Claims:We claim:
1. A method for transferring funds to a digital wallet through an ATM terminal comprising the steps of:
reading a payment card at an ATM terminal;
receiving user input relating to a mobile number associated with the digital wallet, a selection of a wallet service provider, and an amount to be loaded;
transmitting a request to a core banking application to identify a user bank account from the read payment card information;
transmitting a request to the core banking application to identify the wallet service provider bank of the digital wallet, and to transfer the amount to be loaded to the identified wallet service provider bank based on the mobile number;
whereby the digital wallet is loaded with the amount, the digital wallet being identified based on the mobile number.

2. The method for transferring funds to a digital wallet through an ATM terminal as claimed in claim 1, wherein the digital wallet is issued by one or more of a wallet service provider, a supermarket, an e-commerce site, a mobile network operator.

3. The method for transferring funds to a digital wallet through an ATM terminal as claimed in claim 1, wherein the core banking application recognizes and authorizes transaction with the wallet service provider bank of the digital wallet.

4. The method for transferring funds to a digital wallet through an ATM terminal as claimed in claim 1, wherein the core banking application automatically identifies registered mobile number of the user from the read payment card information and transfers the money to a digital wallet associated therewith based on the user input.

5. The method for transferring funds to a digital wallet through an ATM terminal as claimed in claim 1, wherein a SMS notification is sent on credit of the digital wallet.

6. An ATM terminal for transferring funds to a digital wallet comprising:
a reader unit for reading a payment card at an ATM terminal;
a user input unit for receiving user input relating to a mobile number associated with the digital wallet, a selection of a wallet service provider, and an amount to be loaded; and
a control unit for:
transmitting a request to a core banking application to identify a user bank account from the read payment card information;
transmitting a request to the core banking application to identify the wallet service provider bank of the digital wallet; and
transferring the amount to be loaded to the identified wallet service provider bank based on the mobile number,
whereby the digital wallet is loaded with the amount, the digital wallet being identified based on the mobile number.

7. The ATM terminal for transferring funds to a digital wallet as claimed in claim 6, wherein the core banking application automatically identifies registered mobile number of the user from the read payment card information and transfers the money to a digital wallet associated therewith based on the user input.

8. The ATM terminal for transferring funds to a digital wallet as claimed in claim 6, wherein the core banking application recognizes and authorizes transaction with the wallet service provider bank of the digital wallet.

9. The ATM terminal for transferring funds to a digital wallet as claimed in claim 6, wherein a SMS notification is sent on credit of the digital wallet.

10. The ATM terminal for transferring funds to a digital wallet as claimed in claim 6, wherein the digital wallet is issued by one or more of a wallet service provider, a supermarket, an e-commerce site, a mobile network operator. , Description:A METHOD FOR TRANSFERRING FUNDS TO A DIGITAL WALLET

FIELD OF THE INVENTION

The present invention generally relates to electronic wallets, also referred to herein as digital wallets. In particular, the present invention relates to transfer of funds to a digital wallet.

BACKGROUND OF THE INVENTION

Digital wallets are widely used nowadays for financial transactions. A digital wallet may act as a container for payment credentials, such as a primary account number (PAN) or a tokenized form thereof, or may store funds in electronic form, for example. Funds are generally transferred to digital wallets by online transfer, through dedicated loading counters and so forth.

Despite its wide acceptance in the urban population in some countries, digital wallets are not yet used by the majority of the semi-urban or rural population. Therefore, it is important to understand the comfort zone of the digitally unbanked population and utilize the existing banking infrastructure to promote digital wallet usage.

In view of the above discussion it may be realized that there exists a need to utilize an existing common resource for transferring funds to digital wallets in order to popularize their use.

SUMMARY OF THE INVENTION

Embodiments of the present invention relate to a method for transferring funds to a digital wallet through an ATM terminal including the steps of reading a payment card at an ATM terminal, receiving user input relating to a mobile number associated with the digital wallet, a selection of a wallet service provider, and an amount to be loaded, transmitting a request to a core banking application to identify a user bank account from the read payment card information, transmitting a request to the core banking application to identify the wallet service provider bank of the digital wallet, and to transfer the amount to be loaded to the identified wallet service provider bank based on the mobile number. The digital wallet is loaded with the amount, the digital wallet being identified based on the mobile number.

In one embodiment, the digital wallet may be issued by one of a wallet service provider, a supermarket, an e-commerce site, a mobile network operator.

In one embodiment, the core banking application of the user bank account recognizes and authorizes transaction with the wallet service provider bank of the digital wallet.

In one embodiment, the core banking application automatically identifies registered mobile number of the user from the inserted debit card information and transfers the money to a digital wallet based on user input.

In one embodiment, a SMS notification is sent on credit of the digital wallet.

In another aspect, the present invention discloses an ATM terminal for transferring funds to a digital wallet including a reader unit for reading a payment card at an ATM terminal, a user input unit for receiving user input relating to a mobile number associated with the digital wallet, a selection of a wallet service provider, and an amount to be loaded and a control unit for transmitting a request to a core banking application to identify a user bank account from the read payment card information, transmitting a request to the core banking application to identify the wallet service provider bank of the digital wallet and transferring the amount to be loaded to the identified wallet service provider bank based on the mobile number, whereby the digital wallet is loaded with the amount, the digital wallet being identified based on the mobile number.

It is to be understood that both the foregoing general description and the following detailed description of the present embodiments of the invention are intended to provide an overview or framework for understanding the nature and character of the invention as it is claimed. The accompanying drawings are included to provide a further understanding of the invention and are incorporated into and constitute a part of this specification. The drawings illustrate various embodiments of the invention and together with the description serve to explain the principles and operation of the invention.

BRIEF DESCRIPTION OF THE DRAWINGS

The above-mentioned and other features and other advantages of the invention will be better understood and will become more apparent by referring to the exemplary embodiments of the invention, as illustrated in the accompanying drawings, wherein:

FIG. 1a schematically illustrates a block diagram of an embodiment of an ATM machine according to one embodiment of the present invention;

FIG. 1b schematically illustrates different blocks of the user input unit of FIG. 1a according to one embodiment of the present invention;

FIG. 2 schematically illustrates a method of transferring funds to a digital wallet through ATM terminal according to one embodiment of the present invention;

FIG. 3 is a flowchart illustrating a method of transferring funds to a digital wallet through ATM terminal according to the embodiment of FIG. 2;

FIG. 4 schematically illustrates a method of transferring funds to a digital wallet through ATM terminal according to another embodiment of the present invention; and

FIG. 5 is a flowchart illustrating a method of transferring funds to a digital wallet through ATM terminal according to the embodiment of FIG. 4.

DETAIL DESCRIPTION OF THE INVENTION

Reference will now be made to the exemplary embodiments of the invention, as illustrated in the accompanying drawings. Where ever possible same numerals will be used to refer to the same or like parts.

Disclosed herein is a method of transferring funds to a digital wallet through an ATM (Automated Teller Machine) terminal. Embodiments of the present invention facilitate transferring money from one's bank account to a digital wallet in addition to (or instead of) collecting cash from the ATM terminal. The digital wallet may be the user’s own digital wallet or it may be another user’s wallet.

FIG. 1a schematically illustrates a block diagram of an ATM. Primarily, the ATM (100) includes, among other components, a card reader unit (102), a user input unit (104), a control unit (106), a display unit (108) and cash vault unit (110). In some embodiments the user input unit 104 (or at least part thereof) and the display unit 108 may form part of the same assembly, such as a touch screen assembly. The card reader unit (102) validates a payment card, and identifies a customer’s primary account number (PAN) (and typically other information, such as expiry date and PIN, stored on the magnetic stripe or EMV chip of the card) by reading the payment card inserted by the customer. The payment card, for example, may be an ATM card or debit card and so forth. The user input unit (104) receives user input regarding the customer’s personal identification number (PIN) and various transaction options. The control unit (106) controls the transactions based on the user inputs. The display unit (108) displays the transaction details as well as displays interactive menu items to the customer. The cash vault unit (110) ensures restricted access to the cash and other machineries. The cash vault unit includes cash cartridges (112) and a cash handling mechanism (114). The ATM also includes a printer unit to provide customers with records of their transactions. The ATM may also include a storage database (118) for storing transaction related information.

FIG. 1b schematically illustrates different blocks of the user input unit of FIG. 1a according to one embodiment of the present invention. The user input unit (104) includes mobile number input unit (104a) for receiving mobile number which is associated to the digital wallet to be loaded, a digital wallet selection unit (104b) for receiving user’s selection of a digital wallet which is to be loaded, and a transaction amount input unit (104c) for receiving the amount of reload. In some embodiments, the mobile number may be 10 digit number.

In preferred embodiments of the present invention, a consumer accesses digital wallet/s (e-wallets) through smartphones, computer systems and so forth using web or mobile connection. Data relating to one or more digital wallet/s (e-wallets) may be stored in storage of the smart phone, computer system and so forth. In other embodiments, the digital wallet data may be stored elsewhere, for example on a server of a wallet service provider. The digital wallets may be issued by, for example, wallet service providers and/or merchants such as supermarkets and/or e-commerce sites and/or mobile network operators/mobile telecom operators. The consumer needs to have a bank account and corresponding ATM card. Further, the method is advantageous for customers whose preferred banking channel is bank branch/ ATM.

In certain embodiments, the invention may be implemented via an ATM terminal as follows, as seen at a high level from the user’s perspective:
a) A consumer visits an ATM terminal of a bank or other issuer.
b) A customized user interface component/user input unit of the ATM terminal provides, via a display, an option to move money from bank account(s) of the consumer to one or more digital wallets. The digital wallet is identified by a mobile number.
c) The consumer selects the option to transfer money from bank account to digital wallet.
d) The consumer inputs the amount to be transferred.
e) Next, the consumer is presented with a list of wallet service providers. The list includes wallet service providers who are able to interface with the consumer’s bank systems. The list may be stored in a local database or may be accessed remotely from a server of the bank with which the ATM terminal is associated.
f) The consumer selects the desired wallet service provider and submits a request to transfer funds to the desired wallet account held with the desired wallet service provider.
g) Based on the request, the consumer bank account is debited and the consumer digital wallet account is credited.

The below transaction process flow describes, at a high level, the steps of certain embodiments of the present invention when viewed from the perspective of the back end systems in communication with the ATM terminal:
a) On receipt of the request to transfer money to digital wallet, the ATM submits the request to the core banking application of the consumer’s bank.
b) The core banking application debits the consumer account.
c) The core banking application fetches the mobile number linked by the consumer on the basis of the bank account selected by the consumer to debit (i.e., the mobile number associated with the bank account in the customer database of the core banking system). If the consumer wishes to transfer the money to a different user’s digital wallet instead of his own, he may input the mobile number of that different user.
d) The bank identifies the sponsor bank of the wallet service provider based on the wallet service provider selected by the consumer. The sponsor bank is the bank with which the wallet service provider maintains one or more accounts, such that funds transferred to or from the wallet service provider may be credited to or debited from the account(s) held at the sponsor bank as appropriate. The sponsor bank also has membership of an interbank network such as Mastercard or Visa.
e) The core banking application sends the funds across to the wallet service provider bank/sponsor bank using the interbank network, such as Banknet of Mastercard International Incorporated. As part of the funds transfer message, the core banking application sends the mobile number of the recipient consumer (the person who will be receiving the funds).
f) Once the funds are credited in the sponsor bank, the sponsor bank credits the wallet of the recipient consumer based on the mobile number.
g) Finally, an SMS, email or other electronic notification is sent to consumers informing credit to wallet account.

FIG. 2 schematically illustrates a method of transferring funds to a digital wallet through an ATM terminal according to one embodiment of the present invention, including the flow of information between various system components during execution of the method. FIG. 3 is a flowchart illustrating steps of the method of transferring funds by a user to a digital wallet of a third party user through ATM terminal according to the embodiment of FIG. 2.

In FIG. 2 and 3, a user (204) visits an ATM terminal (200) for transferring money from his bank account to the digital wallet (218). The user inserts a Debit card (208) or ATM card at the ATM terminal (200) which reads the primary account number (PAN) using card reader (202). The card reader (202) may also read the expiry date and PIN of the card (208).

Next, the user enters a PIN via user input unit (206) for authentication purposes. This may be compared against the PIN read from card 208, or used to interrogate an EMV chip on card 208 in order to authenticate the user. If the PIN is correctly entered, the user interface component of the ATM causes to be displayed, on display unit 210, a series of menu items, one of which is a “load digital wallet” menu item which is selectable by the user in order to initiate loading of the Digital Wallet, at step 302.

Following selection of the “load digital wallet” option, the user input unit (206) receives user input relating to the mobile number associated with the Digital Wallet which is desired to be loaded at mobile number input unit of user input unit (206).

As discussed before, the user input unit (206) includes different units such as digital wallet selection unit, mobile number input unit and transaction amount input unit. After entering the mobile number, the user can select a digital wallet on digital wallet selection unit. The user may have several digital wallets provided by different merchants and wallet service providers on his mobile number. The user selects the digital wallet which he wishes to reload. The user also inputs the amount to be loaded at the transaction amount input section of the user input unit (206) in order to initiate loading of the Digital Wallet, at step 304.

After receiving the transaction request, the ATM terminal communicates electronically with ATM network to enable authorization of the transaction. In some embodiments, ATM network is integral to or associated with interchange network. In other embodiments, ATM network is not associated with interchange network. Using interchange network, the computers of ATM network will communicate with the computers of issuer bank/ user bank to determine whether the user's account is eligible to complete the transaction (e.g., has available funds). Based on these determinations, the request for authorization will be declined or accepted. If the request for authorization is accepted, the core banking application of the user’s bank (212) identifies user bank account from the inserted Debit card information at step 306. Further, the core banking application identifies the sponsor bank (214) of the wallet service provider at step 308.

For debit card transactions, when a request for a personal identification number (PIN) authorization is approved by user’s bank, the core banking application of the user’s bank using the interbank network transfers the funds across to the wallet service provider bank/ sponsor bank at step 310. Based on the transfer, the user’s bank account is decreased by the amount of the transaction. In some cases, there may be an additional fee charged to cardholder's account for use of ATM. For example, if the transaction card used by the user is not affiliated with ATM or the host bank of ATM, there may be a small fee charged for the use of ATM. In other cases, for example, if the debit/ATM card used by cardholder is associated with either or both of ATM and the host bank of ATM, the fee may be waived or refunded to cardholder. Normally, a transaction charge associated with the transaction is posted immediately to cardholder's account.

After receiving the transferred amount from the user’s bank, the sponsor bank credits the digital wallet (218) on the basis of user inserted mobile number (216) and SMS notification is sent to the mobile number (216) informing credit to the wallet account (218) at step 312.

FIG. 4 schematically illustrates a method of transferring funds to a digital wallet through ATM terminal according to another embodiment of the present invention. FIG. 5 is a flowchart illustrating the steps for method of transferring funds by a user to his own digital wallet through ATM terminal according to the embodiment of FIG. 4. Similar to the previous embodiment, a user (404) inserts Debit card (408) into a card reader unit (402) at an ATM terminal (400) and selects option for loading digital wallet on the display unit (410) at step 502. In the present embodiment, the user is not required to insert his own mobile number at the user input unit (406). The core banking application (412) of the user’s bank automatically identifies user’s bank account and the registered mobile number of the user from the inserted debit card information at step 506. Next, the user selects the wallet service provider and inputs the amount to be loaded through user input unit (406) at step 506. Then, the core banking application of the user’s bank identifies the sponsor bank (414) of the wallet service provider at step 508. Upon user authentication is found correct, the core banking application transfers the funds across to the wallet service provider bank /sponsor bank (414) using the interbank network at step 510. Based on the transfer, the user’s bank account is decreased by the amount of the transaction. In some cases, there may be an additional fee charged to cardholder's account for use of ATM as explained in the earlier embodiment. Finally, the sponsor bank (414) credits the digital wallet (418) on the basis of the registered mobile number (416) and SMS notification is sent to the registered mobile number of the user informing credit to the wallet account (418) at step 512.

One advantage of the present invention is that it provides a method of transferring funds to a digital wallet using an existing banking infrastructure.

Another advantage of the present invention is that the method of transferring funds to a digital wallet is easy to operate. Also the present invention is cost effective solution to reload the digital wallet as it uses the existing infrastructure.

It is to be understood by a person of ordinary skill in the art that various modifications and variations may be made without departing from the scope and spirit of the present invention. Therefore, it is intended that the present invention covers such modifications and variations provided they come within the ambit of the appended claims and their equivalents.