Claims:I claim:
1. A system (100) for facilitating a payment transaction, the system (100) comprising:
a. a remote security server (101) for attaching a security tag of a user to initiate a payment;
b. a portable electronic device (102) for effecting a digital payment through a secured financial transaction;
c. a processing unit (103) for executing the authorization process, wherein the processing unit (103) comprises:
i. a first processor (104) for authenticating the user, wherein the first processor (104) comprises:
a. a plurality of cryptographic keys (105) for entering the security pin of a user on a portable electronic device (102);
b. a reader unit (106) to encrypt the security credentials obtained from one or more users;
ii. a second processor (107) for analyzing the security credentials of the user by decrypting the security information entered by the user, wherein the second processor (107) maps the security information of the user with the pre-defined security compliance to initiate a transaction;
d. a communication interface (108) for encrypting and decrypting the security information in the first processor (104) and the second processor (107) of the processing unit (103);
e. a Universal Serial Bus (USB) hub (109) to provide a plurality of ports in the portable electronic device (102), wherein the USB hub (109) enables one or more accessories to function simultaneously in the portable electronic device (102);
f. a casing unit (110) for enclosing the portable electronic device (102), wherein the casing unit (110) integrates the USB hub (109) and the cryptographic keys (105) within the portable electronic device (102);
g. a display unit (111) for displaying the transaction related data to ensure a smooth transaction.

2. The system (100) as claimed in claim 1, wherein the communication interface (108) transmits signals pertaining to the security credentials of the user from the remote security server (101) to the processing unit (103) in the portable electronic device (102).

3. The system (100) as claimed in claim 1, wherein the cryptographic keys (105) are connected to the portable electronic device (102) through the USB hub (109) to activate the security tag of the user prior to the initiation of a transaction.

4. A method (200) for processing a payment transaction, the method (200) comprising the steps of:
a. enabling more than one simultaneous connection in the portable electronic device (102) for multi-functional operations by providing a plurality of sockets in the portable electronic device (102);
b. enrolling a payment transaction by attaching the security tag of the user in the remote security server (101);
c. transmitting the user credentials to the portable electronic device (102) through the communication interface (108);
d. generating a pin request authentication in the display unit (111) for enabling the digital transaction in the portable electronic device (102);
e. entering the security pin through cryptographic keys (105) by the user for validating the transaction;
f. encrypting the security credentials of the user by the reader unit (106), wherein the security credentials of the user are mapped with the pre-defined security compliance of the corresponding security tag;
g. initiating a transaction in the portable electronic device (102) subsequent to the authentication of the security credentials specified by the user in the portable electronic device (102);
h. displaying a payment authorization request and a confirmation notification in the display unit (111) upon effectuating the transaction in the portable electronic device (102).

5. The method (200) as claimed in claim 4, wherein the security tag of the user is validated by generating a pin request in the display unit (111) for the corresponding security tag enrolled in the remote security server (101).
, 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 facilitating a payment transaction through a portable electronic device. Furthermore, the present invention particularly relates to a system which comprises a casing unit to enclose a plurality of components in a single unit and to secure the portable electronic device.
Background of the invention
[003] The cluster of changing market and advancement in the technology has transformed the business industry which revamped the transaction mode from the traditional hard cash to a transaction card or a digital payment which makes it easier to carry and involves minimal risk of theft when compared to the hard cash. Since the implementation of card payment, it has gained traction and has been the prominent mode of transaction in the retail industry. In a recent study, the Reserve Bank of India disclosed that around 925 million debit cards and 48 million credit cards were issued till March of 2019.
[004] However, the card payment mode requires the merchant or retailer to maintain a computer system to process transaction details and an additional payment terminal which may be a card reader in the Point Of Sale (POS) for the consumer to swipe the card and enter the corresponding pin number. Over the past few years, the business industry has continued to evolve and adapt to new standards which has replaced a POS computer system with a smart phone of the retailer or a merchant to accept payment from consumers. However, this technology requires the smart phone of the merchant to be connected to an external card reader through a cable to process the data to the smart phone. The card reader is externally connected to the smart phone through a charging port of the smart phone which inhibits the smartphone to a single operation. In case, the battery of the smart phone is depleted, the transaction process may be terminated, since the charging port is connected to the card reader. Further, a plurality of components are externally connected to the smart phone of the merchant or the retailer which entails additional space to carry the card reader, pin keys and so on in the point of sale.
[005] The US Patent Application No. US7130836B2 relates to a mobile terminal which is enabled to conduct an EMV transaction. A wireless access node in the EMV card-reader terminal is provided for connecting a mobile terminal to the card-reader terminal. An EMV-proxy module executing in the card-reader terminal facilitates communication between the mobile terminal and the card-reader terminal. The EMV-proxy module lets the mobile terminal function in essentially the same way as a regular EMV chip card with respect to the card-reader terminal. The card-reader terminal may then conduct EMV transactions on behalf of the mobile terminal without requiring a new software and/or hardware at the EMV issuer. EMV data is stored in the mobile terminal in the form of secure dynamic data objects thereby securing a credit transaction standards, and particularly to the use of such standards in a mobile terminal.
[006] The US Patent Application No. US10332087B2 discloses a POS payment terminal using a mobile communication device such as a mobile phone which is created over a temporary connection between the merchant's Sales Device with the removable memory card, where the removable memory card is inserted into the customer's slot of the mobile communication device. The Sales Device contains a secure memory with the POS terminal's identification data in the form of a SAM card or an ICC card or directly in the form of a secure element on the circuit printed. The payment terminal is created before or during the payment process over a temporary connection between a Sales Device with a mobile communication device which is held by the customer and which has a removable memory card that can have an independent communication element, especially of the NFC type. The payment cryptogram is of standard form, e.g. in the EMV format and it is sent online or offline in batches to the payment processing center according to the amount paid and the preset risk management.
[007] Hence, there is a need for a system to enhance a payment transaction by employing a single unit.
Summary of the invention
[008] The present invention overcomes the drawbacks of the prior art by providing a system for facilitating a payment transaction. The system comprises a remote security server for attaching a security tag of the user to initiate the payment, wherein the security tag of the user may be inserted, swiped or placed near the remote security server which captures the security credentials of the user. Further, the system comprises a portable electronic device for effecting a digital payment through a secured transaction mode.
[009] Further, the system comprises a processing unit for executing the authorization process, wherein the processing unit comprises a first processor for authenticating a user. The first processor comprises cryptographic keys for a user to enter the security pin prior to the initiation of a transaction, wherein the security pin is encrypted by a reader unit in the first processor. A second processor analyzes the encrypted information collected from the first processor thereby mapping the security credentials captured from the user with the pre-defined security compliance of the security tag to initiate a transaction. The security information obtained from the user is encrypted and decrypted in the first processor and the second processor through a communication interface.
[0010] The system comprises a Universal Serial Bus (USB) hub to provide a plurality of ports in the portable electronic device thereby enabling more than one connection in the portable electronic device which facilitates one or more accessories to function simultaneously. The system comprises a casing unit for enclosing the portable electronic device, wherein the casing unit integrates the USB port and cryptographic keys within the portable electronic device. Further, the payment credentials, transaction notification and authentication data of the user are displayed in a display unit of the portable electronic device.
[0011] The present invention relates to a method for processing a payment transaction. The method comprising the steps of enabling more than one connection in the portable electronic device for simultaneous operations by providing a plurality of sockets through the USB hub. A payment transaction is enrolled in the system by attaching the security tag of the user in the remote security server, wherein the remote security server captures user credentials from the security tag which is transmitted to the portable electronic device through the communication interface. A pin request authentication is displayed in the portable electronic device through the display unit subsequent to the transmission of the user credentials to the portable electronic device for authenticating the transaction. The user enters the security pin on the cryptographic keys in the portable electronic device, wherein the security pin entered by the user and the security credentials of the user obtained in the portable electronic device are encrypted in the reader unit. Further, the second processor authenticates the user by mapping the security credentials of the user with the security compliance of security tag which is attached to the remote security server. A transaction is initiated through the portable electronic device subsequent to the authentication of the security credentials and security pin thereby displaying the confirmation notification in the display unit upon effectuating the transaction.
[0012] Thus, the present invention provides a compact system comprising the casing unit which encloses the portable electronic device, cryptographic keys and the USB hub into a single unit thereby protecting the system from potential damages. Further, the present invention is multipurpose, since the universal hub provided in the system comprises multiple ports to connect to the portable electronic device. For example, the portable electronic device may be connected to cryptographic keys through one port for transaction purpose whereas the other port may be connected to the charging device to charge the portable electronic device thereby allowing simultaneous operations.
[0013] Further, the present invention provides utility in commercial applications particularly in the retail industry and hospital industry for initiating a transaction digitally through a transaction card. The portable electronic device in the system may be a mobile phone of a merchant or a retailer present in the point of sale which aids in initiating a transaction. The cryptographic keys and USB hub are enclosed within the portable electronic device in the system which allows the consumer to enter the security pin of the transaction card through cryptographic keys within the portable electronic device thereby generating a payment using a single device.
Brief description of drawings
[0014] FIG 1 illustrates a block diagram of the system for facilitating a payment transaction.
[0015] FIG 2 illustrates a block diagram of the portable electronic device for facilitating a payment transaction.
[0016] FIG 3 illustrates a block diagram of the processing unit for facilitating a payment transaction.
[0017] FIG 4(a) and 4(b) illustrate a method for facilitating a payment transaction
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 provides a system and method for facilitating a payment transaction. The system comprises a remote security server for attaching a security tag of the user thereby capturing user credentials from the security tag and transmitting information to a portable electronic device. Further, the user enters the security pin for the corresponding security tag through cryptographic keys thereby mapping the security pin with the security compliance of the security tag to initiate a transaction. The system comprises a USB hub to provide a plurality of ports in the portable electronic device which enables one or more accessories to function simultaneously. The system comprises a casing unit for enclosing the portable electronic device thereby securing the USB hub and cryptographic keys integrated within the portable electronic device.
[0020] Figure 1 illustrates a system (100) for facilitating a payment transaction. The system (100) comprises a remote security server (101) for attaching a security tag such as a debit card, a credit card or any payment card of the user to initiate a payment wherein the remote security server (101) comprises a payment terminal which interfaces with the security tag of the user. In another embodiment, the security tag may be a payment card of a user which may be inserted, swiped or placed near the remote security server (101) of a merchant to capture the security tag information of the user on a merchant server.
[0021] Figure 2 illustrates a portable electronic device (102) for effecting a digital payment through a secured financial transaction in the system (100). In another embodiment, the portable electronic device (102) may be a Commercial Off The Shelf (COTS) device which may be integrated with a mobile device, tablet or a computer device of a merchant for accepting and securing payments.
[0022] Figure 3 illustrates a processing unit (103) for executing the authorization process in the portable electronic device (102) to enable a financial transaction. The processing unit (103) comprises a first processor (104) for authenticating the user, wherein the first processor (104) comprises cryptographic keys (105) for entering the security pin of the user on the portable electronic device (102) for the corresponding security tag attached to the remote security server (101). The cryptographic keys (105) in the system (100) may be pin pads for the user to enter the pin values for the corresponding security tag. Further, the first processor (104) comprises a reader unit (106) to encrypt the security credentials and security pin of the user obtained from the remote security server (101) and cryptographic keys (105). The security pin entered by the user on the cryptographic keys (105) may be encrypted by employing a triple data encryption algorithm which creates the encrypted pin block of the security pin for secured verification.
[0023] The processing unit (103) comprises a second processor (107) for analyzing the security credentials of the user by decrypting the security credentials and the security pin obtained from the user, wherein the second processor (107) maps the security pin of the user with the pre-defined security compliance of the security tag for validation. Further the second processor (107) monitors the authentication process to identify any tampering or glitches encountered during the transaction process. Further, the system (100) comprises a communication interface (108) for encrypting and decrypting the information in the first processor (104) and the second processor (107) of the processing unit (103), wherein the communication interface (108) transmits signal pertaining to the security credentials of the user from the remote security server (101) to the processing unit (103) in the portable electronic device (102).
[0024] The system (100) comprises a Universal Serial Bus (USB) hub (109) to provide a plurality of ports in the portable electronic device (102), wherein the USB hub (109) may be a USB multiplexer which enables one or more accessories to function simultaneously in the portable electronic device (102). In one embodiment of the present invention, the cryptographic keys (105) are connected to the portable electronic device (102) through any one of the plurality of ports provided in the USB hub (109) to activate the security tag of the user prior to the initiation of a transaction. Further, a charging unit is connected to the portable electronic device (102) through one of the plurality of ports provided in the USB hub (109) to charge the portable electronic device (102), thereby enabling a plurality of accessories to function simultaneously.
[0025] The system (100) comprises a casing unit (110) for enclosing the portable electronic device (102), wherein the casing unit (110) integrates the USB hub (109) and the cryptographic keys (105) within the portable electronic device (102). The casing unit (110) encloses the portable electronic device (102), USB hub (109) and cryptographic keys (105) within a pre-defined boundaries, wherein the cryptographic keys (105), charging unit and the portable electronic device (102) are connected through a plurality of ports in the USB hub (109) for simultaneous operation. Additionally, the system (100) comprises a display unit (111) for displaying the transaction related data which may be the authentication data and payment credentials of the user to ensure that a smooth transaction is accomplished, wherein the display unit (111) displays the notification in the portable electronic device (102) upon completion of a transaction.
[0026] Figure 4 illustrates a method (200) for facilitating a payment transaction. The method (200) comprises the steps of enabling more than one simultaneous connection in the portable electronic device (102) for multi-functional operations by providing a plurality of sockets in the portable electronic device (102) through a USB hub (109), in step (201). The USB hub (109) may comprise one or more integrated controller to attach multiple components in the portable electronic device (102). In step (202), a payment transaction is enrolled by attaching the security tag of the user in the remote security server (101) of a merchant or a retailer which captures the security tag information. In step (203), the security credentials captured by the remote security server (101) are transmitted to the portable electronic device (102) and encrypted through a communication interface (108), wherein the portable electronic device (102) extracts security credentials from the security tag through the processing unit (103).
[0027] The portable electronic device (102) generates a pin request authentication in the display unit (111) for the corresponding user credentials which is captured by the remote security server (101) thereby authenticating the transaction in the portable electronic device (102), in step (204). The user enters the security pin in the portable electronic device (102) through the cryptographic keys (105) for the corresponding security tag which is attached in the remote security server (101). The security pin is provided in the portable electronic device (102) by the user for validating the transaction and preventing possible fraud, in step (205).
[0028] The security keys entered through cryptographic keys (105) are captured by the first processor (104) in the processing unit (103), wherein the first processor (104) encrypts the security credentials of the user in the reader unit (106). The encrypted security credentials of the user are decrypted in the second processor (107) and mapped with the security compliance of the specific security tag of the user, in step (206). In another embodiment of the present invention, the security credentials may be the security pin entered by the user on the portable electronic device (102) for the corresponding security tag which may be a debit card or a credit card which is attached in the remote security server (101). The security credentials are mapped with the pre-defined security compliance of the specific security tag for authenticating the transaction, wherein the security credentials are provided by the designated authority during the issuance of the security tag.
[0029] In step (207), a transaction is initiated subsequent to the authentication of the security credentials which is provided by the user in the portable electronic device (102). In another embodiment of the present invention, the security of the system (100) is monitored by the processing unit (103) which tracks the security credentials provided by the user, wherein the processing unit (103) allows a transaction process in case the security credentials entered by the user matches the pre-defined security compliance of the security tag. Further, the processing unit (103) denies the transaction process in case the security credentials entered by the user contrasts the pre-defined security compliance of the security tag. The processing unit (103) detects any internal or external tampering, thereby terminating the transaction process and erasing the security credentials of the user which is transitorily stored in the system (100).
[0030] In step (208), the display unit (111) displays the payment authorization request prior to the initiation of the transaction and a confirmation notification upon effectuating the payment in the portable electronic device (102). In another embodiment, the portable electronic device (102) may generate a transaction slip following the confirmation of the payment in the system (100). Further, the display unit (111) may provide notification and warning message in case of any tampering or glitches encountered during a transaction.
[0031] The present invention provides a compact system comprising the casing unit (110) which encloses the portable electronic device (102), cryptographic keys (105) and the USB hub (109) thereby protecting the system (100) from potential damages. Further, the present invention is multipurpose, since the USB hub (109) provided in the system (100) comprises multiple ports to connect to the portable electronic device (102). For example, the portable electronic device (102) may be connected to the cryptographic keys (105) through one port for transaction purpose whereas the other port may be connected to the charging device to charge the portable electronic device (102) thereby allowing simultaneous operation.
[0032] Thus, the present invention provides utility in commercial applications particularly in the retail industry and hospital industry for initiating a transaction digitally through a transaction card. The portable electronic device (102) in the system (100) may be a mobile phone of a merchant or a retailer present in the point of sale which aids in initiating a transaction. The cryptographic keys (105) and USB hub (109) are enclosed within the portable electronic device (102) in the system (100) which allows the consumer to enter the security pin of the transaction card through cryptographic keys (105) thereby generating a payment using a single device.
[0033] 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
Remote security server 101
Portable electronic device 102
Processing unit 103
First processor 104
Cryptographic keys 105
Reader unit 106
Second processor 107
Communication interface 108
USB hub 109
Casing unit 110
Display Unit 111