk
check for the
offline
transaction
No offline transaction
allowed, if user devices
i.e., the sender device
[102] and the receiver
device [104] are not in
proximity.
6 Offline Offline More than or
equal to Purse
limit i.e., the
sender purse
limit or the
receiver purse
limit.
Or
Doesn’t risk
check for the
offline
transaction.
Offline transaction not
allowed due to noncompliance of risk check.
Table 1
For ease of understanding continuing from the above example, once the mobile A
i.e., sender device [102] sends to the tablet B i.e., the receiver device [104], the
5 value 60 of the asset R and the value 40 of the crypto asset A based on the transfer
value response message. The mobile A i.e., the sender device [102] facilitates the
offline transaction between the mobile A and the tablet B i.e., the receiver device
[104], based on the sending of the value 60 of the asset R and the value 40 of the
crypto asset A i.e., the first transaction value and the second transaction value.
10 Thereafter, the method [300] terminates at step [324].
Further, in an exemplary implementation of the present invention, the processing
unit [202] is configured to facilitate at the sender device [102], the offline
50
transaction between the sender device [102] and the receiver device [104], based
on the sending of at least one of the first transaction value and the second
transaction value, wherein the at least first transaction value is a digitized value
of a virtual asset such as a property in a metaverse environment. In another
5 exemplary implementation of the present invention, the processing unit [202] is
configured to facilitate at the sender device [102], the offline transaction between
the sender device [102] and the receiver device [104], based on the sending of at
least one of the first transaction value and the second transaction value, wherein
at least the first transaction value is a digitized value of a physical asset such as a
10 real estate asset.
Furthermore, in another exemplary implementation of the present invention, the
processing unit [202] is configured to facilitate at the sender device [102], the
offline transaction between the sender device [102] and the receiver device [104],
15 based on the sending of at least one of the first transaction value and the second
transaction value, wherein the sender device [102] transmits the first transaction
value from one of a sender purse from the set of sender purses to a receiver purse
at the receiver device [104], and the sender purse receives from the receiver purse
at the sender device [102], a transaction value/asset in return of the first
20 transaction value.
Referring to Figure 6 an exemplary diagram of a transaction flow [600] between
the sender device [102] and the receiver device [104] is shown in accordance with
an embodiment of the present disclosure. Also, as shown in Figure 6, the
25 transaction flow [600] starts at step [602].
At step [604], to facilitate the transactions between a sender device [102] and a
receiver device [104], a user of the sender device [102] initiates a first transaction
terminal i.e., user terminal. Now, at step [604], the transaction flow [600]
51
encompasses identifying by a processing unit [202] at the sender device [102], a
connection between the sender device [102] and the receiver device [104],
wherein at least one of the sender device [102] and the receiver device [104] is in
an offline state.
5 Next, at step [606] and step [608], the transaction flow [600] encompasses
initiating at the sender device [102] the offline transaction between the sender
device [102] and the receiver device [104] based on a user input provided by the
user of the sender device [102]. Particularly, at step [608] the offline transaction
is initiated via scanning a Quick Response (QR) code and at step [606] the offline
10 transaction is initiated via tapping the sender device [102] and the receiver device
[104]. In an implementation any other method that may be obvious to the person
skilled in the art may be used to initiate the offline transaction.
Further, if the offline transaction between the sender device [102] and the
receiver device [104] is initiated via scanning the Quick Response (QR) code, the
15 processing unit [202] terminates the offline transaction from the sender device
[102] to the receiver device [104], and an online transaction may be initiated to
send at least one of a first transaction value and a second transaction value from
the sender device [102] to the receiver device [104].
In an event if the transaction between the sender device [102] and the receiver
20 device [104] is initiated via tapping the sender device [102] and the receiver device
[104], the transaction flow [600] leads to step [610] or step [612].
Next, at step [610], the transaction flow [600] encompasses identifying successful
verification of an available sender purse limit, to send by the processing unit [202]
from the sender device [102] to the receiver device [104], at least one of the first
25 transaction value and the second transaction value. The successful verification of
an available sender purse limit is based on at least one of a successful
authentication of the one or more sender purses and a successful authentication
of the one or more receiver purses, wherein the authentication process is
52
implemented in accordance with the features of the present disclosure. Further,
the available sender purse limit is at least equal to at least one of the first
transaction value and the second transaction value. At step [612], the transaction
flow [600] encompasses identifying unsuccessful verification of the available
5 sender purse limit i.e., the available receiver purse limit is lesser than at least one
of the first transaction value and the second transaction value, therefore the
offline transaction is not possible. Then, the processing unit [202] terminates the
offline transaction from the sender device [102] to the receiver device [104] and
an online transaction may be initiated at step [622].
10 At step [610], if the transaction flow [600] successfully verifies that the available
receiver purse limit is at least equal to at least one of the first transaction value
and the second transaction value and therefore the offline transaction is possible,
and the transaction flow leads to step [614].
Next, at step [614], the transaction flow [600] encompasses identifying if
15 transaction related risk checks are passed or not to perform a transaction request,
wherein the sender device [102] initiates the transaction request for the offline
transaction with the receiver device [104], indicating digital asset(s) and a
transaction value (i.e., an amount of the offline transaction). Based on the
transaction request and risk check parameter(s), before the transaction may
20 proceed offline, one or more transaction-related risk checks are performed at step
[614], wherein the transaction-related risk check(s) may include a check to ensure
that the transaction value is within an acceptable range, based on pre-defined
preferences. Also, for the transaction-related risk check(s), a check is performed
to ensure that the sender device [102] and receiver device [104] are authorised
25 and belong to correct users, based on device identification and ownership
information, a check is performed to analyse a user's transaction history to detect
any patterns of suspicious activity, such as unusual transaction amounts or
frequency, and a check is performed to ensure that the offline transaction is being
53
initiated from an authorised location, based on a geolocation information.
Thereafter, once the transaction-related risk check(s) are performed, the
transaction flow [600] encompasses determining a level of risk associated with the
offline transaction based on results of the transaction-related risk check(s), and if
5 the level of risk associated with the offline transaction is deemed acceptable, the
offline transaction may proceed further, and the sender device [102] may
complete the offline transaction with the receiver device [104] based on a
successful establishment of the a connection between the sender device [102] and
the receiver device [104] as shown at step [618].
10 Further, if the level of risk associated with the offline transaction is deemed
unacceptable, the processing unit [202] terminates the offline transaction from
the sender device [102] to the receiver device [104], and an online transaction as
shown at step [622] may be initiated to send at least one of the first transaction
value and the second transaction value from the sender device [102] to the
15 receiver device [104].
In an event, if the level of risk associated with the offline transaction is deemed
acceptable the transaction flow leads to step [616] from the step [614].
Next, at the step [616], the connection is established between the sender device
[102] and the receiver device [104], wherein said connection may be facilitated
20 between the sender device [102] and the receiver device [104] by a Wi-Fi
connection, a Bluetooth connection, a Near-field communication (NFC)
connection, a Universal Serial Bus (USB) connection, or any other connection that
would be obvious to a person skilled in the art to implement the features of the
present disclosure.
25 Further, if the connection is not established between the sender device [102] and
the receiver device [104], the processing unit [202] terminates the offline
transaction from the sender device [102] to the receiver device [104], and the
online transaction as shown at the step [622] may be initiated to send at least one
54
of the first transaction value and the second transaction value from the sender
device [102] to the receiver device [104].
In an event, if the connection is established between the sender device [102] and
the receiver device [104] the transaction flow leads to step [618] from the step
5 [616].
Thereafter, at step [618], the processing unit [202] facilitates at the sender device
[102], the offline transaction between the sender device [102] and the receiver
device [104], based on the sending of at least one of the first transaction value and
the second transaction value by utilizing the features as disclosed by the present
10 disclosure.
Thereafter the method terminates at [620].
The present disclosure provides a novel technical solution that overcomes the
shortcomings of the prior arts, emphasizing the technical advancement and
15 technical effect in a field of peer-to-peer offline transaction. The present
disclosure has several technical effects and advancements that make it a unique
and innovative solution for secure, instant, and reliable transactions in
geographical areas with limited or no mobile network connectivity. Firstly, the
present disclosure provides a highly secure and efficient system for offline
20 transactions between sender devices and receiver devices. This allows users to
conduct financial transactions and/or digital assets related transactions even in
areas with no mobile network connectivity, providing greater convenience and
flexibility. Secondly, the risk-based controls in the form of rules prevent fraud and
make the offline transactions even more secure. The rules are designed to detect
25 and prevent fraudulent activities, reducing the risk of financial losses for users.
Thirdly, the cryptographic controls disclosed in the disclosure protect the digital
assets and the financial instruments in the sender device and/or the receiver
device, ensuring that the offline transactions are conducted securely and
55
confidentially. This makes it an ideal solution for users who value privacy and
security.
In conclusion, the present disclosure provides a highly innovative and technically
advanced solution for secure, instant, and reliable transactions in areas with no or
5 limited mobile network connectivity. With its risk-based controls, cryptographic
controls, and tap-and-transact solutions with multiple form factors, the disclosure
represents a significant step forward in the field of offline transactions. The
disclosure offers a range of benefits for both users and payment systems,
providing a more efficient, secure, and convenient alternative to traditional online
10 payment systems. Overall, the present disclosure is a valuable contribution to the
field of payment systems, and it is expected to have a significant impact on the
way people conduct transactions in areas with limited or no mobile network
connectivity.
Further, the present invention provides a technical advancement as the offline
15 capability mitigates the risks associated with online transactions, such as
unauthorized access, interception, or manipulation of sensitive data during
transmission. Further, the present invention provides a technical advancement
over the conventional methods, as the offline transaction method disclosed by the
present disclosure may include a storage mechanism i.e., the sender purses and
20 the receiver purses specifically designed to securely store assets and values. This
storage mechanism may employ advanced encryption techniques and secure
hardware components to prevent unauthorized access and tampering. By storing
assets and values offline, the invention mitigates the risks associated with online
storage, such as hacking, data breaches, and asset duplication. Further, the
25 combination of offline transactions and secure asset storage i.e., the sender
purses and the receiver purses has a technical effect greatly reducing the potential
for fraud, particularly asset duplication. The offline nature of the system ensures
that assets are not susceptible to unauthorized replication, counterfeiting, or
56
double spending, which are common vulnerabilities in online payment systems.
Furthermore, the invention incorporates additional security measures, such as
multi-factor authentication, biometric verification, and transaction validation
protocols, to further strengthen the overall security of the system. These
5 measures provide an additional layer of protection against identity theft,
unauthorized access, and fraudulent activities.
While considerable emphasis has been placed herein on the disclosed
embodiments, it will be appreciated that many embodiments can be made and
that many changes can be made to the embodiments without departing from the
10 principles of the present disclosure. These and other changes in the embodiments
of the present disclosure will be apparent to those skilled in the art, whereby it is
to be understood that the foregoing descriptive matter to be implemented is
illustrative and non-limiting.
57
We Claim:
1. A method for facilitating an offline transaction between a sender device [102]
and a receiver device [104], the method comprising:
5 - identifying, by a processing unit [202] at the sender device [102], a
connection between the sender device [102] and the receiver device
[104], wherein at least one of the sender device [102] and the receiver
device [104] is in an offline state;
- initiating, by the processing unit [202] at the sender device [102], a first
10 transaction terminal based on the connection, wherein the first
transaction terminal comprises a set of sender purses;
- initiating, by the processing unit [202] at the sender device [102], the
offline transaction from the first transaction terminal, wherein the
offline transaction comprises at least one of a first transaction value
15 and a second transaction value, and wherein the offline transaction
further comprises one or more transaction parameters;
- selecting, by the processing unit [202] at the sender device [102], one
or more sender purses from the set of sender purses based on at least
one of the first transaction value, the second transaction value and the
20 one or more transaction parameters;
- transmitting, by a transceiver unit [204] from the sender device [102]
to the receiver device [104], a sender purse information of the one or
more sender purses;
- receiving, by the transceiver unit [204] at the sender device [102] from
25 the receiver device [104], an indication of an initiation of a second
transaction terminal on the receiver device [104] in response to the
transmission of the sender purse information;
58
- receiving, by the transceiver unit [204] at the sender device [102] from
the receiver device [104], a receiver purse information of one or more
receiver purses associated with the second transaction terminal;
- detecting, by the processing unit [202] at the sender device [102], at
5 least one of a successful authentication of the one or more sender
purses and a successful authentication of the one or more receiver
purses;
- sending, by the processing unit [202] from the sender device [102] to
the receiver device [104], at least one of the first transaction value and
10 the second transaction value based on at least one of the successful
authentication of the one or more sender purses and the successful
authentication of the one or more receiver purses; and
- facilitating, by the processing unit [202] at the sender device [102], the
offline transaction between the sender device [102] and the receiver
15 device [104], based on the sending of at least one of the first
transaction value and the second transaction value.
2. The method as claimed in claim 1, wherein the connection between the
sender device [102] and the receiver device [104] is at least one of a wired
connection and a wireless connection.
20 3. The method as claimed in claim 2, wherein the sender device [102] and the
receiver device [104] are in a predefined proximity range.
4. The method as claimed in claim 1, wherein the offline state is one of a no
internet connectivity state, an unstable internet connectivity state and a poor
internet connectivity state.
25 5. The method as claimed in claim 1, wherein the sender purse information is
transmitted to a receiver user agent configured at the receiver device [104]
using a sender user agent configured at the sender device [102].
59
6. The method as claimed in claim 1, wherein the receiver purse information is
received at the sender user agent of the sender device [102] from the
receiver user agent of the receiver device [104].
7. The method as claimed in claim 5, wherein the sender purse information
5 comprises at least a sender purse identifier, a sender purse sequence
number, a sender purse state, one or more sender purse passcodes and an
available sender purse limit.
8. The method as claimed in claim 1, wherein the receiver purse information
comprises at least a receiver purse identifier (ID), a receiver purse sequence
10 number, a receiver purse state and one or more receiver purse passcodes.
9. The method as claimed in claim 1, wherein the one or more transaction
parameters comprises at least one of a date of transaction, a time of
transaction, a transaction value and a transaction value type.
10. The method as claimed in claim 1, wherein the second transaction terminal
15 is initiated on the receiver device [104] based on at least one of the sender
purse information and the one or more transaction parameters.
11. The method as claimed in claim 7, wherein the detecting, by the processing
unit [202] at the sender device [102], at least one of the successful
authentication of the one or more sender purses and the successful
20 authentication of the one or more receiver purses further comprises:
- retrieving, by the processing unit [202] via the sender user agent from
the one or more sender purses, a sender purse authentication data,
wherein the sender purse authentication data comprises at least the
sender purse identifier (ID) and one or more sender purse public key
25 certificates,
- sending, by the processing unit [202] via the sender user agent to the
receiver user agent, the sender purse authentication data,
- receiving, by the processing unit [202] at the sender user agent from
the receiver user agent, a sender purse verification update and a
60
receiver purse authentication data in response to the sender purse
authentication data, wherein the receiver purse authentication data
comprises at least the receiver purse identifier (ID) and one or more
receiver purse public key certificates,
5 - determining, by the processing unit [202] via the sender user agent, a
receiver purse verification update based on the receiver purse
authentication data, and
- detecting, by the processing unit [202] at the sender device [102], at
least one of the successful authentication of the one or more sender
10 purses based on the sender purse verification update and the
successful authentication of the one or more receiver purses based on
the receiver purse verification update.
12. The method as claimed in claim 7, wherein the sending, by the processing
unit [202] from the sender device [102] to the receiver device [104], at least
15 one of the first transaction value and the second transaction value further
comprises:
- verifying, by the processing unit [202] via the sender user agent, the
available sender purse limit, wherein the available sender purse limit is
at least equal to at least one of the first transaction value and the
20 second transaction value,
- generating, by the processing unit [202] via the sender user agent, a
start transfer data object based on the verification of the available
sender purse limit, wherein the start transfer data object comprises at
least the sender purse identifier (ID), the sender purse sequence
25 number, the receiver purse identifier (ID), the receiver purse sequence
number, and the one or more transaction parameters,
- sending, by the processing unit [202] via the sender user agent to the
receiver user agent, a start credit request, wherein the start credit
61
request comprises at least the start transfer data object and the
available sender purse limit,
- receiving, by the processing unit [202] at the sender user agent from
the receiver user agent, a start credit response message and an
5 indication of an available receiver purse limit in response to the start
credit request, wherein the available receiver purse limit is at least
equal to at least one of the first transaction value and the second
transaction value,
- determining, by the processing unit [202] at the sender user agent, a
10 request value based on the start credit response message and the
available receiver purse limit wherein the request value is one of a
value higher than at least one of the first transaction value and the
second transaction value, and a value equal to the at least one of the
first transaction value and the second transaction value,
15 - sending, by the processing unit [202] from the sender user agent to the
receiver user agent, a transfer value request message, wherein the
transfer value request message comprises the request value,
- receiving, by the processing unit [202] at the sender user agent from
the receiver user agent, a transfer value response message in response
20 to the transfer value request message, wherein the transfer value
response message comprises an acknowledge value, and
- sending, by the processing unit [202] from the sender device [102] to
the receiver device [104], at least one of the first transaction value and
the second transaction value based on the transfer value response
25 message.
13. A system for facilitating an offline transaction between a sender device [102]
and a receiver device [104], the system comprises:
- a processing unit [202], wherein the processing unit [202] is configured
to:
62
• identify, at the sender device [102], a connection between the
sender device [102] and the receiver device [104], wherein at
least one of the sender device [102] and the receiver device
[104] is in an offline state,
5 • initiate, at the sender device [102], a first transaction terminal
based on the connection, wherein the first transaction terminal
comprises a set of sender purses,
• initiate, at the sender device [102], the offline transaction from
the first transaction terminal, wherein the offline transaction
10 comprises at least one of a first transaction value and a second
transaction value, and wherein the offline transaction further
comprises one or more transaction parameters, and
• select, at the sender device [102], one or more sender purses
from the set of sender purses based on at least one of the first
15 transaction value, the second transaction value and the one or
more transaction parameters; and
- a transceiver unit [204], connected to at least the processing unit [202],
wherein the transceiver unit [204] is configured to:
• transmit, from the sender device [102] to the receiver device
20 [104], a sender purse information of the one or more sender
purses,
• receive, at the sender device [102] from the receiver device
[104], an indication of an initiation of a second transaction
terminal on the receiver device [104] in response to the
25 transmission of the sender purse information, and
• receive, at the sender device [102] from the receiver device
[104], a receiver purse information of one or more receiver
purses associated with the second transaction terminal,
wherein the processing unit [202] is further configured to:
63
o detect, at the sender device [102], at least one of a
successful authentication of the one or more sender
purses and a successful authentication of the one or
more receiver purses,
5 o send, from the sender device [102] to the receiver
device [104], at least one of the first transaction value
and the second transaction value based on at least one
of the successful authentication of the one or more
sender purses and the successful authentication of the
10 one or more receiver purses, and
o facilitate, at the sender device [102], the offline
transaction between the sender device [102] and the
receiver device [104], based on the sending of at least
one of the first transaction value and the second
15 transaction value.
14. The system as claimed in claim 13, wherein the connection between the
sender device [102] and the receiver device [104] is at least one of a wired
connection and a wireless connection.
15. The system as claimed in claim 14, wherein the sender device [102] and the
20 receiver device [104] are in a predefined proximity range.
16. The system as claimed in claim 13, wherein the offline state is one of a no
internet connectivity state, an unstable internet connectivity state and a poor
internet connectivity state.
17. The system as claimed in claim 13, wherein the sender purse information is
25 transmitted to a receiver user agent configured at the receiver device [104]
using a sender user agent configured at the sender device [102].
18. The system as claimed in claim 13, wherein the receiver purse information is
received at the sender user agent of the sender device [102] from the
receiver user agent of the receiver device [104].
64
19. The system as claimed in claim 17, wherein the sender purse information
comprises at least a sender purse identifier, a sender purse sequence
number, a sender purse state, one or more sender purse passcodes and an
available sender purse limit.
5 20. The system as claimed in claim 13, wherein the receiver purse information
comprises at least a receiver purse identifier (ID), a receiver purse sequence
number, a receiver purse state and one or more receiver purse passcodes.
21. The system as claimed in claim 13, wherein the one or more transaction
parameters comprises at least one of a date of transaction, a time of
10 transaction, a transaction value and a transaction value type.
22. The system as claimed in claim 13, wherein the second transaction terminal
is initiated on the receiver device [104] based on at least one of the sender
purse information and the one or more transaction parameters.
23. The system as claimed in claim 19, wherein to detect at the sender device
15 [102], at least one of the successful authentication of the one or more sender
purses and the successful authentication of the one or more receiver purses,
the processing unit [202] is further configured to:
- retrieve, via the sender user agent from the one or more sender purses,
a sender purse authentication data, wherein the sender purse
20 authentication data comprises at least the sender purse identifier (ID)
and one or more sender purse public key certificates,
- send, via the sender user agent to the receiver user agent, the sender
purse authentication data,
- receive, at the sender user agent from the receiver user agent, a sender
25 purse verification update and a receiver purse authentication data in
response to the sender purse authentication data, wherein the receiver
purse authentication data comprises at least the receiver purse
identifier (ID) and one or more receiver purse public key certificates,
65
- determine, via the sender user agent, a receiver purse verification
update based on the receiver purse authentication data, and
- detect, at the sender device [102], at least one of the successful
authentication of the one or more sender purses based on the sender
5 purse verification update and the successful authentication of the one
or more receiver purses based on the receiver purse verification
update.
24. The system as claimed in claim 19, wherein to send from the sender device
[102] to the receiver device [104], at least one of the first transaction value
10 and the second transaction value, the processing unit [202] is further
configured to:
- verify, via the sender user agent, the available sender purse limit,
wherein the available sender purse limit is at least equal to at least one
of the first transaction value and the second transaction value,
15 - generate, via the sender user agent, a start transfer data object based
on the verification of the available sender purse limit, wherein the start
transfer data object comprises at least the sender purse identifier (ID),
the sender purse sequence number, the receiver purse identifier (ID),
the receiver purse sequence number, and the one or more transaction
20 parameters,
- send, via the sender user agent to the receiver user agent, a start credit
request, wherein the start credit request comprises at least the start
transfer data object and the available sender purse limit,
- receive, at the sender user agent from the receiver user agent, a start
25 credit response message and an indication of an available receiver
purse limit in response to the start credit request, wherein the available
receiver purse limit is at least equal to at least one of the first
transaction value and the second transaction value,
66
- determine, at the sender user agent, a request value based on the start
credit response message and the available receiver purse limit wherein
the request value is one of a value higher than at least one of the first
transaction value and the second transaction value, and a value equal
5 to the at least one of the first transaction value and the second
transaction value,
- send, from the sender user agent to the receiver user agent, a transfer
value request message, wherein the transfer value request message
comprises the request value,
10 - receive, at the sender user agent from the receiver user agent, a
transfer value response message in response to the transfer value
request message, wherein the transfer value response message
comprises an acknowledge value, and
- send, from the sender device [102] to the receiver device [104], at least
15 one of the first transaction value and the second transaction value
based on the transfer value response message.