Description:As attached herewith , Claims:As attached herewith

WE CLAIM
1. A method of processing a payment transaction from a debit card, wherein the transaction
is converted to equated monthly instalments (EMI) through an embedded module in a
bank application in a linked electronic device, comprising steps of:
a) receiving and verifying a request from a user to check eligibility for EMI, for processing
the payment transaction on the debit card, via the embedded module in the bank
application on the electronic device;
b) generating and displaying, a plurality of eligible payment options and tenures in
instalments and an embedded calculator, on the electronic device;
c) receiving authorization from the user to select and verify an eligible payment option
and tenure that is available on the said debit card via the electronic device;
d) generating and communicating a temporary personal identification number (PIN) for
the debit card via the embedded module in the bank application for activating the
selected instalment option and tenure by the user;
wherein, the temporary PIN is employed as a standard PIN to render a
payment transaction to a vendor on the debit card at a point of service
(POS) terminal; and
wherein the payment transaction is initiated as equated monthly
instalments (EMI) from the core account on successful operation of the
temporary PIN at the terminal.
2. The method as claimed in claim 1 wherein the temporary PIN is deactivated after being
used one-time in a payment transaction or until period of time-out.
3. The method as claimed in claim 1 wherein the time-out of the temporary PIN is up to a
period of 30 minutes.
4. The method as claimed in claim 1, wherein the linked electronic device is a mobile phone
or a tablet.
5. A system for processing a payment transaction from a debit card as claimed in claim 1;
the system comprises a embedded module in a bank application installed in an electronic
device comprising a processor and memory instructions, when, executed by the processor
causes the embedded module in the bank application to
a) receive real time information on the debit card holder to verify eligibility for EMI;
b) generate plurality of eligible payment options and tenures;
c) receive a user authorization to select and verify an eligible payment option and
tenure; and
d) generate a temporary personal identification number (PIN) for the debit card;
to render a payment transaction to a vendor via the debit card at a point of service
(POS) terminal; and
to initiate equated monthly instalments (EMI) from the account linked to the debit
card.
6. The system as claimed in claim 5, wherein the embedded module communicates between
the bank server, a POS terminal, electronic linked device via switch network.