DESC:The present application is a cognate patent application of the Indian Patent Application No. 201621040977 dated 30-Nov-2016 and the Indian Patent Application No. 201621042021 dated 08-Dec-2016, under section 9 (2) of the Indian Patents Act, 1970, the entire contents of which are specifically incorporated herein by reference.

FIELD
The present disclosure relates to the field of payment systems.
DEFINITIONS OF TERMS USED IN THE SPECIFICATION
The expression ‘smartphone’ used hereinafter in the specification refers to but is not limited to a mobile phone, a laptop, a tablet, a desktop, an iPad, a PDA, a notebook, a net book, a smart device, and the like, including a wired or a wireless computing device.
The expression ‘feature phone’ used hereinafter in the specification refers to a phone that has basic features such as calling and SMS facility, but lacks the advanced functionality of a smartphone.
The expression ‘Aadhar Card’ used hereinafter in the specification refers to a card having unique QR code and unique number provided by the Unique Identification Authority of India (UIDAI).
The expression ‘customer account ID’ used hereinafter in the specification refers to any unique ID associated with the customer’s bank account. The customer account ID can be selected from a group of Aadhar card number, social security number, debit card number, credit card number or any other unique card/number for identifying the customer bank’s account.
The expression ‘Virtual Payment Address (VPA)’ used hereinafter in the specification refers to a unique identifier that is created by a bank with respect to the customer for a payment transaction(s).
The expression ‘Unstructured Supplementary Service Data (USSD)’ used hereinafter in the specification refers to protocol used by GSM cellular phones to communicate with the financial institutions computers.
The expression ‘Unified Payment interface’ used hereinafter in the specification refers to an interface for payment transactions and payment settlements between banks, wherein a customer account ID along with OTP is used without entering additional bank information.
These definitions are in addition to those expressed in art.
BACKGROUND
Nowadays payments and bank transactions are increasingly being carried out using smartphones. Conventional method of payment using QR codes requires customers to carry smartphones for scanning the QR codes. In this conventional method, each merchant is provided with a QR code which needs to be scanned by customers in order to make payments. For example, in a restaurant if the food bill is to be paid by the customer, the merchant produces his QR code on the bill. This code is scanned by the customer using an application on his smartphone which automatically reads the QR code and displays the payment that needs to be made by the customer. Once the customer accepts or modifies the amount, based on tips etc., he is required to input his credit/debit card security code or PIN. On successful authentication of the security code or PIN, the payment is deducted from the customer’s account and credited to the merchant’s account. Even though, this method of payment with QR codes is easy, it is limited to be used only by the people carrying smartphones. Moreover, certain mobile applications are required to be installed by the customers in order to carry out QR code payments.
Therefore, there is felt a need to provide a mobile based payment system that limits the aforementioned drawbacks.
OBJECTS
Some of the objects of the present claimed subject matter aimed to ameliorate one or more problems of the prior art or to at least provide a useful alternative are listed herein below.
An object of the present disclosure is to provide a mobile based payment system for enabling cashless transactions.
Another object of the present disclosure is to provide a mobile based payment system wherein customer uses a mobile phone only for receiving OTP.
Yet another object of the present disclosure is to provide a mobile based payment system for providing secure transfer of the money.
Other objects and advantages of the present disclosure will be more apparent from the following description when read in conjunction with the accompanying figures, which are not intended to limit the scope of the present disclosure.
SUMMARY
The present disclosure envisages a mobile based payment system comprises a merchant device, a merchant’s bank’s payment server, a NPCI (National Payments Corporation of India) payment server, a customer’s bank’s payment server and a customer bank database.
The merchant device having an input module configured to receive a customer’s account ID and a transaction amount. The merchant’s bank’s payment server is adapted to cooperate with the merchant device to receive and transmit the customer’s account ID and the transaction amount. The NPCI payment server is adapted to cooperate with the merchant’s bank’s payment server to receive the customer’s account ID and the transaction amount and configured to identify a customer’s bank based on the customer’s account ID and is further configured to transmit the customer’s account ID and the transaction amount. The customer’s bank’s payment server is adapted to cooperate with the NPCI payment server to receive the customer’s account ID and the transaction amount. The customer’s bank’s payment server includes: an identifier module, an OTP server and a customer core banking server. The identifier module is configured to cooperate with a customer bank database to identify a customer’s bank account details and registered mobile number corresponding to the customer’s account ID. The OTP server is adapted to cooperate with the identifier module to receive the registered mobile number. The OTP server includes an OTP generator and an OTP authentication module. The OTP generator is configured to generate and transmit an OTP to a customer’s registered mobile number, wherein the customer further shares the OTP with the merchant device. The OTP authentication module is adapted to cooperate with the OTP generator and the merchant device to receive the OTPs respectively and configured to generate an authentication signal if both the OTPs are same. The customer core banking server is configured to debit the transaction amount from the customer’s bank account and credit into the merchant’s bank account on receiving the authentication signal.
In an embodiment, the customer’s account ID is selected from a group of VPA, aadhar card number, debit card number, QR code of VPA, QR code of aadhar card number, QR code of debit card number or any other unique ID.
In an embodiment, the core banking server includes a checker module configured to check whether customer’s current account balance is greater than the transaction amount.
In an embodiment, the merchant can use USSD based payment method for initiating the transaction.
In an embodiment, the merchant’s bank’s payment server includes a merchant’s bank’s SMS server configured to send an SMS to the merchant device when the transaction amount is credited in the merchant’s bank account.
In an embodiment, the customer’s bank’s payment server includes a customer’s bank’s SMS server configured to send an SMS to the customer device when the transaction amount is debited from the customer’s bank account.
In an embodiment, the merchant’s bank’s payment server includes a merchant core banking server adapted to cooperate with the customer core banking server and configured to credit the transaction amount in the merchant’s bank account.
In an embodiment, the customer bank database is configured to store bank account details and registered mobile numbers corresponding to a plurality of account IDs.
The present disclosure also envisages a mobile based payment method as follows:
• receiving, by a merchant device, a customer’s account ID and a transaction amount;
• receiving and transmitting, by a merchant’s bank’s payment server, the customer’s account ID and the transaction amount;
• receiving the customer’s account ID and the transaction amount, by a NPCI payment server and identifying a customer’s bank based on the customer’s account ID and further transmitting the customer’s account ID and the transaction amount;
• receiving, by a customer’s bank’s payment server, the customer’s account ID and the transaction amount;
• identifying a customer’s bank account details and registered mobile number corresponding to the customer’s account ID, by an identifier module;
• generating and transmitting an OTP to a customer’s registered mobile number, by an OTP generator;
• sharing the OTP with the merchant device;
• receiving the OTPs from the OTP generator and the merchant device respectively, by an OTP authentication module and generating an authentication signal if both the OTPs are same; and
• debiting the transaction amount from the customer’s bank account and crediting into the merchant’s bank account on receiving the authentication signal, by a customer core banking server.
In an embodiment, the step of debiting the transaction amount from the customer’s bank account includes checking whether customer’s current account balance is greater than the transaction amount.

BRIEF DESCRIPTION OF THE ACCOMPANYING DRAWING
A mobile based payment system and method thereof the present disclosure will now be described with the help of the accompanying drawing, in which:
Figure 1 illustrates a block diagram of a mobile based payment system, in accordance with an embodiment of the present disclosure;
Figures 2a and 2b illustrate a flow diagram showing steps performed by the mobile based payment system of Figure 1, in accordance with an embodiment of the present disclosure.
Figures 3 illustrate a flow diagram of a mobile based payment system, in accordance with another embodiment of the present disclosure; and
Figure 4 illustrates a flow diagram of a mobile based payment system, in accordance with yet another embodiment of the present disclosure.
LIST OF REFERENCE NUMERALS
Reference numeral References associated with reference numeral
A Merchant
B Bank
C Customer
D Smartphone
E feature phone
100 mobile based payment system
10 merchant device
12 input module
50 merchant’s bank’s payment server
56 merchant core banking server
58 Merchant’s bank’s SMS server
60 NPCI (National Payments Corporation of India) payment server
70 customer’s bank’s payment server
72 identifier module
74 OTP server
76 OTP generator
78 OTP authentication module
80 customer core banking server
82 checker module
86 customer’s bank’s SMS server
90 customer bank database

DETAILED DESCRIPTION
Nowadays payments and bank transactions are increasingly being carried out using smartphones. Conventional method of payment using QR codes requires customers to carry smartphones for scanning the QR codes. In this conventional method, each merchant is provided with a QR code which needs to be scanned by customers in order to make payments. For example, in a restaurant if the food bill is to be paid by the customer, the merchant produces his QR code on the bill. This code is scanned by the customer using an application on his smartphone which automatically reads the QR code and displays the payment that needs to be made by the customer. Once the customer accepts or modifies the amount, based on tips etc., he is required to input his credit/debit card security code or PIN. On successful authentication of the security code or PIN, the payment is deducted from the customer’s account and credited to the merchant’s account. Even though, this method of payment with QR codes is easy, it is limited to be used only by the people carrying smartphones. Moreover, certain mobile applications are required to be installed by the customers in order to carry out QR code payments. Therefore, there is felt a need to provide a mobile based payment system that limits the aforementioned drawbacks.
The present disclosure envisages a mobile based payment system that issues a unique account ID to the customer and not to the merchant as opposed to the conventional mobile based payment systems. In case the customer has to share the unique account ID such as aadhar card number or QR code of aadhar card number or any other unique ID, and an OTP received on the customer’s registered mobile to the merchant, for making the transaction.
In order to use the system, the customer has to register his unique customer account ID such as VPA, debit card number, credit card number, aadhar card number etc. with the bank. The unique customer account ID is linked with the customer’s account. In case the customer account ID is not linked, the customer approaches his bank where customer account ID is scanned and linked to customer’s account, and handed over to him for future use. This customer account ID can then be used by the customer to make payments. In one embodiment, the customer receives or requests to receive a permanent pin similar to a debit card pin. The permanent pin is provided for additional security, wherein the customer may be requested to input/enter his permanent pin along with an OTP to make transactions more secure.
Figure 1 of the accompanying drawings illustrates a schematic block diagram of the mobile based payment system (100). The mobile based payment system (100) comprises a merchant device (10), a merchant’s bank’s payment server (50), a NPCI (National Payments Corporation of India) payment server (60), a customer’s bank’s payment server (70), and a customer bank database (90).
The merchant device (10) includes an input module (12) which is configured to receive a customer’s account ID and a transaction amount. In an embodiment, the customer’s account ID is selected from a group of VPA, an aadhar card number, debit card number, QR code of VPA, QR code of aadhar card number and QR code of debit card number. In another embodiment, the merchant can use USSD based payment method for initiating the transaction.
The merchant’s bank’s payment server (50) is adapted to cooperate with the merchant device (10) to receive and transmit the customer’s account ID and the transaction amount. The merchant’s bank’s payment server (50) includes a merchant core banking server (56), and a merchant’s bank’s SMS server (58). In an embodiment, the merchant’s bank’s payment server (50) is a combination of software and hardware components, which helps undertake payment transactions for e.g. merchant’s bank’s UPI switch.
The merchant core banking server (56) is configured to credit the transaction amount in the merchant’s bank account. The merchant’s bank’s SMS server (58) is configured to send an SMS to the merchant device (10) when the transaction amount is credited in the merchant’s bank account.
The NPCI (National Payments Corporation of India) payment server (60) is adapted to cooperate with the merchant’s bank’s payment server (50) to receive the customer’s account ID and the transaction amount. The NPCI payment server (60) is identifies a customer’s bank based on the customer’s account ID and further transmits the customer’s account ID and the transaction amount. In an embodiment, the NPCI payment server (60) analyses the customer’s account ID such as VPA or aadhar card or debit card number for identifying the customer’s bank. In an embodiment, the NPCI payment server (60) is a combination of software and hardware components, which helps undertake payment transactions for e.g. NPCI UPI switch.
The customer’s bank’s payment server (70) is adapted to cooperate with the NPCI payment server (60) to receive the customer’s account ID and the transaction amount. In an embodiment, customer’s bank’s payment server (70) is a combination of software and hardware components, which helps undertake payment transactions for e.g. customer UPI switch. The customer’s bank’s payment server (70) includes an identifier module (72), an OTP server (74), a customer core banking server (80) and a customer’s bank’s SMS server (86).
The identifier module (72) is configured to cooperate with the customer bank database (90) to identify a customer’s bank account details and registered mobile number corresponding to the customer’s account ID. The customer bank database (90) is configured to store bank account details and registered mobile numbers corresponding to a plurality of account IDs.
A pseudo-code for the identifier module (72) is given below, in accordance with an embodiment of the present disclosure:
SELECT name, customer’s account number
FROM customers_details, accounts_number
WHERE accounts_number.customer_account_ID = customer_account_ID.

A pseudo-code for creating the customer bank database (90) is given below, in accordance with an embodiment of the present disclosure:
CREATE TABLE customers_details (name CHAR(50), account_number, contact_number, customer_account_ID, balance);

INSERT INTO customers_details (name, account_number, contact_number) VALUES (‘XYZ’, 123456, 912000000, 4345, 1234);
………
………
INSERT INTO customers_details (name, account_number, contact_number) VALUES (‘ABC’, 5212345, 9256488294, 2222, 5678);
………
………

The OTP server (74) is adapted to cooperate with the identifier module (72) to receive the mobile number. The OTP server (74) includes an OTP generator (76) and an OTP authentication module (78).
The OTP generator (76) is configured to generate and transmit an OTP to a customer’s registered mobile number (40). In an embodiment, the customer can generate the OTP by dialling a toll free number associated with the OTP generator (76), from the customer’s registered mobile number. This OTP received by the customer is valid for a predetermined time or till the next immediate transaction. Due to this, the customer does not have to wait for receiving an OTP, thereby saving time and avoiding timeouts. In an embodiment, before the generation of OTP, the customer is validated by using the customer’s mpin or biometric voice tag through his bank's phone banking facility or any other methodology prescribed by the bank. In case of phone banking, the customer’s bank’s payment server (70) calls the customer on the registered mobile to validate the customer. During the call, the customer needs to fulfill certain security measures to be able to receive the OTP. Some of the security measures require the customer to enter last four digits of his account number, or his date of birth, or he may have to answer certain pre-selected security questions, or input his mpin etc., in order to confirm his authenticity. In one embodiment, the customer’s voice can also be used for confirmation by using biometric voice recognition methods / Interactive Voice Response (IVR) systems.
Once the input entered by the customer, or the customer’s speech is confirmed and verified, the call is disconnected immediately and the customer is authenticated. An OTP is then sent to the customer’s registered mobile number (40) with the amount of transaction. This OTP generated by the OTP generator (76) will be valid for few minutes for avoiding its misuse. Once the customer receives the OTP, the customer further shares the OTP with the merchant. The merchant inputs the customer’s OTP into the merchant device (10) by using the input module (12). The customer’s OTP is further transmitted to the merchant’s bank’s payment server (50), and then transmitted to the NPCI payment server (60). The NPCI payment server (60) transmits the OTP to the OTP authentication module (82) located on the customer’s bank’s payment server (70). In one embodiment, the customer can also share his permanent pin along with the OTP.
The OTP authentication module (78) is adapted to cooperate with the OTP generator (76) to receive the original OTP. The OTP authentication module (78) also receives the OTPs inputted by the merchant using the merchant device (10). The OTP authentication module (78) is further configured to generate an authentication signal if both the OTPs are same. In an embodiment, customer’s permanent pin will also be checked for authenticity.
The customer core banking server (80) is configured to debit the transaction amount from the customer’s bank account and credit into the merchant’s bank account on receiving the authentication signal. In an embodiment, the customer core banking server (80) cooperates with the merchant core banking server (56) for debiting the transaction amount from the customer’s bank account and crediting the transaction amount into the merchant’s bank account. The customer core banking server (80) includes a checker module (74). The checker module (82) is configured to check whether customer’s current account balance is greater than the transaction amount. If the customer’s current account balance is greater than the transaction amount, the transaction will be successful, otherwise the checker module (82) will generate a ‘low balance’ alert. The ‘low balance’ alert will be transmitted to the customer using the customer’s bank’s SMS server (86).
A pseudo-code for the checker module (82) is given below, in accordance with an embodiment of the present disclosure:
If (Customer’s_Account_Balance > Transaction_Amount_of_Customer’s_Account)
{
“complete the transaction”
}
else,
{
“low balance alert”
}The customer’s bank’s SMS server (86) is configured to send an SMS to the customer’s registered mobile number (40) when the transaction amount is debited from the customer’s bank account.
To avoid misuse of the system, the customer can put a transaction limit on his account, so that amount higher than the transaction limit cannot be debited from the customer’s bank account. The customer can also call a toll free number for blocking his account, incase his registered mobile number or the customer account ID is lost or forgotten. In a situation, wherein the merchant wants to cancel the transaction, the merchant can generate a cancel transaction request through his mobile device.
Figures 2a and 2b illustrate a flow diagram showing steps performed by the mobile based payment system (100), in accordance with an embodiment of the present disclosure. The method steps include the following:
• at block 202, the method step includes receiving, by the merchant device (10), a customer’s account ID and a transaction amount;
• at block 204, the method step includes receiving, the merchant’s bank’s payment server (50), the customer’s account ID and the transaction amount;
• at block 206, the method step includes receiving the customer’s account ID and the transaction amount, by the NPCI payment server (60) and identifying a customer’s bank based on the customer’s account ID and further transmitting the customer’s account ID and the transaction amount;
• at block 208, the method step includes receiving, by the customer’s bank’s payment server (70), the customer’s account ID and the transaction amount;
• at block 210, the method step includes identifying the customer’s bank account details and registered mobile number corresponding to the customer’s account ID, by the identifier module (72);
• at block 212, the method step includes generating and transmitting an OTP to a customer’s registered mobile number (40), by the OTP generator (76);
• at block 214, the method step includes sharing the OTP with the merchant device (10)
• at block 216, the method step includes receiving the OTPs from the OTP generator (76) and the merchant device (10) respectively, by the OTP authentication module (78) and generating an authentication signal if both the OTPs are same; and
• at block 218, the method step includes debiting the transaction amount from the customer’s bank account and crediting into the merchant’s bank account on receiving the authentication signal, by the customer core banking server (80).
In an embodiment, at block 218, the step of debiting the transaction amount from the customer’s bank account includes the step of checking whether customer’s current account balance is greater than the transaction amount. The checker module (82) checks whether the customer’s current account balance is greater than the transaction amount.
Figure 3 of the accompanying drawing illustrates the VPA QR code based method 300 wherein the merchant is carrying a smartphone. When the payment needs to be made, the merchant scans the customer’s account ID such as aadhar card number QR code, enters payable amount and initiates the transaction. The customer then receives a transaction OTP on his registered mobile number from the bank, which he shares with the merchant for making the payment. In case when the customer is not carrying his phone, the customer has to validate the transaction by entering a preset PIN-code.
Figure 4 of the accompanying drawing illustrates the USSD based payment method 400 wherein the merchant manually enters the customer account ID and amount payable to the USSD application for initiating the transaction. The customer then receives a transaction OTP in response from the bank, which he shares with the merchant for making the payment.
TECHNICAL ADVANCEMENTS
The technical advancements of the mobile based payment system envisaged by the present disclosure include the realization of:
• enabling cashless transaction;
• customer uses a mobile phone only for receiving OTP; and
• secure transfer of the money.
The disclosure has been described with reference to the accompanying embodiments which do not limit the scope and ambit of the disclosure. The description provided is purely by way of example and illustration.
The embodiments herein above and the various features and advantageous details thereof are explained with reference to the non-limiting embodiments in the following description. Descriptions of well-known components and processing techniques are omitted so as to not unnecessarily obscure the embodiments herein. The examples used herein are intended merely to facilitate an understanding of ways in which the embodiments herein may be practiced and to further enable those of skill in the art to practice the embodiments herein. Accordingly, the examples should not be construed as limiting the scope of the embodiments herein.
The foregoing description of the specific embodiments so fully revealed the general nature of the embodiments herein that others can, by applying current knowledge, readily modify and/or adapt for various applications such specific embodiments without departing from the generic concept, and, therefore, such adaptations and modifications should and are intended to be comprehended within the meaning and range of equivalents of the disclosed embodiments. It is to be understood that the phraseology or terminology employed herein is for the purpose of description and not of limitation. Therefore, while the embodiments herein have been described in terms of preferred embodiments, those skilled in the art will recognize that the embodiments herein can be practiced with modification within the spirit and scope of the embodiments as described herein.
Throughout this specification the word “comprise”, or variations such as “comprises” or “comprising”, will be understood to imply the inclusion of a stated element, integer or step, or group of elements, integers or steps, but not the exclusion of any other element, integer or step, or group of elements, integers or steps.
The use of the expression “at least” or “at least one” suggests the use of one or more elements or ingredients or quantities, as the use may be in the embodiment of the disclosure to achieve one or more of the desired objects or results.
Any discussion of documents, acts, materials, devices, articles or the like that has been included in this specification is solely for the purpose of providing a context for the disclosure. It is not to be taken as an admission that any or all of these matters form a part of the prior art base or were common general knowledge in the field relevant to the disclosure as it existed anywhere before the priority date of this application.
The numerical values mentioned for the various physical parameters, dimensions or quantities are only approximations and it is envisaged that the values higher/lower than the numerical values assigned to the parameters, dimensions or quantities fall within the scope of the disclosure, unless there is a statement in the specification, specific to the contrary.
While considerable emphasis has been placed herein on the components and component parts of the preferred embodiments, it will be appreciated that many embodiments can be made and that many changes can be made in the preferred embodiments without departing from the principles of the disclosure. These and other changes in the preferred embodiment as well as other embodiments of the disclosure will be apparent to those skilled in the art from the disclosure herein, whereby it is to be distinctly understood that the foregoing descriptive matter is to be interpreted merely as illustrative of the disclosure and not as a limitation.
,CLAIMS:I claim:
1. A mobile based payment system (100) comprising:
• a merchant device (10) having an input module (12) configured to receive a customer’s account ID and a transaction amount;
a merchant’s bank’s payment server (50) adapted to cooperate with the merchant device (10) to receive and transmit the customer’s account ID and the transaction amount;
• a NPCI payment server (60) adapted to cooperate with the merchant’s bank’s payment server (50) to receive the customer’s account ID and the transaction amount and configured to identify a customer’s bank based on the customer’s account ID and further configured to transmit the customer’s account ID and the transaction amount;
and
• a customer’s bank’s payment server (70) adapted to cooperate with the a NPCI payment server (60) to receive the customer’s account ID and the transaction amount, said customer’s bank’s payment server (70) includes:
o an identifier module (72) configured to cooperate with a customer bank database (90) to identify a customer’s bank account details and registered mobile number corresponding to the customer’s account ID;
o an OTP server (74) adapted to cooperate with the identifier module (72) to receive the registered mobile number, said OTP server (74) includes:
? an OTP generator (76) configured to generate and transmit an OTP to a customer’s registered mobile number (40), wherein the customer further shares the OTP with the merchant device (10); and
? an OTP authentication module (78) adapted to cooperate with the OTP generator (76) and the merchant device (10) to receive the OTPs respectively and configured to generate an authentication signal if both the OTPs are same;
and
o a customer core banking server (80) configured to debit the transaction amount from the customer’s bank account and credit into the merchant’s bank account on receiving the authentication signal.

2. The system (100) as claimed in claim 1, wherein the customer’s account ID is selected from a group of VPA, aadhar card number, debit card number, QR code of VPA, QR code of aadhar card, and QR code of debit card number.

3. The system (100) as claimed in claim 1, wherein the customer core banking server (80) includes a checker module (82) configured to check whether customer’s current account balance is greater than the transaction amount;

4. The system (100) as claimed in claim 1, wherein the merchant can use USSD based payment method for initiating the transaction.

5. The system (100) as claimed in claim 1, wherein the merchant’s bank’s payment server (50) includes a merchant’s bank’s SMS server (58) configured to send a SMS to the merchant device (10) when the transaction amount is credited in the merchant’s bank account.

6. The system (100) as claimed in claim 1, wherein the customer’s bank’s payment server (50) includes a customer’s bank’s SMS server (86) configured to send a SMS to the customer device (40) when the transaction amount is debited from the customer’s bank account.

7. The system (100) as claimed in claim 1, wherein the merchant’s bank’s payment server (50) includes a merchant core banking server (56) adapted to cooperate with the customer core banking server (80) and configured to credit the transaction amount in the merchant’s bank account.

8. The system (100) as claimed in claim 1, wherein the customer bank database (90) configured to store bank account details and registered mobile numbers corresponding to a plurality of account IDs.

9. The system (100) as claimed in claim 1, wherein a customer can generate an OTP by dialing a toll free number associated with the OTP generator (76), from the customer’s registered mobile number (40).

10. The system as claimed in claim 1, wherein the customer’s bank’s payment server (70) is further configured to validate the customer by using m-pin or biometric voice tag before generating and transmitting the OTP.

11. A mobile based payment method (200) comprising the following:
• receiving, by a merchant device (10), a customer’s account ID and a transaction amount;
• receiving and transmitting, by a merchant’s bank’s payment server (50), the customer’s account ID and the transaction amount;
• receiving the customer’s account ID and the transaction amount, by a NPCI payment server (60) and identifying a customer’s bank based on the customer’s account ID and further transmitting the customer’s account ID and the transaction amount;
• receiving, by a customer’s bank’s payment server (70), the customer’s account ID and the transaction amount;
• identifying a customer’s bank account details and registered mobile number corresponding to the customer’s account ID, by an identifier module (72);
• generating and transmitting an OTP to a customer’s registered mobile number (40), by an OTP generator (76);
• sharing the OTP with the merchant device (10);
• receiving the OTPs from the OTP generator (76) and the merchant device (10) respectively, by an OTP authentication module (78) and generating an authentication signal if both the OTPs are same; and
• debiting the transaction amount from the customer’s bank account and crediting into the merchant’s bank account on receiving the authentication signal, by a customer core banking server (80).

12. The method as claimed in claim 9, wherein the step of debiting the transaction amount from the customer’s bank account includes checking whether customer’s current account balance is greater than the transaction amount.