DESC:FORM 2

THE PATENTS ACT, 1970

(39 of 1970)

&
THE PATENTS RULES, 2003

COMPLETE SPECIFICATION

(See section 10, rule 13)

“A method of making a payment through a computing device for counter sales and other purchases”
by
Federal Bank Ltd.

Nationality: INDIA

Address:Federal Bank Ltd., Represented by Deputy General Manager,

IT Department, Federal Towers,

Aluva-683101,Kerala.

The following specification particularly describes the invention and the manner in which it is to be performed.

Field of the invention

The present invention mainly relates to the field execution of electronic purchase payments, fund transfers, electronic bill payments and other value exchanges and more particularly to the method of making a financial transaction (payments) through a portable computing device.

Background of the Invention

With the rapid development of technologyacross the world, most of the financial institutions are becoming computerized. Computerization helps these financial institutions to automate their internal businesses as well as subsequently substitute the existing manual labor requirements to perform transactions. Traditional exercises such as manual clearance of cheques and depositing of cash and carrying cash for purchasing materials, and etc. requires manual labour.

Presently, the cashless transactions earn much significance, as it saves the customer from carrying cash for purchasing materials, products, etc. Normally, the transaction modes used in such a situations are debit Card, credit Card, cheque, and NEFT/RTGS. While purchasing, the cheque and NEFT/RTGS are not treated as a much convenient options, as normally customers will not carry cheques, whenever they go for shopping/purchasing. NEFT/RTGS will not be applicable in the case of counter sales but it will be applicable in the online transactions but it will work only in the working days.

Further, the debit card and Credit card needs to be carried and it always have a risk of being lost through pick pocketing. Additionally, the customers have to keep signed receipts. For functioning of the Debit or credit cards, you require EDC Machines and if there is any problem with the machine or connection, it may not work and create problem for the Consumer.

Moreover, presently there are some easy and effective system for making payment through Mobile Phone for purchases made through counter sales and other purchases. The use of computing devices for making payments expedites the transaction and also saves time required for a person to go to a bank and do the paperwork and makes. Further, from a buyer's and a seller's perspective, the transaction is complete on the point-of-sale, making the payment using a mobile communication device safer and faster.

The Mobile bankingis a system that allows customers of a financial institution to conduct a number of financial transactions through a computing device such as a mobile phone or tablet. Mobile banking differs from mobile payments, which involve the use of a mobile device to pay for goods or services either at the point of sale or remotely, analogously to the use of a debit or credit card to effect an EFTPOS payment.

The above mentioned method saved much time of the customers and saved them from the difficulty of carrying set of cards. But the available system of mobile banking allows only payment of bills. In other words it does not enable to make payments for counter sales. The other system available is the prepaid credit system with the mobile operator company, which allows you to make payments from the prepaid credit paid by the customer. The other main difficulty in mobile banking is that, the payer must know the details of the payee.

In light of the above discussion, there is a need for an easy and effective method of making payment through computing device for purchases made through counter sales and other purchases.

Objective of the Invention

The main objective of the present invention is to provide a method for making the payments through computing device (mobile phone) in an easy and effective manner with absolute safety.

Summary of the invention

An aspect of the present invention is to address at least the above-mentioned problems and/or disadvantages and to provide at least the advantages described below.

Accordingly, in one aspect of the present invention provides a method of making a payment through a computing device for counter sales and other purchases, the method including registering by payee and payer with a payment server for making a financial transaction using an application using the computing device, requesting for a transaction amount by the payee from the payer, wherein the transaction amount is the sum total amount retrieved by scanning the barcode of the product purchased by the payer, generating an QR code by the payee device by entering the received transaction amount, wherein the generated QR code includes all information regarding the payee details in a dissimilar format, scanning the QR code by payer through computing device application, wherein the scanning is to receive all the details of payee including transaction amount and to receive the Personal Identification Number of the payer for transaction, verifying the personal identification number is done by providing valid Mobile Banking PIN in the payer’s computing device application to ensure the authenticity of the transaction and transferring the funds from payer account to the payee’s account instantly upon valid authentication.

Other aspects, advantages, and salient features of the invention will become apparent to those skilled in the art from the following detailed description, which, taken in conjunction with the annexed drawings, discloses exemplary embodiments of the invention.

Brief description of the drawings

The above and other aspects, features, and advantages of certain exemplary embodiments of the present invention will be more apparent from the following description taken in conjunction with the accompanying drawings in which:

Figure 1 shows the schematic representation of a payment using a computing device (mobile phone) according to one embodiment of the present invention.

Figure 2 shows the method of making a payment through a computing device for counter sales and other purchases according to one embodiment of the present invention.

Persons skilled in the art will appreciate that elements in the figures are illustrated for simplicity and clarity and may have not been drawn to scale. For example, the dimensions of some of the elements in the figure may be exaggerated relative to other elements to help to improve understanding of various exemplary embodiments of the present disclosure.
Throughout the drawings, it should be noted that like reference numbers are used to depict the same or similar elements, features, and structures.

Detail description of the invention

The following description with reference to the accompanying drawings is provided to assist in a comprehensive understanding of exemplary embodiments of the invention as defined by the claims and their equivalents. It includes various specific details to assist in that understanding but these are to be regarded as merely exemplary. Accordingly, those of ordinary skill in the art will recognize that various changes and modifications of the embodiments described herein can be made without departing from the scope and spirit of the invention. In addition, descriptions of well-known functions and constructions are omitted for clarity and conciseness.

The terms and words used in the following description and claims are not limited to the bibliographical meanings, but, are merely used by the inventor to enable a clear and consistent understanding of the invention. Accordingly, it should be apparent to those skilled in the art that the following description of exemplary embodiments of the present invention are provided for illustration purpose only and not for the purpose of limiting the invention as defined by the appended claims and their equivalents.

It is to be understood that the singular forms “a,” “an,” and “the” include plural referents unless the context clearly dictates otherwise. Thus, for example, reference to “a component surface” includes reference to one or more of such surfaces.

By the term “substantially” it is meant that the recited characteristic, parameter, or value need not be achieved exactly, but that deviations or variations, including for example, tolerances, measurement error, measurement accuracy limitations and other factors known to those of skill in the art, may occur in amounts that do not preclude the effect the characteristic was intended to provide.

Figs. 1 through 2, discussed below, and the various embodiments used to describe the principles of the present disclosure in this patent document are by way of illustration only and should not be construed in any way that would limit the scope of the disclosure. Those skilled in the art will understand that the principles of the present disclosure may be implemented in any suitably arranged communications system. The terms used to describe various embodiments are exemplary. It should be understood that these are provided to merely aid the understanding of the description, and that their use and definitions, in no way limit the scope of the invention. Terms first, second, and the like are used to differentiate between objects having the same terminology and are in no way intended to represent a chronological order, unless where explicitly stated otherwise. A set is defined as a non-empty set including at least one element.

The present invention provides easy payment through computing device (mobile phone). In the present invention, the payer and payee must adopt a particular template/application which is created for facilitating the easy transfer of money from the account of the payer to the account of the payee. The template/application provides for both payment and receipt options. The payer/customer will choose the payment option and the payee/merchant can select the receipt option. The payee’s device with the aforesaid application will contain all information required for receiving funds.

When a customer/payer buys a product from the merchant/Payee, the merchant has to key in the amount to be received from the customer. On submitting the amount, the application will generate a QR code (Quick Response Code). The QR code is a code providing all information regarding the payee’s details in a different format. The Payer/customer has to scan that QR image with the application in payer’s computing device. After scanning the device asks for the personal identification number to ensure the authenticity of the transaction. On submitting that, the funds will be transferred from the payer/ customer account to the payee/ merchant’s account instantly. The payer /customer and payee/ merchant will get intimation of their respective devices.

Figure 1 shows the schematic representation of a payment using a computing device (mobile phone) according to one embodiment of the present invention.

The figure shows the schematic representation of a payment using a computing device (mobile phone). The figure includes a payer 102, a payee 104, mobile communication device (106, 302), payment server 108, and a debit server 110. In the present invention both the payee and payer has to download and install a computing device application for financial transaction (payment). Payer 102 makes a financial transaction (payment) to payee 104, using a computing device (mobile phone) 106. Payer 102 sends a payment request through a particular application to payment server 108. Payment server 108 processes the payment request. Thereafter, payment server 108 sends a debit request to debit server 110, where the debit server includes Bank A, Bank B, and Bank C.

Initially, the both the payee and payer has to register with the payment server for making the financial transaction through computing device. The registration is done by providing profile information including but not limited to user name, address, e-mail address, mobile number, user id, password, etc.

In an embodiment of the invention, payer 102 may purchase an item/product/service from payee 104. After purchasing item/product/service from payee (Merchant), the payee calculates the transaction amount to be received from the payer (customer), where the calculation is done by scanning the barcode of the each product purchased by the payer. After calculating the transaction amount, the payee (Merchant) computing device application generates QR code by submitting the transaction amount by payee (Merchant), where the generated QR code includes all information regarding the payee details in a dissimilar format.

The generated QR code is given to the payer (Customer) for scanning. The scanning of QR code by payer is achieved through computing device application, where the scanning is to receive all the details of payee including transaction amount. Authentication using Mobile Banking PIN in the payer’s computing device application to ensure the authenticity of the transaction. Once the verification is done the funds are transferred from payer account to the payee’s account instantly upon valid authentication. The transaction between payee and payer is achieved by selecting the payment option by payer/customer and receipt option by payee/merchant in the application.

In the present invention the Payer 102 chooses an option for payment against the purchase of the item by using computing device (mobile phone) 106. In another embodiment of the invention, payer 102 may make any personal payment, which does not involve the purchase of an item, to payee 104, using computing device application 106 through payment server 108. In various embodiments of the invention, computing device 106 may be a mobile phone, iPad, a Personal Digital Assistant (PDA), and so forth. In various embodiments of the invention, payment server 108 may be implemented in the form of software, hardware, firmware or combinations, web portal and thereof.

In the present invention, the payer 102 may use MPIN in the computing device application 108 for making a payment request to the payment server 108. In the present invention the payment server 108 includes a first server 204, and a second server 206.

In an embodiment of the invention, the, Mobile Personal Identification Number (MPIN) of payer 102. In various embodiments of the invention, the transaction identifier may be a unique number which is generated by payee 104 for the purchase of the item. In the present invention, the payee after calculating the transaction amount, the payee computing device application generates QR code by submitting the transaction amount by payee, where the generated QR code includes all information regarding the payee details in a dissimilar format.

In an embodiment of the present invention, payer 102 as well as payee 104 can download an application on computing device 106. The application can provide a Graphical User Interface (GUI) on mobile communication device 106 to scan the QR code.

The application enables payer 102 connects to payment server 108 over secure protocols, such as Wireless Application Protocol (WAP), Binary Runtime Environment for Wireless (BREW) and so forth. Payer 102, after connecting with payment server 108, sends the transaction details to payment server 108 via QR code.

Thereafter, Payment server 108 processes the payment request as described in the QR code. Payment server 108, after processing the payment request, sends a receipt to the computing device application 106 on the status of the payment request.

Figure 2 is a flow chart illustrating a method of making a payment through a computing device for counter sales and other purchases according to one embodiment of the present invention.

At step 210, registration by payee and payer with the payment server for making the financial transaction through computing device, where the registration is done by providing profile information including but not limited to name, address, e-mail address, mobile number, user id, password, etc.

At step 220, the method upon user registration, calculates the transaction amount by payee to be received from the payer, wherein calculating the amount is done by scanning the barcode of the each product. In one embodiment, the amount calculated by the payer may be of manual calculation or any other means to sum-up the amount of the purchased product by the payer.

At step 230, the method upon calculation, generates the Quick Response Code (QR code) by submitting the transaction amount by payee, where the generated QR code includes all information regarding the payee details in a dissimilar format. The QR code is a two-dimensional barcode is a machine-readable optical label that contains information about the item to which it is attached. The QR code may use four standardized encoding modes (numeric, alphanumeric, byte / binary, and kanji) to efficiently store data. The QR code consists of black modules (square dots) arranged in a square grid on a white background, which can be read by an imaging device (such as a camera) and processed using Reed–Solomon error correction until the image can be appropriately interpreted. The required data are then extracted from patterns present in both horizontal and vertical components of the image.

At step 240, the method upon generation, scans the QR code by payer through computing device application, where the scanning is to receive all the details of payee including transaction amount and to receive the Personal Identification Number of the payer for transaction.

At step 250, the method upon scanning, verifies the personal identification number which is done by providing valid Mobile Banking PIN in the payer’s computing device application to ensure the authenticity of the transaction.

At step 260, the method upon verifying, transfers the funds from payer account to the payee’s account instantly upon valid authentication.

Those skilled in this technology can make various alterations and modifications without departing from the scope and spirit of the invention. Therefore, the scope of the invention shall be defined and protected by the following claims and their equivalents.

FIGS. 1-2 are merely representational and are not drawn to scale. Certain portions thereof may be exaggerated, while others may be minimized. FIGS. 1-2 illustrate various embodiments of the invention that can be understood and appropriately carried out by those of ordinary skill in the art.

In the foregoing detailed description of embodiments of the invention, various features are grouped together in a single embodiment for the purpose of streamlining the disclosure. This method of disclosure is not to be interpreted as reflecting an intention that the claimed embodiments of the invention require more features than are expressly recited in each claim. Rather, as the following claims reflect, inventive subject matter lies in less than all features of a single disclosed embodiment. Thus, the following claims are hereby incorporated into the detailed description of embodiments of the invention, with each claim standing on its own as a separate embodiment.

It is understood that the above description is intended to be illustrative, and not restrictive. It is intended to cover all alternatives, modifications and equivalents as may be included within the spirit and scope of the invention as defined in the appended claims. Many other embodiments will be apparent to those of skill in the art upon reviewing the above description. The scope of the invention should, therefore, be determined with reference to the appended claims, along with the full scope of equivalents to which such claims are entitled. In the appended claims, the terms “including” and “in which” are used as the plain-English equivalents of the respective terms “comprising” and “wherein,” respectively.

We Claim:

1. A method of making a payment through a computing device for counter sales and other purchases, the method comprising:

Registering by payee and payer with a payment server or making a financial transaction using an application using the computing device;

requesting for a transaction amount by the payee from the payer, wherein the transaction amount is the sum total amount retrieved by scanning the barcode of the product purchased by the payer;

generating an QR code by the payee device by entering the received transaction amount, wherein the generated QR code includes all information regarding the payee details in a dissimilar format;

scanning the QR code by payer through computing device application, wherein the scanning is to receive all the details of payee including transaction amount and to receive the Personal Identification Number of the payer for transaction;

verifying the personal identification number is done by providing valid MPIN in the payer’s computing device application to ensure the authenticity of the transaction; and transferring the funds from payer account to the payee’s account instantly upon valid authentication.

2. The method as claimed in claim 1, wherein the registering by payee and payer is achieved by providing profile information including name, address, e-mail address, mobile number, user id, password, etc.

3. The method as claimed in claim 1, wherein the QR code is read by scanning through computing device application to collect payee details in dissimilar format.

4. The method as claimed in claim 1, wherein the transferring funds from payer to payee is achieved by requesting payment server through a particular application where the payment server sends a debit request to debit server to transfer funds to payee.

5. The method as claimed in claim 1, wherein the application provides payment option and receipt options.

6. The method as claimed in claim 1, wherein the transaction between payee and payer is achieved by selecting the payment option by payer/customer and receipt option by payee/merchant in the application.

7. The method as claimed in claim 1, wherein the one time password is messaged to the registered mobile number.

Abstract
The present invention relates to a method and system of making a financial transaction (payments) through a portable computing device. In one embodiment this can be accomplished by registering by payee and payer with a payment server for making a financial transaction using an application using the computing device, requesting for a transaction amount by the payee from the payer, generating an QR code by the payee device by entering the received transaction amount, scanning the QR code by payer through computing device application, verifying the personal identification number is done by providing valid Mobile Banking PIN in the payer’s computing device application to ensure the authenticity of the transaction and transferring the funds from payer account to the payee’s account instantly upon valid authentication.

,CLAIMS:We Claim:
1. A method of making a payment through a computing device for counter sales and other purchases, the method comprising:
Registering by payee and payer with a payment server or making a financial transaction using an application using the computing device;
requesting for a transaction amount by the payee from the payer, wherein the transaction amount is the sum total amount retrieved by scanning the barcode of the product purchased by the payer;
generating an QR code by the payee device by entering the received transaction amount, wherein the generated QR code includes all information regarding the payee details in a dissimilar format;
scanning the QR code by payer through computing device application, wherein the scanning is to receive all the details of payee including transaction amount and to receive the Personal Identification Number of the payer for transaction;
verifying the personal identification number is done by providing valid MPIN in the payer’s computing device application to ensure the authenticity of the transaction; and
transferring the funds from payer account to the payee’s account instantly upon valid authentication.

2. The method as claimed in claim 1, wherein the registering by payee and payer is achieved by providing profile information including name, address, e-mail address, mobile number, user id, password, etc.

3. The method as claimed in claim 1, wherein the QR code is read by scanning through computing device application to collect payee details in dissimilar format.

4. The method as claimed in claim 1, wherein the transferring funds from payer to payee is achieved by requesting payment server through a particular application where the payment server sends a debit request to debit server to transfer funds to payee.

5. The method as claimed in claim 1, wherein the application provides payment option and receipt options.

6. The method as claimed in claim 1, wherein the transaction between payee and payer is achieved by selecting the payment option by payer/customer and receipt option by payee/merchant in the application.

7. The method as claimed in claim 1, wherein the one time password is messaged to the registered mobile number.