FIELD OF THE INVENTION
[0001] The present invention relates generally to secure electronic payment
system. More particularly, the invention relates to a system and method for secure
electronic unique code based payment for services and goods.
BACKGROUND OF THE INVENTION
[0002] Using cash as a mode of transactions has been a popular method practiced
worldwide, since centuries. Typically, exchanging cash in return for goods and
commodities has been a popular way of procuring goods and commodities. However,
one of the shortcomings of exchanging cash in return for goods and commodities is
that the exchanged cash needs to be safeguarded against robbery attempts. Further,
carrying and depositing a large amount of money has always been a cumbersome
task.
[0003] A person typically performs numerous transactions to meet his/her daily
requirements for example, selling/purchasing of goods or commodities. One of the
major shortcomings of preferring cash transactions is that it involves high level of
risks as one need to safeguard the money for security reasons. Further, carrying cash
in bulk also increases the possibilities of occurrences of undesirable incidents such as
robbery attempts and attempts at theft.
[0004] Attempts have been made by the financial institutions to obviate the need
of carrying large amount of cash. The financial institutions, therefore introduced
cheques for making payments in bulk. Cheques are paper-based form of making
payment(s). Cheques to a certain extent have reduced people's dependency on hard
cash and have effectively acted as a secured mode of performing transactions.
Typically, in cheque based transactions, a payer is required to present a cheque to the
payee, who in turn submits the cheque to a financial institution with whom he/she is
associated. Once the cheque is received by the financial institution, it usually takes at
least three working days for a cheque to get clearance from the financial institution.
Cheques are safer than cash and better alternative for making large amount payments.
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However, major shortcomings of cheques are that it takes a lot of time for clearance,
or the cheque may get rejected, or the financial institution may refuse to accept a
cheque with an error and the like.
[0005] Internet has made processing of monetary transactions exponentially faster
than ever. With the increasing number of internet users, service providers are
targeting to provide more and more services over the Internet. A majority of ecommerce
sites on the internet use ad hoc payment methods. For example, if a person
wants to purchase coffee online, that person has to register and create an account with
an online coffee merchant by entering his personal and financial information on
websites. Further, this account creation process must be repeated with other vendors
for other purchases. This process is inconvenient to all parties involved. The
merchant must maintain a dedicated account management and payment system. The
customer must establish separate accounts with numerous merchants, in addition to
remembering the username and password information for each merchant's website. At
present it is not possible to maintain a universal username and password as each
website has different requirements. Some merchants require a username to be an
email address, while others have different requirements. Some merchants require the
password to have an upper case letter, while they may require at least one special
character, a number, etc. Even if the customers are allowed to maintain a universal
username and password in every online merchant's site, it is extremely unsafe.
[0006] The major revolution in the field of Internet e-commerce is brought in by
the introduction of cashless transactions. Internet e-commerce has introduced card
based transactions such as debit card, credit card, which can be used to make
electronic payments. If a person has run out of hard cash, he may still use his credit
card or debit card to make transactions. E-transactions enable users to make payments
sitting at home(s) or office(s). The drawbacks related to card transaction are that it
takes more than three days for the money to be received by the payee; a fee must be
paid to the financial institution if a credit card is used and in some cases a fee to be
paid to the payee if a debit card is used. Credit cards involve high interest rates so it
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becomes a very expensive way of borrowing money from the financial institution, if
debts are not cleared on time. With a credit or debit card, the user may not be
authorized, but is still capable of using the cards for purchases until the owner or
issuer realizes that his or her credit card has been stolen or compromised and has
deactivated the account. E-commerce merchants, traditional retails and other
businesses struggles to protect the customer financial details such bank accounts, card
details and the like entrusted with them. In many times, the challenge is made more
difficult by the fact that the data is duplicated across multiple systems, applications
and databases where customer's financial details are stored unprotected. Many times,
the merchants end up losing the money, since most associates do not check the
payer's identification documents due to fear of intimidating the customer.
[0007] Fraud prevention is a significant problem and the cause of extensive losses
to financial institutions. When cash is lost or stolen, there is usually no recourse but
to accept the loss. With other payment instruments, loss may not be a major issue to
the individual, but fraud causes significant losses for the payment industry. Credit
card, debit card and check fraud continue to be major problems for the payment
industry. Thus, an invention in this space is needed to make transactions more secure,
reliable, and convenient for mobile usage.
[0008] In view of above, there is a need to develop a method and system for
secure electronic payment for services and goods.
[0009] Therefore, to overcome the abovementioned drawbacks the present
invention provides a method and system for secure electronic unique code based
payment system.
SUMMARY OF THE INVENTION
[0010] Accordingly the disclosed invention provides a method and system for
secure electronic unique code based payment system.
[0011] The system is designed to prevent exposure of financial or personally
IPO DELHI 1 4 - 1 2 - 2 . 0 1 5 1 7 : 3%
identifying information of the paying parties to the receiving parties. This, by itself,
has the potential for eliminating or significantly reducing fraudulent activities in
addition to significantly reducing the time and steps required to process payments.
Systems and methods for facilitating payment transactions using Unique code are
provided. A first machine readable code encoding first data generated by an access
device is scanned by a communication device. In this embodiment, access device
generates a Unique code containing the information about amount to be accepted
from buyer. Communication device scans and verifies merchant information, amount
to be paid and subsequently makes payment. In this case the Unique code so
generated is perishable and once used for transaction it immediately expires. Thus
once a Unique code is scanned by one communication device for transaction and if
subsequently scanned by another communication device, subsequent user is notified
that the code is expired or not valid. In accordance with one embodiment, the unique
code is shared by two or more users to make payment; likewise the unique code is
shared by two or more merchants to accept payment. In accordance with one
embodiment, a system and method includes first capturing an image of a product
code, such as by taking a picture of the code with a camera on a phone. In one
embodiment, the code is a Unique code that includes sufficient information about the
product and price, to allow the user to purchase and pay for the product with
information from the code. Once captured on the mobile device, the image is
processed to obtain the product information, such as price, merchant, and description.
The user may then select the product for purchase. Purchase may be accomplished
with a simple payment button on the device screen that the user selects. Product and
payment information may then be transmitted by the device to a payment provider to
process the payment to the appropriate recipient.
[0012] In an aspect, the method of invention comprises logging in to e-commerce
portal. Further selecting a product and adding to shopping cart then proceeding to buy
or check-out. A Unique code is generated. Buyer scans the Unique code with his
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device in which payment application is preinstalled. Then the information associated
with Unique code is processed and interpreted by system and merchant identification
details and account details are displayed on buyer device. User has the provision to
save this information for a later purchase. Merchant can define time for expiration of
Unique code so that users are reminded by the application for the payment needed to
be made which is pending for the purchase done. Buyer subsequently verifies
merchant details and billing particulars on his device and select payment source from
a plurality of pre-registered sources. After buyer approve payment for said transaction
transfer of payment to merchant's account is approved. Upon completion of payment
transaction, notification is displayed on e-commerce portal and order tracking details
are also displayed. Buyer is also notified through email and or text message about
completion of payment transaction and order tracking details.
[0013] These and other advantages, aspects and novel features of the present
disclosure, as well as details of an illustrated embodiment thereof, will be more fully
understood from the following description and drawings. It is to be understood that
the foregoing general descriptions are examples and explanatory only and are not
restrictive of the disclosure as claimed.
BRIEF DESCRIPTION OF DRAWINGS
[0014J FIG. 1 illustrates schematically a payment system 100.
[0015] FIG.2 illustrates a block diagram, 200, of components involved in the
system of invention.
[0016] FIG. 3 illustrates a process flowchart 300 for the process of invention for
registration of merchant.
[0017] FIG. 4 illustrates a process flowchart 400 for the process of invention for
registration of buyer.
[0018] FIG. 5 illustrates a process flowchart 500 for the process of invention in
accordance with one of the embodiments of the invention.
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[0019] FIG. 6 and FIG.7 illustrates exemplary process flowchart 600 and 700 of
the invention according to one embodiment.
DETAILED DESCRIPTION
[0020] The Figures (FIGS.) and the following description relate to embodiments
by way of illustration only. It should be noted that from the following discussion,
alternative embodiments of the systems, methods, figures, diagrams and interfaces
disclosed herein will be readily recognized as viable alternatives that may be
employed without departing from the principles of what is claimed.
[0021] Reference will now be made in detail to several embodiments, examples
of which are illustrated in the accompanying figures. It is noted that wherever
practicable, similar or like reference numbers may be used in the figures and may
indicate similar or like functionality. The figures depict embodiments of the disclosed
system (or method) for purposes of illustration only. One skilled in the art will readily
recognize from the following description that alternative embodiments of the
systems, methods, figures, diagrams and interfaces illustrated herein may be
employed without departing from the principles described herein. In the following
description, for the purposes of explanation, numerous specific details are set forth in
order to provide a thorough understanding of the various embodiments. It will be
evident, however to one skilled in the art that the various embodiments may be
practiced without these specific details.
[0022] It may be noted that the singular references like "a", "an" and "the" also
encompass the plural references, unless the context specifies otherwise. It may also
be noted that male references like he, him, himself and/or grammatical variations
thereof also encompass their female counterparts.
[0023] The disclosed invention describes a method and system for secure
electronic unique code based payment for goods and services. Said method of
invention comprises of logging in to e-commerce portal. Further selecting a product
and adding to shopping cart then proceeding to buy or check-out. A Unique code is
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generated. Buyer scans the Unique code with his device in which payment application
is preinstalled. Then the information associated with Unique code processed and
interpreted by system and merchant identification details and account details are
displayed on buyer device. Buyer subsequently verifies merchant details and billing
particulars on his device and select payment source from a plurality of pre-registered
sources. After buyer approve payment for said transaction transfer of payment to
merchant's account is approved. Upon completion of payment transaction,
notification is displayed on e-commerce portal also order tracking details are
displayed on e-commerce portal and on buyer app as well.
[0024] Fig. 1 depicts the payment system 100 for the invention. Said payment
system comprises a user 102 communicating with the payment system 112 through a
network 106 using a user device 104. A merchant 110 is also in communication with
payment system 112 and user 102 through the network 106 using a merchant device
108.
[0025] In an embodiment, the user 102 is a user who wants to avail any of the
services or buy a desired product.
[0026] The user device 104 may comprise any of a variety of computing devices,
such as a desktop computer, a laptop, a mobile device, a tablet computer, a set-top
box, a kiosk, interactive television, gaming console, and other computing platforms
suitable for communicating with learning management system 112.
[0027] The user device 104 communicates with the payment system 112 over a
network 106. Said network 106 includes, but not limited to, a wireless area network, a
local area network, a General Packet Radio Service (GPRS) network, an Enhanced
Data for Global Evolution (EDGE) network, Code division multiple access (CDMA)
network and the like.
[0028] In another embodiment, the reviewer 110 is a merchant who offers
services or products for sale.
[0029] The user device 108 may comprise any of a variety of computing devices,
such as a desktop computer, a laptop, a mobile device, a tablet computer, a set-top
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box, a kiosk, interactive television, gaming console, and other computing platforms
suitable for communicating with payment system 112.The user device 108
communicates with the payment system 112 over a network 106.
[0030] In an embodiment the system of invention, as depicted in Fig. 2,
comprises of plurality of databases which include a merchant database 202, user
database 204, product/service database 206, Unique code database 208, Registration
module 210, Verification module 212, Billing module 214, Unique code generating
module 216, Payment processing module 218 and confirmation module 220. All the
databases are functionally connected to the modules.
[0031] A merchant database 202 is configured for receiving, storing, updating
and retrieving a plurality of data fields of merchant, such as the merchant's name,
address, and contact details. In other words merchant database 202 comprises
merchant profile information and products or services offered by merchant.
[0032] A user database 204 is configured for receiving, storing, updating and
retrieving a plurality of data fields of merchant, such as the merchant's name, address,
and contact details. In other words merchant database 204 comprises preferences of
the user.
[0033] A product/service database 206 is configured for receiving, storing,
updating and retrieving a plurality of data fields of products or services offered by a
merchant. A Unique code database 208 is configured for receiving, storing, updating
and retrieving a plurality of data fields of Unique code.
[0034] A Registration module 210 is in communication with merchant database
202, user database 204 and Unique code database 208. The Registration module 210
is configured for allowing a user 102 and merchant 110 to enter their detail in order to
get themselves registered in the payment system.
[0035] A Verification module 212 is in communication with merchant database
202, user database 204 and registration module 210. The Verification module 212 is
configured for allowing a user 102 to verify details of a registered merchant 110.
[0036] A Billing module 214 is in communication with the Verification module
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212 and Unique code generating module 216. The Billing module 214 is configured
for generating a bill for the purchase done by the user 102. The Billing module 214
generates a bill containing Unique code or bill is generated in the form of Unique
code.
[0037] A Unique code generating module 216 is in communication with merchant
database 202, user database 204, Verification module 212 and Billing module 214.
The Unique code generating module 216 is configured for generating a Unique code
unique to each transaction by a merchant or user.
[0038] A Payment processing module 218 is in communication with Verification
module 212 and Unique code generating module 216. The Payment processing
module 218 is configured for processing the payment details for a transaction.
[0039] A confirmation module 220 is in communication with Payment processing
module 218. The confirmation module 220 is configured for sending a payment
confirmation to user and merchant after a payment process is successful.
[0040] In an embodiment the system of invention, as depicted in Fig. 3, shows the
process flowchart 300 of user registration in the payment system. The process of the
invention involves, at step 302 user visiting the company website or downloading the
application from app store. At step 304 user is prompted to create his new account by
entering all the required details like name, mobile number, e-mail address and is
further prompted to set security credentials along with a unique vault pin. Optionally,
if the user is a registered user, he signs in to his account using his credentials and a
unique vault pin. Further when the user enters in his account four options are
displayed on the main screen interface viz. scan, rewards, vaults and products. 'Scan'
option allows a user to scan a Unique code with integrated device camera. 'Rewards'
option allows user to view their reward points earned from previous transactions. To
access the 'vaults' option user need to enter the unique vault pin. The vault allows
user to store details of credit or debit card or bank account details for internet
transaction. The user can add card or bank account details at any point of time after
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creating the account in the payment system.
[0041] In an embodiment the system of invention, as depicted in Fig. 4, shows the
process flowchart 400 of merchant registration in the payment system. The process of
the invention involves, at step 402 merchant visiting the company website or
downloading the application from app store. At step 404 the merchant enters into his
account by using his ID and secure unique pin assigned to him by the company at the
time of registration. Further at step 406 after entering correct credentials merchant is
directed to main screen dashboard. At step 408 Merchant is allowed to create multiple
profiles to provide access to his staff members. At step 410 each member will be
allocated a unique pin. On the main screen dashboard the list of all authorized
members of the Merchant would be displayed. At step 412 each member is prompted
to select his profile, enter the unique pin and then he will be enabled to generate a
unique code. At step 414 member is required to enter the transaction details and the
amount and click on the option 'generate code' to generate a Unique code.
[0042] In an embodiment the system of invention, as depicted in Fig. 5, shows the
process flowchart 500 of secure unique code based payment. The process of the
invention involves, at step 502 buyer logging in to e-commerce portal and
alternatively merchant generating unique code for products he wants to sell through
printed catalog. At step 504 buyer selecting a product and adding to cart, alternatively
merchant distributing printed catalogs with product details and respective Unique
code. Further at step 506 buyer proceeding to buy or check-out and alternatively user
scanning unique code with his device and adding product to his cart. Further at step
508 generating a Unique code, followed by scanning the Unique code with buyer
device having preinstalled application. After processing and interpreting information
associated with Unique code, displaying merchant identification details and account
details on buyer device at step 510. At step 512 buyer verifies merchant details and
billing particulars on his device. At step 514 buyer selecting payment source from a
plurality of pre-registered sources on his device. The process further involves, at step
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516 buyer approving payment from his device followed by transferring approved
payment to merchant's account at step 518. Further in the process at step 520
displaying payment transaction completion notification on e-commerce portal
followed by displaying order tracking details on e-commerce portal and on buyer app
as well at step 522.
[0043] In one embodiment, the process of invention, optionally, has steps
wherein merchant generates Unique code for products he want to sell through printed
catalogue. Further merchant distributes printed catalogues with product details and
respective Unique code with product detail and amount in it, followed by user
scanning Unique code with his device of an item/items and adding to cart in his
device whereas user can save the cart for later purchase
[0044] In another embodiment, the process of invention, optionally, has steps
wherein buyer visits a merchant shop pre-registered with the payment system; buyer
selects an item or items of his choice and wishes to pay through the payment system
application; merchant logs into the merchant application; merchant generates a
specific Unique code by entering details of the purchase and payment amount;
merchant prints Unique code on invoice or optionally produces device with Unique
code to buyer; buyer scans the Unique code with his device having preinstalled
application; merchant details and checkout details are displayed on buyer device;
buyer verifies merchant details and billing particulars on his device; buyer selects
payment source from a plurality of pre-registered sources on his device by entering
unique vault pin; buyer approves payment from his device; approved payment is
transferred to merchant's account; payment transaction completion notification is
displayed on merchant and buyer device.
[0045] In yet another embodiment, the process of invention, optionally, has steps
wherein buyer utilizes services of a Merchant preregistered with the payment system
and having a unique Merchant Card; buyer scans the Merchant Card with Unique
code printed on it with his device; merchant's details are displayed on Buyer's device
which are verified by buyer; buyer enters amount to be paid in his device; buyer
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selects payment source from a plurality of pre-registered sources on his device by
entering his unique vault pin; buyer approves payment from his device; payment
transaction takes place; payment transaction completion notification is displayed on
buyer device; merchant receives transaction completion notification as e-mail, SMS
or anything communication medium alike.
[0046J In one embodiment, the invention describes a non-transitory computerreadable
storage medium having a program executable by a computing device (e.g.
the payment system 112) causes the computing device to perform method steps
illustrated in FIG 5.
[0047] Upon reading this disclosure, those of skill in the art will appreciate still
additional alternative structural and functional designs for a system and a process for
managing the purchase and performance of learning applications and associated
application services in a microlearning stack through the disclosed principles herein.
Thus, while particular embodiments and applications have been illustrated and
described, it is to be understood that the disclosed embodiments are not limited to the
precise construction and modules disclosed herein. Various modifications, changes
and variations, which will be apparent to those skilled in the art, may be made in the
arrangement, operation and details of the method and system disclosed herein without
departing from the spirit and scope defined in the appended claims.
13

CLAIMS
WE CLAIM:
1. A method for unique code based secure electronic payment comprising:
logging in to e-commcrce portal;
browsing and selecting a product/products and adding to cart;
proceeding to buy or check-out;
generating a Unique code having encrypted information about seller,
products and amount to be paid;
scanning the Unique code with buyer device having preinstalled
application;
processing and interpreting information associated with Unique code;
displaying merchant details and checkout details on buyer device;
buyer verifying merchant details and billing particulars on his device;
buyer selecting payment source from a plurality of pre-registered
sources on his device by entering unique vault pin;
buyer approving payment from his device;
transferring approved payment to merchant's account;
displaying payment transaction completion notification on e-commerce
portal and a notification is also sent to buyer device;
displaying order tracking details on e-commerce portal and on buyer app
as well.
2. The method of claim 1, wherein optionally, merchant generates Unique code
for products he want to sell through printed catalogue, further merchant
distributes printed catalogues with product details and respective Unique code
with product detail and amount in it, followed by user scanning Unique code
with his device of an item/items and adding to cart in his device whereas user
may save the cart for later purchase.
3. The method of claim 1, wherein a buyer may log in to e-commerce portal via:
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website or mobile phone application.
4. The method of claim 2, wherein when buyer logs into e-commerce mobile
application the Unique code so created is processed and interpreted in the
mobile itself.
5. The method of claim 1, wherein optionally merchant uses e-commerce mobile
application merchant may enter billing particulars manually following which
Unique code may be generated.
6. The method of claim 1, wherein optionally Unique code is printed on a
merchant card.
7. The method of claim 1, wherein optionally Unique code may be shared by
two or more users for either accepting or making the payment.
8. The method of claim 1, wherein optionally, buyer visits a merchant shop preregistered
with the payment system; buyer selects an item or items of his
choice and wishes to pay through the payment system application; merchant
logs into the merchant application; merchant generates a specific Unique code
by entering details of the purchase and payment amount; merchant prints
Unique code on invoice or optionally produces device with Unique code to
buyer; buyer scans the Unique code with his device having preinstalled
application; merchant details and checkout details are displayed on buyer
device; buyer verifies merchant details and billing particulars on his device;
buyer selects payment source from a plurality of pre-registered sources on his
device by entering unique vault pin; buyer approves payment from his device;
approved payment is transferred to merchant's account; payment transaction
completion notification is displayed on merchant and buyer device.
9. The method of claim 1, wherein optionally, buyer utilizes services of a
Merchant preregistered with the payment system and having a unique
Merchant Card; buyer scans the Merchant Card with Unique code printed on
it with his device; merchant's details are displayed on Buyer's device which
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are verified by buyer; buyer enters amount to be paid in his device; buyer
selects payment source from a plurality of pre-registered sources on his device
by entering his unique vault pin; buyer approves payment from his device;
payment transaction takes place; payment transaction completion notification
is displayed on buyer device; merchant receives transaction completion
notification as e-mail, SMS or anything communication medium alike.
10. A computer readable medium embodying instructions for a method for unique
code based secure electronic payment comprising:
logging in to e-commerce portal;
selecting a product and adding to cart;
proceeding to buy or check-out;
generating a Unique code;
scanning the Unique code with buyer device having preinstalled
application;
processing and interpreting information associated with Unique code;
displaying merchant identification details and account details on buyer
device;
buyer verifying merchant details and billing particulars on his device;
buyer selecting payment source from a plurality of pre-registered
sources on his device;
buyer approving payment from his device;
transferring approved payment to merchant's account;
displaying payment transaction completion notification on e-commerce
portal;
displaying order tracking details on e-commerce portal and on buyer app
as well.
11. The computer readable medium of claim 10, wherein optionally, merchant
generates Unique code for products he want to sell through printed catalogue,
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further merchant distributes printed catalogues with product details and
respective Unique code with product detail and amount in it, followed by user
scanning Unique code with his device of an item/items and adding to cart in
his device whereas user maysave the cart for later purchase.
12. The computer readable medium of claim 10, wherein a buyer may log in to ecommerce
portal via website or mobile phone application.
13. The computer readable medium of claim 11, wherein when buyer logs into ecommerce
mobile application the Unique code so created is processed and
interpreted in the mobile itself.
14. The computer readable medium of claim 10, wherein optionally merchant
uses e-commerce mobile application merchant may enter billing particulars
manually following which Unique code may be generated.
15. The computer readable medium of claim 10, wherein optionally Unique code
is printed on a merchant card.
16. The computer readable medium of claim 10, wherein optionally Unique code
may be shared by two or more users for either accepting or making the
payment.
17. The computer readable medium of claim 10, wherein optionally, buyer visits a
merchant shop pre-registered with the payment system; buyer selects an item
or items of his choice and wishes to pay through the payment system
application; merchant logs into the merchant application; merchant generates
a specific Unique code by entering details of the purchase and payment
amount; merchant prints Unique code on invoice or optionally produces
device with Unique code to buyer; buyer scans the Unique code with his
device having preinstalled application; merchant details and checkout details
are displayed on buyer device; buyer verifies merchant details and billing
particulars on his device; buyer selects payment source from a plurality of
pre-registered sources on his device by entering unique vault pin; buyer
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approves payment from his device; approved payment is transferred to
merchant's account; payment transaction completion notification is displayed
on merchant and buyer device.
18. The computer readable medium of claim 10, wherein optionally, buyer
utilizes services of a Merchant preregistered with the payment system and
having a unique Merchant Card; buyer scans the Merchant Card with Unique
codeprinted on it with his device; merchant's details are displayed on Buyer's
device which are verified by buyer; buyer enters amount to be paid in his
device; buyer selects payment source from a plurality of pre-registered
sources on his device by entering his unique vault pin; buyer approves
payment from his device; payment transaction takes place; payment
transaction completion notification is displayed on buyer device; merchant
receives transaction completion notification as e-mail, SMS or anything
communication medium alike.