This invention generally relates to an electronic system, and more particularly to a portable electronic device, which is capable of performing various functions, including being a POS (Point Of Sale) device, inventory manager, GST filing assistant, while acting as a telecommunication mobile device. This invention also relates to methods of use of such portable electronic device.

BACKGROUND OF INVENTION

Traditionally, a sale transaction involved an instance of buying or selling any object/goods wherein payment was made through exchange of currency notes. In modern day, with advent of use of plastic money (credit cards/debit cards), POS (Point Of Sale) machines were introduced in various stores, retail outlets, petrol pump etc. which assisted in conclusion of a transaction.

In recent years, there have seen increase in growth in types of devices carried by the shopkeepers/merchants/users to conduct transaction using credit card, debit card, ATM card, store value card and other card and uses plastic money for transaction. These electronic devices are known as "transaction devices' which perform various functions including a credit card sale, a bank deposit, an access authorization, etc.

Prior art transaction devices have recently made use of a card or other compact structure for carrying information related to the buyer account and that card is arranged to be inserted into a terminal to transfer information thereto. Thereafter, with the entrance of use of micro-chip technology in transaction devices, some transaction devices have now incorporated electronic circuitry to store, transmit and receive various information such as identifier information, transaction and status information of the card. Such transaction system can include various independent terminals and uses microcomputers and also may be interconnected to a remote or host computer (e.g., a main computer) through any data transmission equipment.

Various conventional card transaction device has been used by the shopkeepers/product sellers to conduct transaction using credit cards, debit card, or any other card of the user. The bank account number is used to identify the customer and charge purchases against that particular transaction. In addition to the account number, a personal identification number (PIN), One Time Password (OTP) has been used by the customer to protect the transaction from fraud. These transaction devices are used only for transaction of plastic money by the customer/user and are not able to conduct any other function.

With the continuous development in the field of electronics, electronic payments has quickly integrated into our lives, electronic payments become a common form of payment. The conventional electronic transaction device is equipped with a bar code or OCR code reader terminal technology, the amount of cash, and is equipped to provide data services and management functions of commodity trading and non-cash settlement.

Further, Pont of Sale (POS) is a multi-functional terminal, install it on merchants, shopkeepers, and credit card issuing branch with a computer linked to a network. POS is used to achieve automatic electronic funds transfer and it has the support of consumer, pre-authorization, balance inquiries and transfers and other functions. POS is safe, fast, and reliable. Traditional POS device is only capable to provide digital transaction and keep the transaction detail.

Thus, in today’s age, in almost every sector digital money has been accepted and POS device, QR codes and mobile wallets are used for receiving payments from customer.
Available digital transaction technology scenarios are as follows:

i. Conventional POS device- Whenever customer wants to pay his bill in any shop, he can swipe his credit or debit card at billing desk using POS terminal – which deducts money from his bank account and customer pays the bill to merchant;

ii. Mobile Phone using mobile e-wallet Application- The customer can transfer the amount of money to the merchant/seller using his mobile wallet. In any retail shop/store – the customer can pay his bill by scanning QR code in his mobile app. Currently, the available e-wallet applications in India are BHIM, Bharat QR, paytm, free charge etc. The customer can transfer the money to the desired account by using UPI id number or mobile number or QR code.

iii. Micro-ATM centers –Micro-ATM centers are available nowadays, which scans bio-metric (Finger impressions) of user who wants to deposit, withdrawal or transfer money to any bank account, for this bank transaction facilities Service Provider center need to place a separate finger scanning machine at their center to do this function.

However, with advent of POS, e-wallets, online payment applications (apps) – a merchant, shop keeper etc. was required to either support limited payment options or maintain multiple machines, which added to the cost and also created logistic and maintenance issues. Thus, a need for a more integrated solution was felt.

US CN2014833523 discloses a novel integrated touch POS machine which includes a printer body, card slot, a full touch screen, baffle, fingerprint unlock button, an alarm horn, paper cutter, printing paper, a rotating sleeve, and POS housing. The POS housing is divided into three parts- upper, middle and lower. The printer body is present inside the upper POS housing, full touch screen control display set up is present at the middle POS housing body and a fingerprint unlock button is installed at the lower extreme of full touch-control display screen and constitutes lower POS housing body. Thus, CN ‘523 discusses novel touch integrated POS machine which is safe in utilization, easy operation, and information -based processing speed is high.

US20110259957 relates to a Debit and Credit card transaction device which comprises a microprocessor or micro-controller (MCU), a magnetic stripe card reader or a smart card reader and a power regeneration circuit. The Debit and Credit card transaction device is economical and capable to function in conjunction with a communication device and is connected to the communication device via earpiece.

Further, US2009/0300768 relates to an adapter for use with a conventional POS card reader to interface with PDA's, Wireless Phones, and other handheld devices. The adapter includes a housing with card reader-insertable portion capable of being inserted in the card reader, a receive circuit in the housing, a processor in the housing connected to the receive circuit; and a point of sale interface in the reader insertable portion of the housing and connected to the processor. Further, the point of sale interface comprises a magnetic stripe emulator, a Smart card emulator, or both.

US20080126260 relates to a handheld unit which is capable of emulating a plurality of smartcards or magnetic stripe cards.

Also, with these available conventional transaction devices, the customer need to carry his/her credit card, debit card, any card or mobile phone to carry transaction. In few available transaction device, the user have to carry the card as well as the mobile phone to provide OTP number to the merchant/seller. In other transaction method where e-wallet is used, the customer as well as the merchant need to have same mobile application to carry transaction.

Thus, various conventional transactional devices are available which performs transaction using credit card, debit card or other card. But in today’s day and age with incremental use of cashless transaction, there is scenario where different devices are used for different cashless transactions. As conventional transactional devices are available which performs transaction using credit card, debit card or other card. Mobile phones are used to perform transactions using e-wallet, such as BHIM, paytm, MobiKwik, FreeCharge etc. So, the merchants/sellers are facing a scenario where they have to keep different devices to conduct different mode of transaction. As with regular use of cashless transaction for all types of purchase, the use of transaction device which performs transaction using different mode become an area of grave concern for the customer buying any product.

Further, merchants/shop keepers/retailers etc. in order to maintain inventory either used paper files or purchased various software as per their business requirements. These involved issues of storage space (in case of hard copies), maintenance of multiple years record (in case of hard copies), cost aspect (in case of software), logistic issues especially in remote areas (in case of software), availability of trained staff (depending on software used) etc. Thus, the choice of option was a difficult one to make, and a need for more integrated solution was felt.

Similarly, with introduction of GST regime across India wherein different tax structure was introduced for different goods along with the requirement of depositing GST on a monthly basis or quarterly basis, merchants/shop keepers/retailers etc. felt the increasing need for an automated system wherein an integrated solution can be provided for all the aforesaid issues while fulfilling the requirement of a telecommunication device as well.

In addition, to open a bank account and withdraw money from the individual’s bank account, the user goes to the bank to open his account and to withdraw money or goes to ATM to withdraw money. The banks needs to set up its branches and ATM in every areas for its customers to withdraw money. However, in remote areas, set up of bank branches and ATM are very difficult and bank needs to spend a lot money on security of branches, ATMs, and cash as present in the branches and ATM. There are very few bank branches and ATM in remote areas and customers’ needs to travel a long distance to open bank account and even to withdraw very less amount. So, there is a need felt for mobile bank and ATM which a person can carry and which solves the problems of setup of bank branches and ATM in remote areas.

Systems and methods are available which are used to perform transaction. There are many ways to accept digital payments but does not include a single setup for different kind of payments. However, despite the aforesaid systems/methods, a need is felt for more effective, competent, efficient, and single payment mechanism to different types of payment facilities in a single POS device. The available POS devices only are single functional and are not used for different function. The merchants needs to keep different devices for different mode of digital transaction, to perform bank activity, to file GST, to withdraw money and to act a mobile phone.

Accordingly, a need was felt for an electronic device which not only acted as a POS concerning plastic money, but also supported payments through e-wallets and online payment apps specially the BHIM app including biometrics support/client recognition for safety purposes along with providing support for i) maintaining inventories; ii) filing of GST on a regular basis; and iii) acted as a telecommunication device.

It is therefore the object of the present invention to provide a smart multi-functional POS device which is a novel Universal Transaction Device and accepts different mode of digital payments. The novel Universal Transaction device is capable for swiping Credit/Debit Cards, Payments enabled by IRIS – AEPS (Aadhaar Enabled Payment System), and payments using e-wallets and QR code. Yet another object of the present invention is that the novel Universal Transaction device is also capable to perform automatic submission of GST to Government GST server after completion of the transaction.

However, yet another object of the present invention is that the novel Universal Transaction device also acts as a bank micro-branch and bank micro-ATM and able to perform account opening, e-KYC authentication using Aadhar card, bank account mini statement generation, update account details, bank to bank transfer of virtual money, cash withdrawal and money deposit.

In addition, another object of the present invention is that the novel Universal Transaction device can also act as tele-communication mobile device and able to perform mobile communication using various mobile network.

SUMMARY OF THE INVENTION

The present invention relates to a novel smart Universal Transaction device which provide a single setup for different kind of cashless payment facilities. The novel Universal Transaction Device has been developed in order to address all the aforesaid requirements and provides an integrated solution/approach to retailers/merchants/bankers/shop keepers etc.

The present invention relates to a smart and novel multi-functional POS device which deliver one payment mechanism for different types of digital payment facilities. The novel Universal Transaction device is capable of multiple functions including
• swipe Credit/Debit Cards, Payments enabled by IRIS – AEPS(Aadhaar Enabled Payment System), and payments using e-wallets and QR code;

• generates consolidated reports of digital transactions;

• perform automatic submission of GST to the Government GST server after completion of the transaction;
• acts as a bank micro-branch and bank micro-ATM and able to perform account opening, e-KYC authentication using Aadhar card, bank account mini statement generation, update account details, bank to bank transfer of virtual money, cash withdrawal and money deposit;

• used for inventory management and employee management

• act as tele-communication mobile device and able to perform mobile communication using various mobile networks;

According to another aspect of the invention, by the use of novel Universal Transaction device, there is has no need to keep different setups for individual type of payment modes at their billing desk to accept payments from different modes. By using a single novel POS device, the merchant can support multiple methods of payment modes in a single box/device.

The novel smart Universal Transaction device can perform transaction from customers either by swiping/waiving credit/ debit cards on device, by QR code scanning or by eyes scanning.

According to another aspect of the present invention, the novel Universal Transaction device have a touch screen display and includes built-in magstripe, EMV, NFC card reader to read credit card, debit card or other card for digital transaction and receipt printer to print the transaction detail. The novel Universal Transaction device is fast and reliable to use for various digital payment modes. Further, the novel Universal Transaction device also generates consolidated reports of digital transactions and is also used for inventory management and employee management.

According to another aspect of the invention, the novel smart multi-functional POS device provide solutions to the bank and used for e-KYC, authentication through Aadhar, account opening, balance enquiry, bank account mini statement generation, update account details, bank to bank transfer for virtual money, cash withdrawal, money deposit, Acknowledgment of transaction, update Aadhar details etc.

The summary is provided to introduce the system and method of representative concepts in a simplified form that are further described below in the detailed description. This summary is not intended to limit the key essential features of the present invention nor its scope and application.

Other advantages and details about the system and method will become more apparent to a person skilled in the art from the below detailed description of the invention when taken in conjugation with the drawings.

BRIEF DESCRIPTION OF DRAWINGS

The following drawings are illustrative of particular embodiments for enabling system and method of the present invention and are not intended to limit the scope of the invention. The drawings are not to scale (unless so stated) and are intended for use in conjunction with the explanations in the following detailed description.

[FIG. 1] FIG 1. illustrate a multi-function smart POS device (novel Universal Transaction Device) in accordance with the present invention.
[FIG. 2] FIG 2. show perspective views of mechanical layouts of Universal Transaction device in accordance with various embodiments of the present invention;
[FIG. 3] FIG 3. show side views of mechanical layouts of Universal Transaction device in accordance with various embodiments of the present invention.
[FIG. 4] FIG 4. show cross-section of top views of mechanical layouts of Universal Transaction device in accordance with various embodiments of the present invention.
[FIG. 5] FIG 5. show back views of mechanical layouts of Universal Transaction device in accordance with various embodiments of the present invention.
[FIG. 6] FIG 6. show hardware block diagrams of Universal Transaction device in accordance with the present invention
[FIG. 7] FIG 7. is a flow diagram illustrating one method to show that the multi-function smart POS device (novel Universal Transaction Device) acts as bank-in-a-box
[FIG. 8] FIG 8. is a flow diagram illustrating one method to show that the multi-function smart POS device (novel Universal Transaction Device) acts as merchant-in-a-box

Persons skilled in the art will appreciate that elements in the figures are illustrated for simplicity and clarity and may represent both hardware/software components of the system. Further, 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.

DETAILED DESCRIPTION OF DRAWINGS

The following description with reference to the accompanying drawings is provided to assist in a comprehensive understanding of exemplary embodiments of the invention in respect of which patent protection is being claimed. It includes various specific details to assist in that understanding but these are to be regarded as merely exemplary. Accordingly, persons skilled in the art will recognize that various changes and modifications to 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.

TERMS

It is to be understood that the singular forms “a,” “an,” and “the” include plural referents unless the context clearly dictates otherwise.

The terms and words used in the following description are to be understood in the manner used by the inventor to enable and describe the invention. For further clarity and to enable better understanding of the invention, certain key terms are being defined hereinunder.

POS Device- A Point of Sale (POS) device is an electronic device is capable for digital transaction using credit card or debit card or any other card. The POS device is capable to read the information of customer’s credit or debit card and thereafter can use that information to transfer the funds from customer’s account to seller/merchant account. After, completion of the transaction, POS device can records the transaction and prints a receipt of that transaction.

IRIS Camera- Iris recognition is an automated method of biometric identification of an individual by use of mathematical pattern-recognition techniques of an individual's eyes that detects complex unique patterns. The IRIS camera uses Iris recognition of an individual and able to detect complex unique pattern of an individual.

Aadhar Card- Aadhar Card is a 12-digit unique identity number which can be obtained by residents of India, based on individual’s biometric and demographic data.

GST- Goods and Services Tax (GST) is an indirect tax or consumption tax levied in India on the supply of goods and services. GST is levied at every step in the production process, but is meant to be refunded to all parties in the various stages of production other than the final consumer.

QR Code - Quick Response Code (QR Code) is a matrix barcode which is machine readable and contains information related to the product. QR code uses standardized encoding modes including numeric, alphanumeric, byte/binary etc. to store data efficiently.

EMV cards - EMV is a payment method based upon a technical standard for smart payment cards and store data on integrated circuits in addition to magnetic stripes. EMV cards are used for transaction of plastic money.
NFC devices – Near-field communication (NFC) devices are used in contactless payment systems. It enables short range communication between compatible devices and allows mobile payments.

Contactless payment systems- Contactless payment systems are credit cards and debit cards, smart cards, or other devices, including smartphones and other mobile devices, that use Radio-Frequency Identification (RFID) or near field communication for making secure payments.

Mobile wallet- A mobile wallet is a virtual wallet present in a mobile device and virtual money of a user is transferred from the user’s account using his/her account detail. Mobile wallets are a convenient way for a user to make in-store payments in his mobile and can be used at merchants listed with the mobile wallet service provider. Various mobile applications which uses mobile wallet for digital transaction as present in India are Paytm, BHIM, Freecharge, MobiKwik, Phone Pay, etc.
Inventory Management - Inventory management is the supervision of non-capitalized assets (inventory) and stock items.

Employee Management - Employee relationship management is a process that companies use to effectively manage all interactions with employees, ultimately to achieve the goals of the organization.

eKYC- "Know Your Customer (KYC)" is a Customer Identification Process as a part of Account Opening process with any financial entity or bank. Further, e-KYC is a paperless Know Your Customer (KYC) authentication process, wherein the identity and address of the subscriber are verified electronically through Aadhaar authentication.

DESCRIPTION

The novel Universal Transaction device a single setup for different kind of cashless payment facilities. The novel multi-functional smart POS device is used to perform digital transaction using Credit/Debit Cards, Payments enabled by IRIS – AEPS (Aadhaar Enabled Payment System), and payments using e-wallets and QR code. Further, the novel Universal Transaction device is also capable to perform automatic submission of GST to the Government GST server after completion of the digital transaction.
The novel smart POS device is multi-functional, more effective, competent, efficient, and single payment mechanism for different types of digital payment. This is achieved by multi-functional smart POS device which includes RFID Card, Contact IC Card, Magcard, micro SD card, payment chip CPU, system communication module CPU, printer and the device is also capable to support different mobile frequencies including GSM, WCDMA, EVDO, TD-SCDMA, TDD-LTE, FDD-LTE, WIFI, BT, GPS.

The novel Universal Transaction device is also capable to perform automatic submission of GST to the Government GST server after completion of the digital transaction.

The novel Universal Transaction device (10) includes three housing components i.e. upper housing component, middle housing component and lower housing component. A schematic representation of the novel Universal Transaction device (10) is illustrated in Figure 1. In accordance with one embodiment of the present invention, the upper component of the novel Universal Transaction device (10) includes a printer housing (13) having a printer socket (12). The printer housing (13) is used to print the receipts of digital transactions as carried using the credit card, debit card or other card. The printer housing (13) is a removable structure and can be easily separated from the novel Universal Transaction device (10) for maintenance and change cartridge of the printer.

The printer housing (13) includes a roll printer which can be integrated into novel Universal Transaction device (10) and is deployed logically and physically as a separate housing. The printer housing (13) can be opened using the printer socket (12).

The middle housing component includes a magnetic card slot reader (18) which is used for card payments which is performed after reading the information as present in the credit card, debit card or any other magnetic card used for digital transaction. The magnetic card slot reader (18) is used to swipe different types of cards having magnetic strip and thereafter after receiving the information of the account as linked to the credit card or debit card, the merchant deduct the amount of money as required from the buyer.

The middle housing component includes a display (20) which can be used to display/show the information and also acts as keypad to entry the data for any function. The display (20) is a color display and is a 256-level color passive display support. Such a display can support smooth scrolling for a user to move the data upside and downside. The display (20) is associated with a touch-screen, where input from the touch-screen is available. In an embodiment, the touch-screen unit is positioned over the Universal Transaction device (10) via display reader interface.

The lower housing of Universal Transaction device (10) includes a Europay/MasterCard/Visa (EMV) card reader slot (19) which is able to access data from a smart card reader. An EMV smart card is typically a credit card sized card that includes at least some electrical processing capability. The EMV smart card, because of the processing power, provides more security compared to a traditional credit or debit card.

Referring to Figure 2, a perspective view of mechanical layouts of Universal Transaction device (10) is illustrated. The novel Universal Transaction device (10) is a device for automatically reading and registering information about purchased items using bar code of the products. The upper housing of novel Universal Transaction device (10) along with printer housing (13) also includes tap area (15) for tapping cards to tap and pay card payments. The tap area (15) is placed above the printer housing (13) which provide contactless payments.

The tap area (15) comprises sensor for radio-frequency identification which detects near-by contactless payment systems such as smart cards, credit cards, debit cards, smartphones etch to conduct digital transaction by tapping of the card. The tap area (15) also includes embedded chip and antenna enable users to wave or tap their card or smartphone device over a reader or sensor. The tap area (15) helps in contactless payments which are made in close physical proximity.

The middle housing of the novel Universal Transaction device (10) Iris camera (16), includes red LED (17), magnetic card slot reader (18) and display (20).
The Iris camera (16) used in scanning eyes retina (IRIS scanning) for AEPS transactions. The Iris camera (16) is used for payments enabled by IRIS – AEPS (Aadhaar Enabled Payment System). The Iris camera (16) is also used for e-KYC using authentication through Aadhar card. The Iris camera (16) can be used for merchant related modules as well as for bank related module.

The Red LED (17) is used just to indicate that scanning by Camera is in process and it is four in number and is used for contactless reader.

Referring to Figure 3, a right side view of mechanical layouts of the novel Universal Transaction device (10) is illustrated. In this embodiment, the novel Universal Transaction device (10) includes Power supply socket (21), Device ON/OFF Button (22), volume increase button (23) and volume decrease button (24).

The power supply socket (21) is to provide power to the novel Universal Transaction device (10) using an electric charger. The power supply socket (21) charges the Lithium ion battery as present in the middle housing of the novel Universal Transaction device (10).

The device ON/OFF button (22) is used to switch on or switch off the novel Universal Transaction device (10) when a merchant desire to use the device. The volume increase button (23) and volume decrease button (24) are present to increase and decrease the volume of the novel Universal Transaction device (10).

With reference to Figure 4, one embodiment of cross-section of top view of the novel Universal Transaction device (10) is described. In the embodiment, the Iris camera (16) along with flash light (14).

The flash light (14) is covered with flashlight glass (14a) to protect the flash light from any damage.

Referring to Figure 5, a back view of mechanical layouts of the novel Universal Transaction device (10) is illustrated. In this embodiment, the novel Universal Transaction device (10) is equipped with back camera (31) to capture information from product by taking a photo of the product’s barcode. In such cases, the device is also equipped with barcode reading Software which is able to read the bar code from the captured photograph and display the information to the product.

A back slot (32) is also present to open back cover of the novel Universal Transaction device (10). Inside the back slot (32) a removable battery is present. The battery is a Lithium battery and is rechargeable and of 3.7 Volt and the limited charge voltage is 4.2 Volt. The battery supply power to various components of the novel Universal Transaction device (10).

The magnetic card slot reader (18) contains electromagnets which are also energized by the battery to generate a magnetic field for utilization credit card, debit card or any other card for digital transaction.

Figure 6 is a schematic architectural diagram of the the novel Universal Transaction device (10). The novel Universal Transaction device (10) contains most of the components for control and use of the device. System communication module CPU (45) and payment chip CPU (46) are the main processors for device 10 and provides for the overall control of the device (10), and will run the main operating system so applications.

The system communication module CPU (45) is necessary to communicate the data received from one component/unit and processed the data passed to another component/unit and is a data processing unit. The system communication module CPU (45) is a microprocessor and is contained on a single integrated circuit (IC) chip. The system communication module CPU (45) is the unit which performs most of the processing inside the device 10. It control the instructions and data flow to and from other parts of the device (10). The system communication module CPU (45) includes a control unit which extracts instructions from memory and decodes those instructions and execute them.

The payment chip CPU (46) is the semiconductor component where most calculations take place. The payment chip CPU (46) is used in processing digital payment related to card’s transaction data. The payment chip CPU (46) controls the input and output of data of the digital transaction as needs to be carried out on purchase of any product. The payment chip CPU (46) controls the magnetic stripe control circuitry and provides the account data which is to be programmed into programmable magnetic stripe.

RFID Card unit (41) is a unit that control for the magnetic stripe emulation, which is a custom chipset which will control the storage and transmission of data necessary to conclude a transaction at the POS device (10). At RFID Card unit (41), an user can tap and pay the amount using the RFID card for near field communication. These type of cards are used for contact less transactions.

Contact IC Card unit (42) is for digital transaction using EMV chip cards. These EMV chip cards are inserted in chip slot (18) for card transactions. Contact IC Card unit (42) can detect the data as present on EMV chip card and use that data for digital transaction of the required amount of money.

Magnetic Stripe Cards unit (MagCard-54) is to control transactions of the magnetic cards. The magnetic cards can be swiped at chip slot (18) which detects the data as present on the magnetic card. PSAM Card unit (52) is a smartcard integrated circuit and used to enhance the security and cryptography performance in the novel Universal Transaction device (10). The PSAM Card unit (52) is for secure and trustworthy computing environment projects, which provides digital interaction

Micro SD card unit (47) is a memory and act as external storage. The Micro SD card unit (47) is present to increase memory of the POS device (10), so that the novel Universal Transaction device (10) can store more data.

The Micro SD card unit (47) can be used for following:
• to collect and store data and information related to the digital transaction of the merchants/sellers;
• to collect and store data and information related to GST filing of the merchants/sellers;
LCD Display (20) is responsible for images and information being displayed on display located on the front face of the device (10). The LCD Display (20) also acts as keypad to entry the data for any function and scrolling of the data. The LCD display (20) is a color display and is a 256-level color passive display support. The display (20) can be associated with a touch-screen, where input from the touch-screen is available. In an embodiment, the touch-screen unit is positioned over the Universal Transaction device (10) via display reader interface.

Capacitive Touch Panel unit (CTP-43) is a touch panel unit as present below the LCD display (20). The LCD display (20) acts as protection for the capactive touch panel unit (43) and is physically present above it.

As display (20) is associated with a touch-screen, where input from the touch-screen is available to the novel Universal Transaction device (10) via display reader interface. The CTP (43) is an active area where an user using his/her finger can provide the data and that data and information will be read by the Universal Transaction device (10). Furthermore, the CTP (43) can be operable with either a finger or a Stylus under minimum pressure.

In one embodiment, the CTP (43) and LCD display (20) can be brought into calibration with one another through an appropriately written software application. Such calibration includes assuring that a particular point on the LCD display (20) is aligned with the corresponding point on the CTP (43).

The Camera (16) is an Iris camera and collects information of an individual after scanning eyes retina (IRIS scanning) for AEPS transactions. The printer (53) is a thermal printer which is used to print the receipts of the digital transactions as conducted by the Universal Transaction device (10).

Lithium battery (51) is a rechargeable battery and is present to charge the internal battery of the Universal Transaction device (10). The Lithium battery (51) is of 3.7 Volt -4.2 Volt. It is also contemplated that rechargeable Lithium battery (51) could be recharged with a portable charger. The Lithium battery (51) supplies power to various components of the POS device (10) for different functions.

The antenna (44) as connected with system communication module CPU (45) is capable to receive and transmit various mobile frequencies. The POS device (10) supports various mobile frequencies including GSM, WCDMA, EVDO, TD-SCDMA, TDD-LTE, FDD-LTE, WIFI, BT, GPS, ANT.

USB On The Go (OTG –48) allows the Universal Transaction device (10) to act as a host and allowing other USB device to be attached to it. Thus, OTG (48) helps the Universal Transaction device (10) to act as a host and device and can receive as well as transmit data. This can be performed using Bluetooth.

The RFID card unit (41), Contact IC card unit (42), Magcard unit (54), PSAM card unit (52), printer (53) and Lithium battery of 3V are connected to payment chip unit (46). Furthermore, LCD display (20), CTP unit (43), camera (17), antenna (44), microSD card (47), Lithium battery of 3.7 V – 4.2 V and OTG (48) are connected to system communication module CPU (45). In addition, the payment chip CPU (46) and system communication module CPU (45) are interconnected to control and perform different functions of the novel Universal Transaction device (10).

Figure 7. is a flow diagram illustrating one method to show that the novel Universal Transaction Device acts as bank-in-a-box.

At step 101, in order to use the novel Universal Transaction Device (10), the user/consumer/customer will start registration in the POS device (10). The user will switch-on the POS device (10) and will starting registration in POS device by filing the Merchant registration form.

At step 102, the user will fill the Merchant registration form by putting all the required details in the Merchant registration form.

Thereafter, the user will open the Apnapay web-portal and at step 103, he will login in to the Apnapay Web-portal by using his user-id and password.

Then, at step 104, the user will select BIB option (Bank-In-a-Box) as available on the display of the POS device (10) in order to use the device as a bank. If the user want to withdraw the money from his bank account then he will select the withdrawal option as displayed on POS. Further, at step 105, the user will enter his details related to his bank account in the POS device (10). The bank details will include bank account number, Aadhaar number and amount to be withdrawal to the POS device (10) using the display (20). Thereafter, at steps 106 -107, the POS device (10) will scan the customer eyes using Iris camera (17). The POS device (10) will match the customer’s eye detail with the Aadhaar data as present with the UIDAI. The POS device (10) will communicate with the UIDAI Server for authentication of customer’s iris.

In one instance and at steps 108-109, if the iris of the customer matches with the Aadhaar data then the transaction will be successfully completed and as a result an invoice will be generated for that transaction. Thereafter, the user presses print button to print the receipt on a paper using the printer as present in printer housing.

However, in other instance and at step 109, if the iris detail of the customer does not matches with the Aadhaar data then the transaction will be not be completed and will be unsuccessful. Then, the customer will have to try again by putting all the details related to his bank and again he have to scan his iris for authentication. The customer have to again complete the procedure as discussed above for using the POS device (10) as BIB device.

Figure 8. is a flow diagram illustrating one method to show that the multi-function smart POS device (novel Universal Transaction Device) acts as merchant-in-a-box.

At step 201, in order to use the novel Universal Transaction Device (10), the user/consumer/customer will start registration in the POS device (10). The user will switch-on the POS device (10) and will starting registration in the POS device by filing the Merchant registration form.

At step 202, the user will fill the Merchant registration form by putting all the required details in the Merchant registration form.

Thereafter, the user will open the Apnapay web-portal and at step 203, he will login in to the Apnapay Web-portal by using his user-id and password. Then, the user will select MIB option (Merchant-In-a-Box) as available on the display of the POS device (10) in order to use the device as an electronic transaction device or POS device.

At step 204, the user will set the payment modes on the Apnapay Web-portal such as AEPs, Cash, Cards (Credit cards, debit cards, other cards), BHIM, BharatQR Mobile Wallets (Mobikwik, Freecharge, Paytm, PhonePe etc.) and other ways to transfer plastic money as well as virtual money and real money.

At step 205, the user will prepare a Product catalogue by various means. The user can prepare the product catalogue either by adding individual entry or by uploading Excel sheet through web portal or by uploading product catalogue from POS device.
At step 206, the user can purchase the product either from the web portal or using POS device (10). The user at step 207 in order to purchase a product will select the product name from the POS device (10). Then the user will proceed further to the payment mode selection from the POS device. At step 208, the user will select the payment mode which are available at apnapay web-portal as assigned earlier. Then the user will put the detail as required for completion of transaction through the POS device (10). The POS device will then communicate with the customer’s bank in order to complete the transaction and after confirmation from the bank the transaction has been completed and the merchant will give the product to the customer.

At steps 209-210, the transaction is successfully completed and an invoice will be generated after the completion of the transaction. Also the user will press the print button to print receipt on the paper using the printer.

It should be understood that the POS device (10) can also be used as inventory manager, GST filing assistant, and will also act as a telecommunication mobile device. The novel Universal Transaction device (10) have a software which will manage the inventory of the merchant as per the sale of merchant’s product. The novel Universal transaction device (10) will also assist the merchant to file the GST as required by current GST regime in India. Further, a mobile chip can also be inserted in the Universal Transaction Device (10) through which it will communicate using various mobile network.

It should be understood that any of the embodiments of the present system can be implemented by using hardware or by use of combination of hardware and software. Based on the disclosure and teaching provided herein, a person of ordinary skill in the art will know and appreciate other ways and/or methods to implement embodiments of the present invention using specific novel POS device.

Further, any of the methods describes herein may be totally or partially performed using the novel POS device, including one or more processors, which is configured to perform the steps described herein above. Thus, embodiments are directed towards electronic POS device including specific components to perform specific steps of any of the methods described herein above. Additionally, any of the steps of any of the methods can be performed using specific circuits.

Having now described above embodiments of the invention, it should be apparent to those skilled in the art that the foregoing is merely illustrative and not limiting, having been presented by way of example only. The above embodiments are only to be construed as examples of the various different types of POS device and POS device process of the present invention. Numerous modifications and other embodiments are within the scope of the invention and any equivalent thereto. It can be appreciated that variations to the present invention would be readily apparent to those skilled in the art, and the present invention is intended to include those alternatives.

CLAIMS:We claim:

1. A smart multi-functional universal transaction device (10), comprising:
an upper housing component comprises:
a printer housing (13) for printing receipts of transactions having a printer socket (12),
a flash light (14) for indicating statuses of operations,
a tap area (15) for enabling contactless payments of payment cards by radio-frequency identification,
a back camera (31) for capturing information of a product and of an user, and
a back slot (32) to open back cover of the universal transaction device (10);

a middle housing component comprises:
a IRIS camera (16) for scanning biometric-details of the user,
a red LED (17) for indicating a scanning in process of the IRIS camera (16),
a magnetic card slot reader (18) for reading information written in payment cards,
a display (20) for showing transaction details made through the universal transaction device (10),
a power supply socket (21) for powering the universal transaction device (10),
an ON/OFF button (22), and
a volume increase button (23) and a volume decrease button (24); and

a lower housing component comprises:
a card reader slot (19) for accessing details from a smart card reader;
a plurality of processors comprising communication modules, for interacting within internal components of the universal transaction device (10) and with a plurality of external computing systems, wherein the plurality of processors are configured with:
a system communication module CPU (45) for receiving data from other components,
a payment chip CPU (46) for computing the payment transactions after receiving data from the internal components or from the plurality of external computing systems,
an RFID card unit (41) for conducting contact-less transactions,
a contact IC card unit (42) for conducting transactions by contact cards,
a magnetic stripe card units (54) for conducting transactions through magnetic cards,
a micro SD card unit (47) for external storage and a PSAM card unit (52) for encrypting the communication of the transactions between the external computing systems and the universal transaction device (10); and
a memory which stores processor instructions, which are executed by the plurality of processors.

2. The device as claimed in claim 1, wherein the printer housing (13) is a removable and replaceable component of the universal transaction device (10), capable of printing details of transactions conducted.

3. The device as claimed in claim 1, wherein the magnetic card slot reader (18) is configured to swipe payment cards and read details from in-built magnetic strips.

4. The device as claimed in claim 1, wherein the display (20) is a 256-level color passive display reader interface.

5. The device as claimed in claim 5, wherein the display (20) is also configured as a touch-screen keypad for input and output operations and wherein the display (20) is a CTP-43 capacitive-touch-panel liquid crystal display.

6. The device as claimed in claim 1, wherein the tap area (15) is further configured to an RFID sensor for radio-frequency based identification of contactless payment cards.

7. The device as claimed in claim 1, wherein the IRIS camera (16) is configured to scan biometric detail of the user and wherein scanning the biometric detail comprises at least scanning IRIS of the user or verifying finger prints of the user by a fingerprint device.

8. The device as claimed in claim 1, wherein the power supply socket (21) further charges a battery power source, present in the middle housing component of the transaction device 10.

9. The device as claimed in claim 10, wherein the battery power source is of a rechargeable type and is configured to deliver power in the range of 3.7-4.2 Volts.

10. The device as claimed in claim 1, wherein the back camera (31) is configured to capture a user’s photo, read data embedded in a bar-code of a product and wherein the back camera (31) is configured with a bar-code reading engine.

11. The device as claimed in claim 1, wherein the system communication module (45) is a microprocessor embedded in an integrated circuit chip and processes inflow and outflow of instructions between the internal components and communications with the external computing systems.

12. The device as claimed in claim 1, wherein the contact IC card unit (42) is configured to conduct transactions for chip-based contact cards.

13. The device as claimed in claim 1, wherein the micro SD card unit (47) is configured to at least:
store data on a plurality of transactions;
store data on users and merchants, wherein the users are bank customers, retail end-customers, intermediaries and the merchants are banks, retailers, and e-commerce entities; and
store data on tax statuses generated after completion of the plurality of transactions.

14. The device as claimed in claim 1, wherein the system communication module CPU (45) is connectively configured to an antenna (44), and wherein the antenna (44) receives and transmits a plurality of mobile frequencies, comprising at least of GSM, WCDMA, EVDO, TD-SCDMA, TDD-LTE, FDD-LTE, WIFI, BT, GPS, and ANT bands.

15. A method for operating a smart multi-functional universal transaction device (10) to act as bank-in-a-box, the method comprising:
registration of an user by providing detail in-built merchant registration form with the user’s credentials;

login to Apnapay web-portal using credentials;

selection of BIB option (Bank-In-a-Box) as available on display of the POS device (10) in order to use the device as a bank;

entry of details of the user related to his bank account in the POS device (10);

verification of credentials of the user using the POS device (10);
completion of transaction by the user; and

generation of receipt using printer of the POS device (10).

16. The method as claimed in claim 15, wherein the user credentials is created forming a combination of at least name, social security number, biometric details, customer identification, bank account number, electronic wallet identification, or date of birth.

17. The method as claimed in claim 15, wherein verifying the user credentials comprises verifying biometric details by using an IRIS camera (16) for scanning the user’s IRIS or verifying finger prints using a fingerprint device.

18. A method for operating a smart multi-functional universal transaction device (10) to act as merchant-in-a-box, the method comprising:
registration of an user by providing detail in-built merchant registration form with the user’s credentials;

login to Apnapay web-portal using credentials;

preparation of a product catalogue by addition of the user’s entry;

purchase of the product either from the web portal or using POS device (10) after selection of the product;
selection of a payment mode preferred by the user, from a plurality of payment modes;

conducting a transaction using one of the payment modes, based on verification by the user credentials;

printing details of a transaction statement based on the transaction made by the user; and

generation of a tax statement applicable against the transaction for the user.

19. The method as claimed in claim 18, wherein the payment transaction is carried out at least by a credit card, a debit card, a gift card, an electronic-wallet, a QR code, a biometric-based payment or a social security number, based payment system.

20. The method as claimed in claim 18, wherein swiping a payment card comprises tapping at least a magnetic strip based payment card for contactless transaction or swiping a chip based payment card, by the user.

21. The method as claimed in claim 18, wherein the communication comprises receiving and transmitting a plurality of mobile frequencies, comprising at least of GSM, WCDMA, EVDO, TD-SCDMA, TDD-LTE, FDD-LTE, WIFI, BT, GPS, and ANT bands.