Claims:We claim:
1. A system (100) for executing a financial transaction through a cellular device, the system (100) comprising:
a. a user-interface device (101) for engaging in a financial transaction between two or more end-users, wherein the user-interface device (101) comprises:
i. a subscriber identification module (102) embedded in the user-interface device (101) for implementing a payment platform;
ii. a user input module (103) for allowing a user to input data into the user-interface device (101);
b. a central server (104) for exchanging one or more transaction related data, wherein the central server (104) comprises:
i. an authentication module (105) to validate the user credentials prior to the generation of payment application request in the central server (104);
ii. a processing module (106) to process and analyze the transaction request initiated by one or more users through the user-interface device (101);
iii. a transceiver module (107) to transmit remittance application tag to the subscriber identification module (102) in the user-interface device (101) from a designated financial authority;
iv. a memory unit (108) to store a plurality of terminated transactions of one or more end-users associated with one or more events, wherein the memory unit (108) gathers the transaction initiated between one or more end-users and one or more beneficiary users through the designated financial authority;
c. a web-based platform (109) in the designated financial authority to interface with one or more users through the central server (104);
d. a display unit (110) to display the notification corresponding to a transaction initiated from one or more end-users to one or more beneficiary users through the corresponding user-interface device (101).

2. The system (100) as claimed in claim 1, wherein the subscriber identification module (102) comprises an encrypted tool for establishing a payment platform from the subscriber identification module (102).

3. The system (100) as claimed in claim 1, wherein the processing module (106) compiles and transmits transaction request proposed by the user to the designated financial authority.

4. The system (100) as claimed in claim 1, wherein the web-based platform (109) of the designated financial authority generates the remittance application tag subsequent to the transaction request received from the central server (104).

5. The system (100) as claimed in claim 1, wherein the encrypted tool in the subscriber identification module (102) receives notification of the remittance application tag from the central server (104).

6. The system (100) as claimed in claim 1, wherein the display unit (110) displays the remittance application tag in the user-interface device (101) for initiating a digital transaction amongst at least two end users.

7. A method (200) for executing a financial transaction through a cellular device, the method (200) comprising the steps of:
a. requesting a financial transaction by one or more end-users from the user-interface device (101), wherein the user-interface device (101) transmits a notification to the web-based platform (109) of the designated financial authority through the central server (104);
b. generating the remittance application tag in the web-based platform (109) of the designated financial authority, wherein the designated financial authority transmits the remittance application tag to the central server (104);
c. encrypting and decrypting the information transmitted from the subscriber identification module (102) and the designated financial authority in the processing module (106) of the central server (104);
d. retrieving the remittance application tag transmitted to the encrypted tool in the subscriber identification module (102) to initiate a financial transaction through the user-interface device (101);
e. executing the financial transaction in the remittance application tag, wherein the remittance application tag transmits the transaction request data to the web-based platform (109) of the designated financial authority;
f. notifying one or more end-users and one or more beneficiary users through the web-based platform (109) of the designated financial authority subsequent to the completion of the transaction.

8. The method (200) as claimed in claim 7, wherein the remittance application tag is made intelligible by the processing module (106) in the central server (104) prior to transmitting the remittance application tag to the encrypted tool in the in the subscriber identification module (102);

9. The method (200) as claimed in claim 7, wherein the end-user enters the pre-defined transaction amount in the remittance application tag through the user input module (103) of the user-interface device (101).

10. The method (200) as claimed in claim 7, wherein the designated financial authority of the end-user transmits the pre-defined credits to the designated financial authority of one or more beneficiary users.
, Description:PREAMBLE TO THE DESCRIPTION
[001] The following specification particularly describes the invention and the manner in which it is to be performed:
DESCRIPTION OF THE INVENTION
Technical field of the invention
[002] The present invention relates to a system and method for executing a financial transaction through a cellular device amongst at least two end-customers. The present invention particularly relates to a user-interface device for initiating a transaction through a subscriber identification module of one or more users.
Background of the invention
[003] The bonafide currencies used in transactions has been a pre-dominant feature of the economic system which is accepted as a payment for services and goods. A currency system may be classified as fiat money and commodity money which encompasses three features defined as medium of exchange, units of accounts and stock of the value. All contemporary money systems are based on fiat money that derives its value based on the issuance from the government to be a legal tender. The vast amount of risk involved in possessing the physical currency has led people to look for an alternative method which involves safe and risk-free means for transferring money.
[004] The digital transformation over the years has instigated people to adapt from fiat currency to digital currency as a mode of transfer which establishes the characteristics of traditional money in a digital form. The financial technology system embraces modern technology to transfer the amount or pay for the goods and services electronically without the geographical barrier. The different forms of financial technology system such as crypto-currencies, virtual currencies and digital fiat currency accomplish the transaction through a currency card or internet enabled electronic devices.
[005] The emergence of the mobile payment technologies with superior mobile features and the streamlined internet provided a feasible channel to perform digital payments. In recent years, the mobile payment has gained traction in transferring money since, the transaction through the card system compels the user to carry a user credential card to initiate a transaction. Further, the card mode of payment is susceptible to fraudulent transactions and the user details and security information may be plagiarized to initiate unlawful transaction.
[006] The digital mode of transaction such as mobile payment provides instant transfer of money with a secure gateway system which prevents any fraudulent transactions. The mobile payment provides a platform for completing a transaction through an application installed on the smartphone of a user. The application in the smartphone stores financial data such as debit card, credit card and coupon information. The mobile payment of the user links the personal identification formats such as number, QR code or image by scanning through the camera of the smart-phone and initiating a payment through high-speed internet. However, the contemporary method requires users to possess a smart phone with a modern computer network such as a third generation or fourth generation network to initiate a transaction, since the existing system requires smart phone based application to initiate a transaction between two end-users. Further, in case, the computer network or the scanner of the smart phone malfunctions, the transaction process may be terminated.
[007] The Chinese Patent Application No. CN109426954A relates to a system and method for initiating a secure transaction through digital bar code. In one embodiment, the mobile device of a consumer starts mobile payment application, and the instruction for then receiving the selection of payment card account and being paid by card holder via digital bar code. Then the mobile device of the consumer generates dynamic quick response (QR) at least one of code and bar code, QR code and/or bar code are shown on display component, the purchase-transaction confirmation request including merchant identification data and transaction amount is received, and shows acknowledgement notification for card holder’s approval. After receiving confirmation request, consumer's mobile device will confirm that response is sent to digital support system (DES) computer. In some implementations, after Trading Authorization, consumer's mobile device can receive and show that confirmation message is completed in transaction.
[008] The Australian Patent Application No. AU2010213767B2 discloses system, method and computer program product for processing payments for goods or services, including a payment processor that receives a payment request from a merchant for goods or services and that includes that includes a mobile phone number or mobile phone account of a user, sends a payment authorization request text message to the mobile phone requesting payment authorization, and receives a payment authorization text message from the mobile phone authorizing or not authorizing the payment. If the payment is authorized, the payment processor pays the merchant and charges the mobile phone account for the payment. If the payment is not authorized or if the payment is not received within a predetermined period of time, the payment processor declines to pay the merchant for the goods or services.
[009] Hence, there is a need for a mechanism to enable digital transaction in a user-interface device such as a feature phone through a cellular network.
Summary of the invention
[0010] The present invention overcomes the drawbacks of the prior art by providing a system and a method for executing a financial transaction through a cellular device amongst at least two end-users. The system comprises a user-interface device for engaging in a financial transaction between two or more end-users. The user-interface device comprises a subscriber identification module and a user input module which may be provided at external periphery of the user-interface device or within a display unit of the user-interface device which enables one or more end users to transmit a financial transaction request to a designated financial authority. The subscriber identification module is embedded in the user-interface device, wherein the subscriber identification module comprises an encrypted tool for implementing a payment platform in the user-interface device.
[0011] The system comprises a central server for exchanging one or more transaction related data between the user-interface device and the designated financial authority. Further, the central server comprises an authentication module for validating the user credentials provided through the subscriber identification module in the user-interface device prior to initiating a transaction. Further, the central server comprises a processing module which processes and analyses the financial transaction request initiated by one or more users through the subscriber identification module. The processing module compiles and transmits the transaction request data to a web-based platform provided in the designated financial authority, wherein the web-based platform interfaces with one or more users through the central server. Further, the web-based platform generates a remittance application tag upon receiving the transaction request data from the central server.
[0012] Further, the central server comprises a transceiver module to transmit remittance application tag to the encrypted tool in the subscriber identification from the designated financial authority. Further, the user-interface device retrieves the remittance application tag transmitted from the central server thereby enabling one or more end-users to initiate a financial transaction through the remittance application tag. The remittance application tag transmits the transaction request data to the web-based platform of the designated financial authority, wherein the designated financial authority of the end-user transmits the pre-defined credits to the designated financial authority of the beneficiary user thereby completing the pre-defined transaction.
[0013] Further, the system comprises a memory unit to store a plurality of completed transactions between one or more end-users and one or more beneficiary users which is associated with one or more events, wherein the memory unit collects the data of the transaction initiated between one or more end-users and one or more beneficiary users through the designated financial authority. Further, the system comprises a display unit to display the notification of the completed transaction through the user-interface device to one or more end-users and one or more beneficiary users.
[0014] Thus, the present invention may be integrated into the existing user-interface device such as feature phones which reduces the time and cost of installment of smart phone based application and performs transaction amongst at least two end-users effortlessly in optimum time. Further, the present invention eliminates the need of a contemporary device such as smart phones and high-speed internet services, since the transaction data are transmitted by the subscriber identification module through the central server. The central server regulates the transaction initiated in the system thereby maintaining uniformity of the transaction. Further, the memory unit stores the transaction completed between at least two end-users which is associated with a plurality of events thereby providing a high scalability of the system.
[0015] Further, the present invention provides utility in the field of financial services for the purpose of transacting currency digitally amongst at least two end-users. The user-interface device may be a feature phone or a smart phone of a user which executes transactions instantly through an existing subscriber identification module which is integrated in the user-interface device.
Brief description of drawings
[001] FIG 1 illustrates a block diagram of a system for executing a financial transaction through a cellular device.
[002] FIG 2 illustrates a block diagram of a user-interface device for executing a financial transaction.
[0016] FIG 3 illustrates a block diagram of a central server for executing a financial transaction.
[0017] FIG 4 illustrates a method for executing a financial transaction through a cellular device.
Detailed description of the invention
[0018] Reference will now be made in detail to the description of the present subject matter, one or more examples of which are shown in figures. Each example is provided to explain the subject matter and not a limitation. Various changes and modifications obvious to one skilled in the art to which the invention pertains are deemed to be within the spirit, scope and contemplation of the invention.
[0019] The present invention relates to a system and method for executing a financial transaction through a cellular device amongst at least two end-users. The system comprises a user-interface device for engaging in a financial transaction, wherein the user-interface device comprises a subscriber identification module to transmit transaction request to a central server present in the system. Further, the central server comprises a processing module to process transaction request to a web-based platform in a designated financial authority. The web-based platform generates a remittance application tag which is transmitted to the subscriber identification module through the central server thereby executing a financial transaction, wherein the remittance application tag transmits the transaction request data to the web-based platform to complete a transaction.
[0020] Figure 1 illustrates a system (100) for executing a financial transaction through a cellular device. The system (100) comprises a user-interface device (101) for engaging in a financial transaction between two or more end-users. In one embodiment, the user-interface device (101) may be a feature phone device or a portable device which adheres to the standards of Global System for Mobile Communication (GSM).
[0021] Figure 2 illustrates a block diagram of the user-interface device (101) for executing a financial transaction. The user-interface device (101) comprises a subscriber identification module (102) embedded in the user-interface device (101) for implementing a payment platform. In one embodiment, the subscriber identification module (102) may be employed for a plurality of applications such as communication between two end-users or to store a plurality of data. The subscriber identification module (102) comprises an encrypted tool which may be a subscriber identification module application tool kit for establishing a payment to a recipient from the subscriber identification module (102). Further, the user-interface device (101) comprises a user input module (103) for allowing a user to input data into the user-interface device wherein the user-interface device (101) provides a plurality of keys which is preferably a set of buttons provided on the external periphery of the user-interface device (101). In another embodiment, the user-interface device (101) may comprise the user input module (103) compatible on the screen of the user-interface device (101) which may be touch sensitive.
[0022] Figure 3 illustrates a block diagram of a central server (104) for executing a financial transaction. The system (100) comprises the central server (104) for exchanging one or more transaction related data, wherein the central server (104) is associated with the subscriber identification module (102) provided in the user-interface device (101) of one or more users. In one embodiment, the central server (104) may communicate with the subscriber identification module (102) through a standard communication protocol such as text messages or General Packet Radio Service (GPRS).
[0023] Further, the central server (104) comprises an authentication module (105) to validate user credentials by evaluating the user-data secured in the subscriber identification module (102) prior to the generation of payment application request from the subscriber identification module (102). Further, the central server (104) comprises a processing module (106) to process and analyze the payment application request initiated by one or more users through the user-interface device (101). The processing module (106) compiles the payment application request and transmits the payment application request proposed by the user to the designated financial authority. In one embodiment, the processing module (106) may compile the payment application request data into assembly language through an assembler or a compiler prior to transmitting the payment application request to the designated financial authority. The system (100) comprises a transceiver module (107) to transmit remittance application tag to the subscriber identification module (102) in the user-interface device (101) from a designated financial authority. Further the central server (104) comprises a memory unit (108) to store a plurality of completed transactions of one or more end-users associated with one or more events, wherein the memory unit (108) gathers the transaction initiated between one or more end-users and one or more beneficiary users through the designated financial authority.
[0024] The system (100) comprises a web-based platform (109) in the designated financial authority to interface with one or more users through the central server (104), wherein the designated financial authority may be a representative bank which comprises a gateway to interact with one or more users corresponding to financial services. The web-based platform (109) of the designated financial authority generates the remittance application tag subsequent to the payment application request received from the central server (104). The remittance application tag is transmitted to the central server (104), wherein the central server (104) generates a notification corresponding to the remittance application tag which is transmitted to the encrypted tool in the subscriber identification module (102) of the user-interface device (101).
[0025] Further the system (100) comprises a display unit (110) to display the notification corresponding to a transaction initiated from one or more end-users to one or more beneficiary users through the corresponding user-interface device (101). In one embodiment, the display unit (110) displays the remittance application tag in the user-interface device (101) to enable the user for initiating a financial transaction amongst at least two end users.
[0026] Figure 4 illustrates a method (200) for executing a financial transaction through a cellular device. The method (200) comprises the steps of requesting a financial transaction by one or more end-users through the user-interface device (101) by generating a payment application request in the subscriber identification module (102), in step (201). The user-interface device (101) executes a financial transaction by effecting a digital payment between an end-user and a beneficiary user, such as a retailer or a recipient. The subscriber identification module (102) in the user-interface device (101) transmits payment application request to the web-based platform (109) of the designated financial authority through the central server (104). The central server (104) compiles the payment application request into assembly language prior to transmitting the request data to the web-based platform (109) of the corresponding designated financial authority. In step (202), the remittance application tag is generated in the web-based platform (109) of the designated financial authority on receiving the payment application request data from the central server (104). The web-based platform (109) of the designated financial authority transmits the remittance application tag to the central server (104).
[0027] In step (203), the processing module (106) of the central server (104) encrypts and decrypts a plurality of information transmitted from the subscriber identification module (102) and the designated financial authority. Further, the processing module (106) in the central server (104) formulates the remittance application tag into intelligible data by decrypting the data transmitted from the web-based platform (109) prior to the transmission of the remittance application tag to the encrypted tool in the subscriber identification module (102). The subscriber identification module (102) retrieves the remittance application tag transmitted to the encrypted tool thereby initiating the financial transaction through the user-interface device (101), in step (204). In one embodiment, the subscriber identification module (102) retrieves the remittance application tag by downloading the remittance application tag provided in the encrypted tool of the subscriber identification module (102) to initiate the transaction through the user-interface device (101) such as a feature phone.
[0028] In step (205), the financial transaction is executed in the remittance application tag by transmitting the transaction request data registered in the remittance application tag to the web-based platform (109) of the designated financial authority. In one embodiment, the end-user enters the pre-defined transaction amount in the remittance application tag through the user input module (103) of the user-interface device (101). The transaction request data is transmitted to the web-based platform (109) of the designated financial authority through the central server (104), wherein the central server (104) compiles the transaction data into assembly language thereby transmitting the transaction request data to the web-based platform (109) of the designated financial authority. The designated financial authority scrutinizes the transaction request data transmitted by the end-user prior to transferring the pre-defined credits to the designated financial authority of one or more beneficiary users who may be a retailer or a recipient, thereby completing the pre-defined transaction through the designated financial authority.
[0029] The web-based platform (109) of the designated financial authority notifies one or more end-users and one or more beneficiary users subsequent to the completion of the transaction, in step (206). In one embodiment, the web-based platform (109) of the designated financial authority notifies one or more end-users and one or more beneficiary users by displaying the status of the concluded transaction in the display unit (110) of the user-interface device (101). In case of a failure, the display unit (110) notifies one or more end-users and one or more beneficiary users by displaying a failure notification in the user-interface device (101).
[0030] In one embodiment of the present invention, the user-interface device (101) may execute a financial transaction through an instant payment service which facilitates financial transaction amongst two or more end-users through a plurality of designated financial authority. The user-interface device (101) transmits the transaction data to a user-interface device (101) through a unified payment service in an interconnected network such as a high speed internet access which facilitates financial transaction between one or more designated financial authority.
[0031] Thus, the present invention relates to a system (100) and method (200) for executing a financial transaction through a cellular device amongst at least two end-users. The present invention enables an end-user to execute a financial transaction instantly in a user-interface device (101) which may be a feature phone by using the subscriber identification module (102). The encrypted tool in the user-interface device (101) connects to the web-based platform (109) of the designated financial authority thereby initiating a transaction by transmitting transaction notification to the web-based platform (109) of the designated financial authority from the user-interface device (101).
[0032] The present invention may be integrated into the existing user-interface device (101) such as feature phones which reduces the time and cost of installment of smart phone based application and performs transaction amongst at least two end-users effortlessly in optimum time. Further, the present invention eliminates the need of a contemporary device such as a smart phones and high speed internet services, since the transaction data are transmitted by the subscriber identification module (102) through the central server (104). The central server (104) regulates the transaction initiated in the system (100) thereby maintaining uniformity of the transaction. Further, the memory unit (108) stores the transaction completed between at least two end-users which is associated with one or more events thereby providing a high scalability of the system (100).
[0033] Further, the present invention provides utility in the field of financial services for the purpose of transacting currency digitally amongst at least two end-users. The user-interface device (101) may be a feature phone or a smart phone of a user which executes transactions instantly through an existing subscriber identification module (102) which is integrated in the user-interface device (101).
[0034] The features and advantages of the invention are apparent from the detailed specification, and thus, it is intended by the appended claims to cover all such features and advantages of the invention which fall within the true spirit and scope of the invention. Further, since numerous modifications and variations will readily occur to those skilled in the art, it is not desired to limit the invention to the exact construction and operation illustrated and described, and accordingly, all suitable modifications and equivalents may be resorted to, falling within the scope of the invention.
Reference numbers:
Components Reference Numbers
System 100
User-interface device 101
Subscriber identification module 102
User input module 103
Central Server 104
Authentication module 105
Processing module 106
Transceiver module 107
Memory unit 108
Web-based platform 109
Display unit 110