Claims:What is claimed is:
1. A system to perform monetary transaction with a passenger in a public transport system, said system comprising:
an electronic device with input/output (I/O) means ,to issue a ticket with fare details for a first transport to said passenger, and
a central server, and wherein the central server stores a plurality of information, and wherein the plurality of information comprises passenger details transmitted by said electronic device, details of the last transactions, details of the passenger ID;
characterized in that:
said electronic device further configured to:
receive, an amount paid by said passenger due to unavailability of exact currency denomination, by said I/O means;
calculate a balance amount based on difference between said amount paid by said passenger for said first transport and said transport fare;
receive at least one passenger ID by said I/O means;
store said balance amount in said central server corresponding to said passenger ID, and
settle said balance amount with said passenger.

2. The system as claimed in claim 5, wherein said electronic device is ticket issuing machine.

3. The system as claimed in claim 1, wherein said at least one passenger ID is selected from a group comprising a mobile number, voter Identification (ID) number, Driving license (DL) number, an AADHAR and at least one biometric data comprising a fingerprint, an iris scan, a face image and the like.

4. The system as claimed in claim1, wherein said balance amount is settled with said passenger by at least one means comprising when availing a second transport service, crediting to a passenger’s bank account, crediting to a e-wallet of said passenger and the like.

5. The system as claimed in claim 5, wherein a second transport ticket is issued to said passenger after settling any existing balance amount, on availing a second transport service.

6. A method of monetary transaction with a passenger in a public transport system, said method comprising, issuing a transport ticket to said passenger with first transport fare details, and receiving an amount more than said first transport fare due to unavailability of exact currency denomination , characterized in that:
entering at least one passenger ID in an electronic device and verifying said entered information;
calculating by said electronic device, a balance amount based on difference of said amount paid and said first transport fare;
transmitting and storing said balance amount corresponding to at least one passenger ID in a central server, and
accessing said passenger ID from said central server and settling said balance amount with said passenger.

7. The method as claimed in claim 1, wherein said at least one passenger ID is selected from a group comprising a mobile number, voter Identification (ID) number, Driving license (DL) number, an AADHAR and at least one biometric data comprising a fingerprint, an iris scan, a face image and the like.

8. The method as claimed in claim 2, wherein verifying said passenger ID is performed by a central server.

9. The method as claimed in claim 1, wherein settling of said balance amount with said passenger is performed by at least one means comprising when availing a second transport service, crediting to a passenger’s bank account, crediting to an e-wallet of said passenger and the like.

10. The method as claimed in claim 1 comprises issuing a second transport ticket to said passenger after settling any existing balance amount, on availing a second transport service.
, Description:
FORM 2
The Patents Act 1970 (39 of 1970)
&
The Patent Rules 2003
COMPLETE SPECIFICATION
(See Section 10 and rule 13)

TITLE OF THE INVENTION:
A SYSTEM AND METHOD FOR FACILITATING BALANCE PAYMENT OF MONETARY TRANSACTIONS IN PUBLIC TRANSPORT SYSTEM
APPLICANT:
a) Name: Deepak Kumar
Nationality: Indian
Address: House Number 110, 1st Floor, Sri Krishna Ventures, Green Garden Layout, Munnekolala, Kundalahalli Gate, Bangalore-560037

b) Name: Arti Rana
c) Nationality: Indian
d) Address: House Number 110, 1st Floor, Sri Krishna Ventures, Green Garden Layout, Munnekolala, Kundalahalli Gate, Bangalore-560037

PREAMBLE OF THE DESCRIPTION:
THE FOLLOWING SPECIFICATION DESCRIBES THE INVENTION AND THE MANNER IN WHICH IT IS TO BE PERFORMED

A) TECHNICAL FIELD
[0001] The present invention generally relates to the field of payment solution systems used to provide payment for monetary transactions. The present invention particularly relates to the system and method for facilitating payment of monetary transactions using a device which facilitates the storage of the transaction history in a digital format. The present invention more particularly relates to the system and method for facilitating payment of balance money using a device in a public transport system. The present invention also relates to the system and method for facilitating balance payment and storing the details of balance amount in a public transport system.

B) BACKGROUND OF THE INVENTION
[0002] The currencies across the world utilize coins or currency notes for their daily transactions and payment of balance monetary amount. Consequently people generally carry both currency notes and coins to provide payment for cash transactions or as a result of receiving change following payment. As such wallets and purses have been designed to allow a user to carry currency in the form of both notes and coins. However it is generally a nuisance to carry coins as they often fall out and become lost or can become too bulky in large amounts which will result in the wallet/purse deforming in shape.
[0003] To avoid the need to carry coins or currency of small denomination, many people now rely on the use of debit card or credit card for purchases which will ensure that the exact amount can be paid with no change required. However, there are often times when coins are still required, such as for parking ticket machines or vending machines which may only accept payment via coins or in public transport (such as Bus, Auto Rickshaw or Tuk-Tuk etc). To date there has not been an effective solution which provides a means for eradicating the need to carry coins for all required purposes.
[0004] Further in public transportation such as bus, auto-rickshaw or Tuk-Tuk, there is always problem for the payment of the balance amount either from customer’s side or from the public transportation personnel (bus conductor or auto-rickshaw or Tuk-Tuk driver). Sometime the customer does not have correct denomination or currency in the form of currency notes or coins. Sometime the bus conductor or auto-rickshaw or Tuk-Tuk driver does not have correct denomination or currency in the form of currency notes or coins. Hence there may be arguments or dissatisfaction between both the parties over the balance amount/money. Further many a times due to time constraints or non availability of the exact monetary denomination either the customer’s or the public transportation personnel (bus conductor or auto-rickshaw or Tuk-Tuk driver) may leave the balance monetary amount, which is loss for the receiver of the payment. There is no means or system to store information about the previous transactions and balance amount of an individual in public transportation (bus or auto-rickshaw or Tuk-Tuk), due to which in future the balance amount cannot be availed or redeemed.
[0005] There have also been many cash cards developed in an attempt to alleviate the need to carry cash around. However these cash cards have presented a number of card processing infrastructure problems which have failed to solve the pitfalls of making cash cards a cost-effective and simple alternative to using cash or debit/cards. Though the cash cards are processed using existing ATM and EFTPOS network systems, they are still exposed to considerable surcharges charged by the merchants. In addition, use of these cards is often merchant bound, restricted to certain retail outlets or franchise groups. Still further credit cards cannot be used to pay small amount. Also the credit cards cannot be used in the public transport system.
[0006] The public transport system has started issuing bus passes or cards. But the bus pass or cards are route based, students based and often require a deposit of a lump sum amount to the transport corporation. Further the bus passes or cards are not useful for commuters who use public transport once in a while. Also the concept of bus passes or cards is not applicable in auto rickshaw or tuk-tuk.
[0007] Attention has been recently attracted to electronic commerce (EC). In such commercial systems an electronic money system using an IC card is about to be put to practice in which electronic money can be used in a store existing on a network such as the internet and an actual store. Electronic money systems using IC cards are classified into systems of “closed loop type” and “open loop type” on one hand and into those of “token type” on the other hand. One of the problems associated with practical uses of such electronic money systems of the IC card type is prevention of money laundering for money illegally gained. In the electronic money of the closed loop type, when a transaction is achieved by a store and a financial institution or facility such as a bank with an electronic money card, personal transaction history recorded in the electronic money cards is transferred to a computer of the bank. Since personal information is accumulated in the bank, there exists a fear of invasion of privacy. Moreover a large volume of transaction history is transmitted machines of stores and a network to the computer of the bank, to be accumulated as transaction history in a cost for communication, processing and accumulation of information. Also the use of IC card and transaction with banks for small amount of balance money is not feasible, laborious for consumers. Also the use of IC cards is not feasible in public transportation system such as bus, auto-rickshaw and Tuk-Tuk.
[0008] In the electronic money system of the value type, the balance money in the electronic money card is managed only in accordance with the value (amount of money). This system is quite simple and can be easily put to practice, However since only the amount of payment or receipt is recorded in the transaction history of the electronic money card, the tracing of electronic money transported causes difficulties. The use of electronic money is not feasible in public transportation system such as bus, auto-rickshaw and Tuk-Tuk.
[0009] In the electronic money system of the token type, the electronic money balance is managed by the issuance number of each electronic bill. That is, the transaction history includes the bill issuance numbers and hence the transported electronic money can be easily traced. However, since the minimum unit of money for the bill issuance number, the cost of accumulating the transaction history in the electronic money card is increased and the processing is accordingly elongated. Consequently this system is unsuitable for practice. Further this use of electronic money is not feasible in public transportation system such as bus, auto-rickshaw and Tuk-Tuk.
[0010] A similar issues or problem occurs in the shopping malls, hypermarkets, shopping stores, shops and the like. The shop keepers or the store managers do not have exact denomination or currency, similarly the customer may not have the correct denomination or currency to return to the shop keeper. In some scenarios the shop keeper provides unnecessary items to the customer in exchange for the correct denomination or currency. Thus the customer is in loss. Similarly the sometimes the customer may be unable to arrange for the correct denomination or currency, making the shop keeper in loss.
[0011] Hence, there is a need for a system and method for facilitating balance payment of monetary transactions in public transport system. Also there is a need for a system and method for storing information about the previous transactions and balance amount of an individual in public transportation (bus or auto-rickshaw or Tuk-Tuk), cinema or theatre and the metro rails such that in future the balance amount is availed or redeemed.
[0012] In this specification, the terms “comprises”, “comprising” or similar terms are intended to mean a non-exclusive inclusion, such that a system and/or apparatus that comprises a list of elements does not include those elements solely, but may well include other elements not listed.
[0013] The above mentioned shortcomings, disadvantages and problems are addressed herein and which will be understood by reading and studying the following specification.

C) OBJECTIVES OF THE INVENTION
[0014] The primary objective of the present invention is to provide a system and method for facilitating balance payment of monetary/financial transactions in public transport system, theatre/cinema’s and metro or railways.
[0015] Another objective of the present invention is to provide a system and method for storing information about the previous monetary/financial transactions.
[0016] Yet another objective of the present invention is to provide a system and method for storing information about the balance amount of an individual in public transportation (bus or auto-rickshaw or Tuk-Tuk), such that in future the balance amount is availed or redeemed.
[0017] Yet another objective of the present invention is to provide a system and method for storing information about the balance amount of an individual in cinema halls or theatres, such that in future the balance amount is availed or redeemed.
[0018] Yet another objective of the present invention is to provide a system and method for storing information about the balance amount of an individual in metro rails or railways, such that in future the balance amount is availed or redeemed.
[0019] Yet another objective of the present invention is to provide a system and method for storing information about the monetary/financial transactions without risking the user’s personal information.
[0020] Yet another objective of the present invention is to provide a system and method for storing information and retrieving information about monetary/ financial transactions with just entering mobile number.
[0021] Yet another objective of the present invention is to provide a method and system for mutually authenticating the dongle device and the payment server.
[0022] These and other objects and advantages of the embodiments herein will become readily apparent from the following detailed description taken in conjunction with the accompanying drawings.

D) SUMMARY OF THE INVENTION
[0023] The various embodiments of the present invention provide a system and method for facilitating balance payment of monetary/financial transactions in public transport system, cinema’s/theatre, shops/shopping stores and metro or railways.
[0024] According to one embodiment of the present invention, the method of monetary transaction with a passenger in a public transport system, said method comprising, issuing a transport ticket to said passenger with first transport fare details, and receiving an amount more than said first transport fare due to unavailability of exact currency denomination, the method comprises following steps. At least one passenger ID is entered in an electronic device and the entered information is verified. The balance amount is calculated by the electronic device based on the difference of said amount paid and the first transport fare. The balance amount corresponding to at least one passenger ID is transmitted and stored in a central server. The passenger ID is accessed from the said central server and the said balance amount is settled with said passenger.
[0025] According to one embodiment of the present invention, said at least one passenger ID is selected from a group comprising a mobile number, voter Identification (ID) number, Driving license (DL) number, an AADHAR and at least one biometric data comprising a fingerprint, an iris scan, a face image and the like.
[0026] According to one embodiment of the present invention, verification of the said passenger ID is performed by a central server.
[0027] According to one embodiment of the present invention, settling of said balance amount with said passenger is performed by at least one means comprising when availing a second transport service, crediting to a passenger’s bank account, crediting to an e-wallet of said passenger and the like.
[0028] According to one embodiment of the present invention, issuing a second transport ticket to said passenger after settling any existing balance amount, on availing a second transport service.
[0029] According to one embodiment of the present invention, the system to perform monetary transaction with a passenger in a public transport system, comprises the following components: An electronic device with input/output (I/O) means, to issue a ticket with fare details for a first transport to said passenger and a central server to store passenger details transmitted by said electronic device. The said electronic device is further configured to: receive, an amount paid by said passenger due to unavailability of exact currency denomination, by said I/O means; calculate a balance amount based on difference between said amount paid by said passenger for said first transport and said transport fare; receive at least one passenger ID by said I/O means; store said balance amount in said central server corresponding to said passenger ID, and settle said balance amount with said passenger.
[0030] According to one embodiment of the present invention, the said electronic device is ticket issuing machine.
[0031] According to one embodiment of the present invention, the passenger ID is selected from a group comprising a mobile number, voter Identification (ID) number, Driving license (DL) number, an AADHAR and at least one biometric data comprising a fingerprint, an iris scan, a face image and the like.
[0032] According to one embodiment of the present invention, the said balance amount is settled with said passenger by at least one means comprising when availing a second transport service, crediting to a passenger’s bank account, crediting to a e-wallet of said passenger and the like.
[0033] According to one embodiment of the present invention, the second transport ticket is issued to said passenger after settling any existing balance amount, on availing a second transport service.
[0034] These and other aspects of the embodiments herein will be better appreciated and understood when considered in conjunction with the following description and the accompanying drawings. It should be understood, however, that the following descriptions, while indicating preferred embodiments and numerous specific details thereof, are given by way of illustration and not of limitation. Many changes and modifications may be made within the scope of the embodiments herein without departing from the spirit thereof, and the embodiments herein include all such modifications.

E) BRIEF DESCRIPTION OF THE INVENTION
[0035] The other objects, features and advantages will occur to those skilled in the art from the following description of the preferred embodiment and the accompanying drawings in which:
[0036] FIG. 1 illustrates a system for facilitating balance payment of monetary/financial transactions in public transport system, theatre/cinema’s, shops/stores and metro or railways, according to one embodiment of the present invention.
[0037] Although the specific features of the present invention are shown in some drawings and not in others. This is done for convenience only as each feature may be combined with any or all of the other features in accordance with the present invention.
F) DETAILED DESCRIPTION OF THE INVENTION
[0038] In the following detailed description, reference is made to the accompanying drawings that form a part hereof, and in which the specific embodiments that may be practiced is shown by way of illustration. These embodiments are described in sufficient detail to enable those skilled in the art to practice the embodiments and it is to be understood that the logical, mechanical and other changes may be made without departing from the scope of the embodiments. The following detailed description is therefore not to be taken in a limiting sense.
[0039] The various embodiments of the present invention provide a system and method for facilitating balance payment of monetary/financial transactions in public transport system, cinema’s/theatre, shops/shopping stores and metro or railways.
[0040] According to one embodiment of the present invention, the method of monetary transaction with a passenger in a public transport system, said method comprising, issuing a transport ticket to said passenger with first transport fare details, and receiving an amount more than said first transport fare due to unavailability of exact currency denomination, the method comprises following steps. At least one passenger ID is entered in an electronic device and the entered information is verified. The balance amount is calculated by the electronic device based on the difference of said amount paid and the first transport fare. The balance amount corresponding to at least one passenger ID is transmitted and stored in a central server. The passenger ID is accessed from the said central server and the said balance amount is settled with said passenger.
[0041] According to one embodiment of the present invention, said at least one passenger ID is selected from a group comprising a mobile number, voter Identification (ID) number, Driving license (DL) number, an AADHAR and at least one biometric data comprising a fingerprint, an iris scan, a face image and the like.
[0042] According to one embodiment of the present invention, verification of the said passenger ID is performed by a central server.
[0043] According to one embodiment of the present invention, settling of said balance amount with said passenger is performed by at least one means comprising when availing a second transport service, crediting to a passenger’s bank account, crediting to an e-wallet of said passenger and the like.
[0044] According to one embodiment of the present invention, issuing a second transport ticket to said passenger after settling any existing balance amount, on availing a second transport service.
[0045] According to one embodiment of the present invention, the system to perform monetary transaction with a passenger in a public transport system, comprises the following components: An electronic device with input/output (I/O) means ,to issue a ticket with fare details for a first transport to said passenger and a central server to store passenger details transmitted by said electronic device. The said electronic device is further configured to: receive, an amount paid by said passenger due to unavailability of exact currency denomination, by said I/O means; calculate a balance amount based on difference between said amount paid by said passenger for said first transport and said transport fare; receive at least one passenger ID by said I/O means; store said balance amount in said central server corresponding to said passenger ID, and settle said balance amount with said passenger.
[0046] According to one embodiment of the present invention, the said electronic device is ticket issuing machine.
[0047] According to one embodiment of the present invention, the passenger ID is selected from a group comprising a mobile number, voter Identification (ID) number, Driving license (DL) number, an AADHAR and at least one biometric data comprising a fingerprint, an iris scan, a face image and the like.
[0048] According to one embodiment of the present invention, the said balance amount is settled with said passenger by at least one means comprising when availing a second transport service, crediting to a passenger’s bank account, crediting to a e-wallet of said passenger and the like.
[0049] According to one embodiment of the present invention, the second transport ticket is issued to said passenger after settling any existing balance amount, on availing a second transport service.
[0050] According to one embodiment of the present invention, in a separate scenario when a customer visits theatre or cinema hall a ticket is purchased. The operator or the ticket issuer in theatre/cinema hall will enter the customer’s mobile number and take the unique identification mark or document number. The operator or the ticket issuer can provide the customer the exact change or balance money. If the operator or the ticket issuer doesn’t have the exact change or balance money, then the ticket issuer or the operator store’s the details of the balance money along with the customer’s details in the server.
[0051] Next time the customer visits the same cinema/theatre or another cinema affiliated to chain of cinema’s or theatre where the customer made first transaction, the customer can disclose the mobile number, produce the unique identification mark or identification document and can avail the balance money in the newly issued ticket. The customer must visit the cinema/theatre which have chain of cinema’s or theatres in the city or place where customer is dwelling. For example the PVR cinema or INOX.
[0052] According to one embodiment of the present invention, settling of said balance amount with said passenger is performed by at least one means comprising when availing a second ticket of theatre, crediting to a passenger’s bank account, crediting to an e-wallet of said passenger and the like.
[0053] According to one embodiment of the present invention, in a separate scenario when a customer visits a metro station or railways, then the customer discloses the phone number, unique identification mark and identification document and pays for a ticket. The ticket issuer at the metro station or railways issues the ticket. If the ticket issuer at metro station or railways doesn’t have change or exact balance amount, the ticket issuer can store the details of the transaction along with the balance amount.
[0054] Next time when the customer visit the metro station or railways and discloses the mobile number, identification mark or identification document number then a ticket is issued. The ticket issuer has the access to the details of first transaction and the balance payment. The ticket issuer adjusts the balance amount in the new ticket or pays the balance amount if available during the time of second transaction. The customer must visit the metro of a particular city where the customer is dwelling. For example Bangalore Metro, Delhi Metro, Kochi metro and the like.
[0055] According to one embodiment of the present invention, settling of said balance amount with said passenger is performed by at least one means comprising when availing a second ticket of metro or railways, crediting to a passenger’s bank account, crediting to an e-wallet of said passenger and the like.
[0056] FIG. 1 illustrates a system for facilitating balance payment of monetary/financial transactions in public transport system, theatre/cinema’s, shops/stores and metro or railways, according to one embodiment of the present invention. FIG.1 illustrates the components of system 100 for facilitating balance payment of monetary/financial transactions in public transport system, theatre/cinema’s, shops/stores and metro or railways. The central server 101 is cloud based and connected to the system or an electronic gadget 102. The central server comprises memory unit 106. The memory unit 106 is accessible by the system or an electronic gadget 102. The memory unit 106 keeps all the details of the customer or passenger, code (AADHAR card details, PAN card details, iris or finger print details), details of the previous made transactions, details of the balance payments or amounts which are to be adjusted in the future transactions. The system or an electronic gadget 102 further comprises and connected to a ticket/receipt printer 107. Based on the input data provided by the person in public transport or the shop keeper/store manager/cinema ticket distributer etc. and the adjustment made with the earlier transactions the fresh ticket or the acknowledgement receipt is issued.
[0057] The system or the gadget 102 comprises an input means 105, display 103 and electronic control unit (ECU) 104. The input means 105 comprises a plurality of buttons, a plurality of keys, unique code (customer ID) or authentication means such as finger print or iris scan provisions. The input means 105 feeds data to issue ticket or to check the last transactions. The input means 105 also scans iris or the finger print/impression of the customer to authenticate the transaction and to check the validity of the transactions. The display 103 is for illustrating the inputs and the earlier transactions. The electronic control unit (ECU) 104 is embedded system which controls electrical system or the subsystems of the system or the gadget 102.
[0058] The foregoing description of the specific embodiments will so fully reveal 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.
[0059] 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.

G) ADVANTAGES OF THE INVENTION
[0060] The embodiments of the present invention provide a system and method for facilitating balance payment of monetary/financial transactions in public transport system.
[0061] The embodiments of the present invention provide a system and method for storing information about the previous monetary/financial transactions.
[0062] The embodiments of the present invention provide a system and method for storing information about the balance amount of an individual in public transportation (bus or auto-rickshaw or Tuk-Tuk), such that in future the balance amount is availed or redeemed.
[0063] The embodiment of the present invention provides a system and method for storing information about the monetary/financial transactions without risking the user’s personal information.
[0064] The embodiment of the present invention provides a system and method for storing information and retrieving information about monetary/ financial transactions with just entering mobile number.
[0065] The embodiment of the present invention provides a method and system for mutually authenticating the dongle device and the payment server.
[0066] The foregoing description of the specific embodiments will so fully reveal 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.
[0067] 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 scope of the claims.