Description:FIELD OF INVENTION
This invention relates to a multi-functional e-wallet with integrated financial services. Particularly this invention relates to a multi-functional e-wallet network system to provide a unique e-wallet to use on multiple platforms like NPS (national pension system), mutual funds, ATM transactions, insurance, DBT (direct benefit transaction), and any other govt. plan, etc. to make easy transactions with a single multi-functional e-wallet.
BACKGROUND OF THE INVENTION
Electronic wallets (e-wallets) for certain domains, such as healthcare or insurance rebates are available in the market. With electronic wallets, consumers are not required to fill out order forms on each site when they purchase an item because the information has already been stored and is automatically updated and entered into the order fields across merchant sites when using a digital wallet. Consumers also benefit when using digital wallets because their information is encrypted or protected by a private software code; merchants benefit by receiving a combination of protection against fraud, faster receipt of payment, decreased transaction costs, and decreased theft loss.
US patent publication no US6000608A teaches a multifunction card system, comprising: a. at least one electronic gift certificate card having a unique identification number encoded on it, said identification number comprising a bank identification number approved by the American Banking Association for use in a banking network, said identification number corresponding to the multifunction card system; b. means for receiving electronic gift certificate card activation data from an unmodified existing standard retail point-of-sale device when said electronic gift certificate card is swiped through the point-of-sale device, said electronic gift certificate card activation data comprising the unique identification number of the electronic gift certificate card and an electronic gift certificate activation amount; c. means for activating an account corresponding to the electronic gift certificate card with a balance equal to the electronic gift certificate activation amount; d. means for allowing a user of the electronic gift certificate card to purchase goods and services having a value up to the balance of the account corresponding to the electronic gift certificate card; and e. means for decreasing the balance of the account corresponding to the electronic gift certificate card by the value of the goods and services purchased.
US patent publication no. US20140379361A1, teaches about a healthcare pre-authorizing payment processor-implemented method, comprising: obtaining a healthcare insurance pre-authorization request including healthcare procedure schedule information and user insurance information; receiving an indication of insurance approval of an insured amount from an insurance provider; loading an insurance approved amount into a prepaid account of the user prior to the healthcare procedure; receiving a payment request using the loaded prepaid account towards a medical bill after the healthcare procedure is performed; transferring the loaded insurance approved amount in the prepaid account to a healthcare provider in response to the payment request; and generating a transaction record including the pre-approved amount and the transferred amount.
US patent publication no. US20020096561A1, teaches about a card based payment system for providing insurance premium rebates based on card usage: a plurality of credit or debit cards issued by a card issuer that are associated with insurance accounts; a card issuer system for processing transactions and maintaining an accounting of card usage including a usage rebate balance; an insurance concern associated with said insurance accounts; and means for said card issuer and said insurance concern to apply the usage rebate balance to an insurance premium for a cardholder.
US patent publication no. US20110295671A1, teaches about An individualized discount and reward server, the server comprising: one or more linked databases to store customer data associated with a loyalty program of a retailer, the customer data including at least one retailer account and purchase history associated with a customer, the one or more linked databases indicating a predetermined number of top selling brands; a processor configured to: select a brand from a plurality of brands associated with an allocation category; determine an amount the customer spends on the allocation category according to the purchase history associated with the customer; determine a likelihood of brand switching indicating a likelihood of the customer purchasing the selected brand according to the purchase history associated with the customer, the likelihood of brand switching being one of high and low; and allocate one or more brand switching offers for the selected brand to the at least one retailer account associated with the customer for the selected brand based on at least the amount the customer spends on the allocation category and the likelihood of brand switching, the one or more brand switching offers including a loyalty adjustment changing a general market price point of the selected brand.
US patent publication no. US20080021827A1, teaches about a method for paying a copay amount, comprising: providing a card capable of storing information; encoding information on the card, the information including the cardholder's account balance, and at least one copay term of the cardholder's insurance coverage; transmitting the information to a medical service provider; comparing the cardholder's account balance to the copay amount; and if the account balance is greater than the copay amount, transferring funds from the cardholder's account to the account of the medical service provider to cover the co-pay amount.
There are disadvantages associated with the known e-wallet or card. One of the disadvantages is that the e-wallet is used for only specific financial services.
Another disadvantage associated with the known e-wallet or card is that have limited scope as it does not apply to multiple financial services.
Yet another disadvantage associated with the known e-wallet or card is that the known e-wallet has lacked a comprehensive e-wallet that integrates a broader range of financial services, offering users a more comprehensive and centralized solution
Therefore, there is need of a multi-functional e-wallet which is capable to cater different requirements of a user at multiple platforms of financial services.
OBJECTS OF THE INVENTION
Therefore, an object of the present invention is to provide a multi-functional e-wallet with integrated financial services and which obviates the disadvantages associated with the prior art.
Another object of the present invention is to provide a multi-functional e-wallet with integrated financial services which provides a versatile e-wallet that simplifies transactions and enhances financial control.
Yet another object of the present invention is to provide a multi-functional e-wallet with integrated financial services which have a loyalty program and exclusive discounts that contribute to increased customer satisfaction and loyalty.
Still further object of the present invention is to provide a multi-functional e-wallet with integrated financial services which provide co-branding opportunities that extend brand visibility with brand loyalty and attract a diverse user base.
A further object of the present invention is to provide a multi-functional e-wallet with integrated financial services which provide integrated financial services that make the e-wallet a comprehensive solution for various financial needs.
Another object of the present invention is to provide a multi-functional e-wallet with integrated financial services which is capable to connect national pension scheme (NPS), mutual fund payments, direct benefit transfer (DBT) functionalities, various government programs and API-based insurance options, that provide a enhanced financial security and a streamlined mechanism for receiving benefits and incentives through a secure API framework.
Yet another object of the present invention is to provide a multi-functional e-wallet with integrated financial services which is used to purchase using the e-wallet, creating a streamlined and efficient shopping experience, both in physical stores and online platforms.
SUMMARY OF THE INVENTION
According to this invention there is provided a multi-functional e-wallet with integrated financial services comprising an e-wallet network module (1) provided to issue multiple e-wallets (2) to users, a banking module (3) connected with the e-wallet network module (1) being provided to facilitate transactions from a bank to the e-wallet, an e-commerce module (4) connected with the e-wallet network module (1) being provided to facilitate payment to e-commerce platform through the e-wallet, a microservices module (5) connected with the e-wallet network module (1) being provided to facilitate use of microservices through the e-wallet, a public scheme module (6) connected with the e-wallet network module (1) being provided to facilitating of the payment to a public scheme through the e-wallet, a loyalty module (7) connected with the e-wallet network module (1) being provided to offer rewards to the user of the e-wallet, a data storage (8) connected with the e-wallet network module (1) being provided to store the data.
Further, according to this invention, there is a provided A process of multi-functional e-wallet with integrated financial services comprising issuing a unique e-wallet to a user and activating the same to use of the facility of the service, connecting the e-wallet to the user's bank account to load an amount to the e-wallet, connecting a banking module, e-commerce module, public scheme module, loyalty module, DBT, and other govt. plan to avail facility of the transaction to multi-platform like, insurance, mutual fund, ATM transection, NPS, DBT, and other govt scheme etc.
BRIEF DESCRIPTION OF THE ACCOMPANYING DRAWINGS
A multi-functional e-wallet with integrated financial services, according to a preferred embodiment of the present invention, is herein described and illustrated in the accompanying drawings, wherein:
Figure 1 – illustrates a block diagram of the multi-functional e-wallet with integrated financial services,
Figure 2 – illustrates a flow diagram of a process of the multi-functional e-wallet with integrated financial services.
DETAILED DESCRIPTION OF THE INVENTION
A multi-functional e-wallet with integrated financial services is herein described with numerous specific details so as to provide a complete understanding of the invention. However, these specific details are exemplary details and should not be treated as the limitation to the scope of the invention. Throughout this specification the word “comprise” or variations such as “comprises or comprising”, will be understood to imply the inclusions of a stated element, integer or step, or group of elements, integers or steps, but not the exclusions of any other element, integer or step or group of elements, integers or steps.
Referring to the drawing, particularly Figure 1, a block diagram of the multi-functional e-wallet with integrated financial services is shown. The multi-functional e-wallet with integrated financial services comprises an e-wallet network module (1) provided to issue multiple e-wallets (2) to users. A banking module (3) connected with the e-wallet network module (1) is provided to facilitate transactions from a bank to the e-wallet. An e-commerce module (4) connected with the e-wallet network module (1) is provided to facilitate payment to e-commerce platform through the e-wallet. A microservices module (5) connected with the e-wallet network module (1) is provided to facilitate use of microservices through the e-wallet. A public scheme module (6) connected with the e-wallet network module (1) is provided to facilitating of the payment to a public scheme through the e-wallet. A loyalty module (7) connected with the e-wallet network module (1) is provided to offer rewards to the user of the e-wallet. A data storage (8) connected with the e-wallet network module (1) is provided to store the data.
The e-wallet network module (1) (multifunctional e-wallet network) is a multifunctional module having multiple network modules to connect the multiple services. The banking module comprises a banking module to connect with the banking services, an ATM services module to provide e- services of the ATM, a gateway payment module provided to facilitate the payment with multiple payment gateway service provided. The e-commerce module (shopping) comprises a connecting module provided to connect the e-commerce website and a payment connecting module provided to make payment by the e-wallet to the e-commerce website. The public scheme module comprises an NPS service module provided to enroll in NPS account, make contributions and information retrieval. A mutual service module is provided to enroll in a mutual fund account, make contribution and information retrieval. An insurance service module is provided to enroll in an insurance account, make payment and information retrieval. DBT and other govt benefit plan module is provided to enroll in an account, make payment and information retrieval of the plan.
In one embodiment, the e-wallet network module (1) is connected with the multiple services via application programming Interface (API).
Referring to the Figure 2, a flow diagram of a process of the multi-functional e-wallet with integrated financial services is shown. The process of multi-functional e-wallet with integrated financial services comprises a unique e-wallet is issued to a user and activated the same to use of the facility of the services. The issued e-wallet is connected to the user's bank account to load an amount to the e-wallet. A banking module, e-commerce module, public scheme module, loyalty module, DBT, and other govt. plan is connected to avail facility of the transaction to multi-platform like, insurance, mutual fund, ATM transection, NPS, DBT, and other govt scheme etc.
Certain features of the invention have been described with reference to the example embodiments. However, the description is not intended to be construed in a limiting sense. Various modifications of the example embodiments as well as other embodiments of the invention, which are apparent to the persons skilled in the art to which the invention pertains, are deemed to lie within the scope of the invention. , Claims:WE CLAIM:
1. A multi-functional e-wallet with integrated financial services comprising an e-wallet network module (1) provided to issue multiple e-wallets (2) to users, a banking module (3) connected with the e-wallet network module (1) being provided to facilitate transactions from a bank to the e-wallet, an e-commerce module (4) connected with the e-wallet network module (1) being provided to facilitate payment to e-commerce platform through the e-wallet, a microservices module (5) connected with the e-wallet network module (1) being provided to facilitate use of microservices through the e-wallet, a public scheme module (6) connected with the e-wallet network module (1) being provided to facilitating of the payment to a public scheme through the e-wallet, a loyalty module (7) connected with the e-wallet network module (1) being provided to offer rewards to the user of the e-wallet, a data storage (8) connected with the e-wallet network module (1) being provided to store the data.
2. The multi-functional e-wallet with integrated financial services claimed as claim 1, wherein the e-wallet network module (multifunctional e-wallet network) is a multifunctional module having multiple network modules to connect the multiple services.
3. The multi-functional e-wallet with integrated financial services claimed as claim 1, wherein the banking module comprises a banking module to connect with the banking services, an ATM services module to provide e- services of the ATM, a gateway payment module provided to facilitate the payment with multiple payment gateway service provided.
4. The multi-functional e-wallet with integrated financial services claimed as claim 1, wherein the e-commerce module (shopping) comprises a connecting module provided to connect the e-commerce website and a payment connecting module provided to make payment by the e-wallet to the e-commerce website.
5. The multi-functional e-wallet with integrated financial services claimed as claim 1, wherein the public scheme module (6) comprises an NPS service module provided to enroll in NPS account, make contributions and information retrieval, a mutual service module is provided to enroll in a mutual fund account, make contribution and information retrieval, an insurance service module is provided to enroll in an insurance account, make payment and information retrieval, DBT and other govt benefit plan module is provided to enroll in an account, make payment and information retrieval.
6. The multi-functional e-wallet with integrated financial services claimed as claim 1, wherein the e-wallet network module (1) is connected with the multiple services via application programming Interface (API).
7. A process of multi-functional e-wallet with integrated financial services comprising
I. Issuing a unique e-wallet to a user and activating the same to use of the facility of the service
II. Connecting the e-wallet to the user's bank account to load an amount to the e-wallet,
III. Connecting a banking module, e-commerce module, public scheme module, loyalty module, DBT, and other govt. plan to avail facility of the transaction to multi-platform like, insurance, mutual fund, ATM transection, NPS, DBT, and other govt scheme etc.

Dated this 26th day of February, 2024

R. P. Yadav
IN/PA – 954
of sr4ipr Partners
Applicant’s Attorney