AU2013334480A1

AU2013334480A1 - Mobile payments

Info

Publication number: AU2013334480A1
Application number: AU2013334480A
Authority: AU
Inventors: Andrew Graham
Original assignee: JENAND VIC Pty Ltd
Current assignee: JENAND (VIC) Pty Ltd
Priority date: 2012-10-23
Filing date: 2013-10-23
Publication date: 2015-06-04
Also published as: WO2014063192A1

Abstract

The invention relates to systems, methods and apparatus for processing electronic payments, in particular for use with mobile electronic computing devices of consumers, such as smartphones. Consumers acquire data about products/services and merchants with their mobile electronic computing device and pay for products/services with their mobile electronic computing device. Consumers can make electronic payments using an electronic wallet stored in the consumer's mobile electronic computing device, wherein the consumer enters the payment credentials, such as payment card details or account details, and have the payment credentials verified without the need for a Trusted Service Provider.

Description

WO 2014/063192 PCT/AU2013/001228 1 TITLE MOBILE PAYMENTS FIELD OF THE INVENTION 5 The present invention relates to mobile payments in electronic payment systems. In particular, although not exclusively, the present invention relates to mobile payments, including consumer activated mobile payments, from mobile devices, such as, but not limited to smartphones, and electronic payment systems and methods for processing such electronic payments. 10 BACKGROUND OF THE INVENTION The means by which goods and services are paid for is constantly evolving. Payment by cash or cheque has been largely replaced by electronic payment cards, such as debit or credit cards. Payment by electronic payment 15 cards has itself evolved from providing a signature to authorise payment to entering a personal identification number (PIN) for cards comprising an integrated circuit (IC). More recently, contactless payment cards using near field communications/radio frequency identification (NFC/RFID) enable payments to be made without a signature or entering a PIN where the 20 transaction amount is below a threshold amount. The popularity of mobile electronic computing devices, and in particular smartphones, offers opportunities to provide more convenient payment methods and provide enhanced shopping experiences, but known solutions in this area have a number of shortcomings. For example, mobile banking 25 applications (apps) typically offered by banking institutions enable consumers to make payments from their accounts from their smartphones, but not in a manner that renders paying for goods and services in a retail environment convenient or efficient. Other payment methods using smartphones, such as pay-to-mobile, rely on the entry of a payee's smartphone number to instigate 30 payment. The consumer's financial institution also needs to be advised of the payee's account details by the payee. Therefore, such payment methods are also unsuitable for retail environments because of the time and effort involved. Various organisations including credit card companies, financial institutions, mobile device manufacturers, telecommunication companies and WO 2014/063192 PCT/AU2013/001228 2 internet companies have all developed or are in the process of developing solutions to enable consumers to make payments with their mobile devices at electronic funds transfer point of sale (EFTPOS) terminals and point of interaction (POI) terminals. 5 However, known solutions suffer from one or more of a range of drawbacks including inconvenient set-up processes, incompatibility of certain mobile devices with some of the solutions, speed of processing payments, poor 'follow-on sales, such as the inability to leverage the system for the distribution of vouchers, discounts and the like; and security issues associated 10 with the use of payment cards and/or accounts. For example, many of the known solutions require a Trusted Service Provider/Manager (TSP/M) to control and manage the use of a payment card or account via a mobile electronic computing device. Furthermore, whilst advancements in payment technology speed up 15 the payment process, known payment methods still require consumers to visit a checkout with an EFTPOS terminal to process payments. Merchants are continually looking for more efficient payment methods that avoid queues and help increase revenue. Consumers are also looking for more convenient payment methods as 20 well as ways to enhance their shopping experience, obtain the cheapest price for a product or service and for ways to take advantage of special offers, discounts and the like. OBJECT OF THE INVENTION 25 It is a preferred object of the present invention to provide a system and/or a method and/or an apparatus that addresses or at least ameliorates one or more of the aforementioned problems and/or provides a useful commercial alternative. 30 SUMMARY OF THE INVENTION Generally, embodiments of the present invention relate to systems, methods and apparatus for processing electronic payments, in particular for use with mobile electronic computing devices of consumers.

WO 2014/063192 PCT/AU2013/001228 3 Some embodiments of the present invention relate to systems, methods and apparatus for processing electronic payments in which consumers acquire data about products/services and merchants with their mobile electronic computing device, such as a smartphone, and pay for 5 products/services with their mobile electronic computing device, without the need to conduct a transaction with a payment card at a point of interaction terminal or EFTPOS terminal of a merchant providing the products/services. Some embodiments of the present invention relate to systems, methods and apparatus for processing electronic payments using an 10 electronic wallet stored in a consumer's mobile electronic computing device wherein the consumer is able to enter the payment credentials, such as payment card details or account details, and have the payment credentials verified without the need for a Trusted Service Provider. In one form, although not necessarily the broadest form, the present 15 invention resides in a method of processing electronic payments, the method comprising: a mobile electronic computing device of a consumer acquiring data relating to a merchant and a product and/or service provided by the merchant; the consumer paying for the product and/or service via the mobile 20 electronic computing device based on: i) the acquired data relating to the product and/or service and the merchant; ii) consumer account details stored in the mobile electronic computing device of the consumer; and 25 iii) a consumer verification method; a consumer financial institution with whom the consumer account is held processing data received from the mobile electronic computing device of the consumer and effecting payment to a merchant financial institution; and the merchant financial institution transmitting confirmation of settlement 30 for the product and/or service to the merchant in real time upon receiving payment from the consumer financial institution. Suitably, the method includes the merchant financial institution confirming receipt of payment with the consumer financial institution.

WO 2014/063192 PCT/AU2013/001228 4 Suitably, the method includes the consumer financial institution confirming to the mobile electronic computing device of the consumer that payment has been made. In another form, although not necessarily the broadest form, the 5 present invention resides in a method of processing electronic payments, the method comprising: a mobile electronic computing device of a consumer acquiring data relating to a merchant and a product and/or service provided by the merchant; the consumer paying for the product and/or service via the mobile 10 electronic computing device based on: i) the acquired data relating to the product and/or service and the merchant; ii) consumer account details stored in the mobile electronic computing device of the consumer; and 15 iii) a consumer verification method; a merchant financial institution processing data received from the mobile electronic computing device of the consumer and seeking settlement from a consumer financial institution with whom the consumer account is held; and 20 the merchant financial institution transmitting confirmation of settlement for the product and/or service to the merchant in real time upon receipt of confirmation of settlement from the consumer service provider. The method may include the merchant financial institution transmitting confirmation of settlement to the mobile electronic computing device of the 25 consumer. The method may include the consumer financial institution transmitting confirmation to the mobile electronic computing device of the consumer that their payment is being honoured. The method may include the consumer financial institution seeking 30 consumer verification for the payment from the consumer via their mobile electronic computing device prior to the consumer financial institution processing payment from the consumer's account to the merchant's account. Suitably, the consumer verification method includes one or more of the following: local verification in the mobile electronic computing device; remote WO 2014/063192 PCT/AU2013/001228 5 verification by the consumer financial institution; remote verification by the merchant financial institution; remote verification by an intermediate service provider. Suitably, one or more of the communications between the consumer's 5 mobile electronic computing device and the financial institutions and/or between the financial institutions and the merchant are via an intermediary service provider. Suitably, the mobile electronic computing device is a smartphone. Suitably, the data relating to the merchant and the product and/or 10 service provided by the merchant is acquired by the mobile electronic computing device scanning a code, such as a barcode or a Quick Response (QR) code, or reading a RFID tag. Suitably, the data relating to the merchant includes account details to which payment should be made for the product and/or service provided by the 15 merchant. Suitably, the data relating to the product and/or service includes one or more of the following: a description of the product/service; a price of the product/service; a unique code for the product/service; a number or quantity of the products/services; a total amount for the product(s)/service(s); a 20 transaction reference number; a merchant name and/or address; a consumer name and/or address; any special offers, discounts and/or benefits available in relation to the product and/or service. In some embodiments, the merchant financial institution and the consumer financial institution may be the same institution. 25 In another form, although not necessarily the broadest form, the present invention resides in a system for processing electronic payments, the system comprising: a merchant financial institution and a consumer financial institution coupled to a communications network; 30 a communications device of a merchant in communication with the merchant financial institution; and a mobile electronic computing device of a consumer storing consumer account details therein; WO 2014/063192 PCT/AU2013/001228 6 wherein the merchant financial institution processes data received from the mobile electronic computing device of the consumer, the data representing instructions for payment for a product and/or service based on data acquired by the mobile electronic computing device about the merchant 5 and the product and/or service; and wherein the merchant financial institution transmits confirmation of settlement for the product and/or service to the communications device of the merchant in real time upon receipt of confirmation of settlement from the consumer financial institution. 10 Alternatively, the consumer financial institution processes data received from the mobile electronic computing device of the consumer and effects payment to the merchant financial institution. Suitably, the system may include an intermediary service provider processes communications between the consumer's mobile electronic 15 computing device and the financial institutions and/or between the financial institutions and the merchant. In a further form, although not necessarily the broadest form, the present invention resides in an intermediary service provider for processing electronic payments, the service provider comprising: 20 a processor coupled to be in communication with at least one memory, the memory storing unique identifiers for merchants, consumers and/or products/services; and an interface coupled to be in communication with the processor and a communications network for receiving and transmitting data representing 25 instructions relating to payment for a product and/or service based on data acquired by a consumer's mobile electronic computing device about a merchant and the product and/or service; wherein the mobile electronic computing device stores consumer account details to enable a consumer to instruct payment from the mobile 30 electronic computing device. In a further form, although not necessarily the broadest form, the present invention resides in a method of processing electronic payments, the method comprising: WO 2014/063192 PCT/AU2013/001228 7 storing in a mobile electronic computing device consumer account details entered into the device by a consumer, or a token representative of the consumer account details; the mobile electronic computing device of a consumer acquiring data 5 relating to a merchant selling a product and/or service; a computing apparatus receiving the data relating to the merchant and the consumer account details from the mobile electronic computing device; and the computing apparatus transmitting the consumer account details to 10 a terminal of the merchant to effect payment for the product and/or service. In a further form, although not necessarily the broadest form, the present invention resides in a system for processing electronic payments, the system comprising: a terminal for displaying a code comprising data relating to a merchant 15 selling a product and/or service, the code readable by a consumer's mobile electronic computing device comprising consumer account details entered into the device by a consumer or a token representative of the consumer account details; a computing apparatus in communication with the terminal, via a 20 communications network for receiving the data relating to the merchant and the consumer account details from the mobile electronic computing device; wherein the computing apparatus transmits the consumer account details to a terminal of the merchant to effect payment for the product and/or service. 25 In a further form, although not necessarily the broadest form, the present invention resides in a computing apparatus for processing electronic payments, the computing apparatus comprising: a processor coupled to be in communication with at least one memory, the memory at least storing data relating to merchants and consumers; and 30 an interface coupled to be in communication with the processor and a communications network for receiving from a consumer's mobile electronic computing device data relating to a merchant and consumer account details, or a token representative of the consumer account details, wherein the WO 2014/063192 PCT/AU2013/001228 8 consumer account details or the token are entered into the device by the consumer; wherein the computing apparatus transmits the consumer account details to a terminal of- the merchant to effect payment for a product and/or 5 service. Suitably, the computing apparatus can be in the form of a web server, a web application, an eCloud host or other computing apparatus that bridges communications between the merchant terminal and the consumer's mobile electronic computing device. 10 The computing apparatus may be operated by the merchant or may be operated by an intermediary service provider. Preferably, the consumer account details entered into the device by a consumer are verified by a known verification method. Suitably, the mobile electronic computing device is a smartphone. 15 Suitably, the mobile electronic computing device may also acquire data relating to the product/service. Suitably, the data relating to the merchant and/or the product/service provided by the merchant is acquired by the mobile electronic computing device scanning a code, such as a barcode, a Quick Response (QR) code, or 20 an RFID tag. Suitably, the code may be displayed on the terminal of the merchant or on a sticker adjacent the terminal. Suitably, the data relating to the merchant includes one or more of the following: identification of the merchant; merchant account details; 25 identification of the terminal at which payment is to be made. Further forms and/or features of the present invention will become apparent from the following detailed description. BRIEF DESCRIPTION OF THE DRAWINGS 30 In order that the invention may be readily understood and put into practical effect, reference will now be made to preferred embodiments of the present invention with reference to the accompanying drawings, wherein like reference numbers refer to identical elements. The drawings are provided by way of example only, wherein: WO 2014/063192 PCT/AU2013/001228 9 FIG 1 is a schematic diagram illustrating an electronic payment system according to embodiments of the present invention; FIG 2 is schematic diagram illustrating an electronic payment method according a first embodiment of the present invention; 5 FIG 3 is schematic diagram illustrating an electronic payment method according a second embodiment of the present invention; FIG 4 is schematic diagram illustrating an electronic payment method according a third embodiment of the present invention; FIG 5 is schematic diagram illustrating an electronic payment method 10 according a fourth embodiment of the present invention; FIG 6 is schematic diagram illustrating an electronic payment method according a fifth embodiment of the present invention; FIG 7 is schematic diagram illustrating an electronic payment method according a sixth embodiment of the present invention; 15 FIG 8 is schematic diagram illustrating an electronic payment method according a seventh embodiment of the present invention; FIG 9 is schematic diagram illustrating an electronic payment method according a eighth embodiment of the present invention; FIG 10 is a schematic diagram illustrating an electronic payment 20 system according to embodiments of the present invention; FIG 11 is a general flow diagram illustrating an electronic payment method according to embodiments of the present invention; FIG 12 is schematic diagram illustrating a mobile electronic computing device for use with embodiments of the present invention; 25 FIG 13 is another schematic diagram illustrating the electronic payment system according to embodiments of the present invention; and FIG 14 is a further schematic diagram illustrating the electronic payment system according to further embodiments of the present invention. Skilled addressees will appreciate that elements in the drawings are 30 illustrated for simplicity and clarity and have not necessarily been drawn to scale. For example, the relative dimensions of some of the elements in the drawings may be distorted to help improve understanding of embodiments of the present invention.

WO 2014/063192 PCT/AU2013/001228 10 DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENTS Embodiments of the present invention relate to systems, methods and apparatus for processing electronic payments, in particular for use with mobile electronic computing devices of consumers, such as smartphones. However, 5 embodiments of the present invention are applicable to use with other mobile electronic computing devices, such as, but not limited to tablets, personal digital assistants (PDAs) and portable media players. With reference to FIG 1, a payment system 10 for processing electronic payments comprises a merchant financial institution 12 and a consumer 10 financial institution 14 coupled to a communications network 16. The financial institutions 12, 14 can be any account holding institution or organisation, such as, but not limited to, a bank, credit union or payment card issuing institution. In some embodiments the merchant financial institution 12 and the consumer financial institution 14 can be the same financial institution, e.g. the same 15 bank or card issuing institution. A mobile electronic computing device 18, such as a smartphone, of a consumer stores consumer account details therein. The consumer account details can be details of a conventional bank account or an account with another financial institution or account details for any type of electronic 20 payment card, such as a debit card or credit card. In some embodiments, the mobile electronic computing device 18 also stores consumer account verification data sufficient to provide consumer verification or authorisation for a payment to be made from the consumers account from the mobile electronic computing device 18. The consumer 25 account verification data can be in the form of a PIN, code, password and/or other form of secret information selected by the consumer or randomly generated and allocated by the consumers financial institution. In some embodiments, the consumer account verification data is, entered into the mobile electronic computing device 18 by the consumer each time the 30 consumer wishes to authorise a transaction. The consumer account verification data is checked locally in the mobile electronic computing device 18, or is checked remotely, for example at the financial institution, to enable the transaction to proceed. However, it will be appreciated that the present invention is not limited to the consumer verification method employed.

WO 2014/063192 PCT/AU2013/001228 11 Both the consumer account details, and in relevant embodiments, the consumer account verification data, is stored securely in the device 18 by any suitable means to maximize physical and logical security and to maintain security of transactions. For example, in some embodiments the consumer 5 account details are stored in a first memory of the mobile electronic computing device 18 using a first encryption standard and the consumer account verification data is stored in a second memory of the mobile electronic computing device 18 using a second encryption standard. To access the consumer account details and/or to enable or activate 10 the consumer account verification data stored in the device 18, in some embodiments the device comprises biometric means, such as a fingerprint scanner, retina scanner and/or facial recognition software. Successful recognition of the user of the device is required to access or enable the consumer account details and/or the consumer account verification data. 15 The device 18 will also comprise conventional security measures, such as the need to enter a personal identification number (PIN) to activate the device 18. In some embodiments, the consumer account details and the consumer account verification data are stored securely in an integrated circuit 20 in the form of a subscriber identity module (SIM) typically used with smartphones and other mobile devices. Therefore, both the PIN and a personal unlocking code (PUK) may be required to access or enable the consumer account details and/or the consumer account verification data to effect payments from the device 18. 25 One advantage of this arrangement is that the authorisation of payments from the consumer's account can be made securely without transmitting the consumer account verification data outside of the mobile electronic computing device 18. In accordance with embodiments of the present invention, in a retail 30 environment, for example, a consumer uses their mobile electronic computing device 18 to acquire data relating to a merchant and to acquire data relating to a product and/or service provided by the merchant. For example, the consumer can use their mobile electronic computing device 18 to acquire data relating to a merchant from a website of the merchant or another website WO 2014/063192 PCT/AU2013/001228 12 advertising the products and/or services of that merchant. This could be achieved by downloading data from the website including account details to which payment should be made for the product and/or service provided by the merchant and any other data relating to the merchant, such as a specific store 5 identifier, merchant location, and/or merchant department. The merchant account details can include the merchant's financial institution, sort code for the merchant's financial institution and the merchant's account number with the financial institution. Alternatively, merchant details can be acquired by the consumer whilst 10 at the premises of the merchant. For example, the mobile electronic computing device 18 can scan a code, such as a barcode or a Quick Response (QR) code 20, using a camera and a code scanning application of the device 18, or by reading a RFID tag using near field communications (NFC) capabilities of some mobile electronic computing devices 18. 15 - In other embodiments, merchant details can be acquired by the consumer on their device 18 by scanning codes in advertisements for the merchant, for example, found at bus/tram/train stops, on billboards, in magazines, on flyers or vouchers or elsewhere. Data relating to a product and/or service can be acquired in a similar 20 manner to acquiring the merchant details. For example, the code or RFID tag 20 scanned by the consumer's device 18 to acquire the product/service data can comprise the Universal Product Code (UPC), European Article Number (EAN) or other electronically readable code for uniquely identifying the product or service. A look up process retrieves the data relating to the product code, 25 for example, from a local database operated by the merchant or a remote database offered by another provider. Alternatively, the data could be sent from the merchant's POS (checkout cash register) system to the consumer's device 18. The data relating to the product and/or service can include one or more of the following: a description of the product/service; a price of the 30 product/service; a unique code for the product/service; a number or quantity of the products/services; a total amount for the product(s)/service(s); a transaction reference number; a merchant name and/or address; a consumer name and/or address; any special offers, discounts and/or benefits available in relation to the product and/or service.

WO 2014/063192 PCT/AU2013/001228 13 In some embodiments, it is envisaged that the consumer can perform a single scanning process, or other single data acquisition process, with their mobile electronic computing device 18 to acquire both the data relating to the merchant and the data relating to the product and/or service provided by the 5 merchant. For example, a single QR code can comprise the product/service data and the merchant data. Once the data acquisition process has been performed, the consumer has the merchant data, the product/service data, the consumer account details and in some embodiments the consumer account verification data 10 stored in their mobile electronic computing device 18. The consumer is therefore able to request payment for the product/service from their device 18 without the need to process a payment card at an EFTPOS terminal or a point of interaction terminal of the merchant. However, it will be appreciated that merchant will want to check that payment has been made for the consumer's 15 products/services by any suitable means. This can include the consumer visiting a checkout to enable the merchant to, for example, check that goods listed against a specific transaction number match the goods in the consumer's possession. Alternatively, this process may be automated, for example, by a device at the exit of the store detecting a payment confirmation 20 in the consumer's mobile device 18 which is checked against a transaction confirmation received by the merchant. Alternatively, the merchant may deliver the products to the consumer. In one example, the code 20 is displayed on or next to a product in a merchant's store and a consumer scans the code 20 with their device 18 to 25 acquire the merchant details and the product details necessary to effect payment for the product. In another example, a code 20 can be displayed at a bus/tram/train stop in association with an advertisement for a product/service offered by a merchant located in the same suburb or a nearby suburb. Scanning the code 30 20 with the device 18 would enable a consumer to acquire the merchant details and the product/service details necessary to effect payment for the product/service. The consumer can then visit the nearby store of the merchant to collect the product/service.

WO 2014/063192 PCT/AU2013/001228 14 In some embodiments, when the consumer effects payments for the product and/or service via their mobile electronic computing device 18 based on the acquired data relating to the product and/or service, the merchant details, the consumer account details and optionally the consumer verification 5 details stored in the consumer's device 18, is transmitted to the merchant financial institution 12. The merchant financial institution processes the data received from the consumers device 18 and seeks settlement from the consumer financial institution 14 with whom the consumer account is held. Upon receipt of confirmation of settlement from the consumer financial 10 institution 14, the merchant financial institution 12 transmits confirmation of settlement for the product and/or service to a communications device 22 of the merchant in real time. The communications device 22 of the merchant can be a point of sale terminal, a mobile electronic computing device, such as a smartphone, tablet, PDA or other device of the merchant. Once the merchant 15 has received confirmation of payment, the consumer can leave the store with the product/service. In some embodiments, the consumer also receives confirmation on their mobile device 18 that the transaction has been processed. The aforementioned payment process is one example of the payment 20 process according to embodiments of the present invention and is shown in FIG 2. Payment methods according to other embodiments of the present invention will be described herein with reference to FIGS 3-9. For example, in some embodiments, it is envisaged that payments can be processed by or routed through an intermediary payments apparatus 24 25 operated by an intermediary service provider, as shown in FIGS 6-9. The intermediary payments apparatus 24 can comprise a processor coupled to be in communication with at least one memory, the memory storing unique identifiers for merchants, consumers and/or products/services. Apparatus 24 can also comprise an interface coupled to be in communication with the 30 processor and the communications network 16 for receiving and transmitting data representing instructions relating to payments between consumers, merchants and financial institutions. Apparatus 24 can verify the identification of the merchant and/or the consumer and/or the product/service and/or the WO 2014/063192 PCT/AU2013/001228 15 financial institution. The unique identifiers for the products/services can be in the form of the UPC, EAN or other code. FIG 2 shows the sequence of events in accordance with the embodiments of the payment processing methods of the present invention 5 referred to above. In step 1, the method includes the mobile electronic computing device 18 of the consumer acquiring data relating to the merchant and a product and/or service provided by the merchant. This data can be acquired at the premises of the merchant, from local or remote databases, from the merchant 10 POS system, from QR codes or similar, from websites, advertisements, flyers, vouchers, paperwork or elsewhere as described herein. In step 2, the acquired data relating to the product and/or service and the merchant and the consumer account details stored in the device 18 of the consumer are transmitted to the merchant financial institution 12. 15 In step 3, the method includes the merchant financial institution 12 processing data received from the consumer's device 18 and seeking payment from the consumer financial institution 14. In step 4, where the payment can be processed, the method includes the consumer financial institution 14 effecting payment for the product/service 20 to the merchant's account at the merchant financial institution 12. In step 5, the method includes the merchant financial institution 12 transmitting confirmation of settlement for the product and/or service to the merchant in real time. The merchant can then release the product/service to the consumer. 25 In step 6, the method includes the merchant financial institution 12 confirming to the mobile electronic computing device 18 of the consumer that payment has been made. FIG 3 shows the sequence of events in accordance with some other embodiments of the payment processing methods of the present invention. 30 The process in step I is the same as step 1 in FIG 2. In step 2, the method includes the consumer effecting payment for the product and/or service via the mobile electronic computing device 18 based on the acquired data relating to the product and/or service and the merchant and the consumer account details stored in the device 18 of the consumer, which are WO 2014/063192 PCT/AU2013/001228 16 transmitted to the consumer financial institution 14 with whom the consumer account is held. In some embodiments, the consumer verification data is also transmitted to the consumer financial institution. In step 3, the method includes the consumer financial institution 12 5 processing data received from the consumer's device 18 and effecting payment to the merchant financial institution 12. . In step 4, where the payment can be processed, the method includes the merchant financial institution 12 transmitting confirmation of receipt of payment to the consumer financial institution 14. 10 In step 5, the method includes consumer financial institution 12 confirming to the mobile electronic computing device 18 of the consumer that payment has been made. In step 6, the method includes the merchant financial institution 12 transmitting confirmation of settlement for the product and/or service to the 15 merchant in real time. The merchant can then release the product/service to the consumer. FIG 4 shows the sequence of events in accordance with further embodiments of payment processing methods according to the present invention. The processes in steps 1, 2 and 3 are the same as steps 1, 2 and 3 20 as described above in relation to FIG 2. In step 4, the method includes the consumer financial institution 14 transmitting confirmation to the mobile electronic computing device 18 of the consumer that they payment is being honoured. Steps 5 and 6 as shown in FIG 4 for this embodiment are the same as 25 steps 4 and 5 respectively for the embodiment shown in FIG 2. Another payment processing method according to embodiments of the present invention is shown in FIG 5. The processes in steps 1, 2 and 3 are the same as steps 1, 2 and 3 as described above in relation to FIG 2. In step 4, the method includes the consumer financial institution 14 30 seeking consumer verification for the payment from the consumer via their mobile electronic computing device 18 prior to the consumer financial institution processing payment from the consumer's account to the merchant's account.

WO 2014/063192 PCT/AU2013/001228 17 If the consumer financial institution 14 receives consumer verification for the payment in step 5, at step 6, the method includes the consumer financial institution 14 effecting payment for the product/service to the merchant's account with the merchant financial institution 12. 5 Step 7 in FIG 5 corresponds to step 5 for the embodiment shown in FIG 2, i.e. the merchant financial institution 12 transmitting confirmation of settlement for the product and/or service to the merchant in real time. Further embodiments of payment processing methods according to the present invention including the intermediary service provider 24 will now be 10 described with reference to FIGS 6-9. Referring to FIG 6, the process in step 1 is the same -as step I in FIG 2. In step 2, the method includes the consumer effecting payment for the product/service via the mobile electronic computing device 18 based on the acquired data relating to the product/service and the merchant and the 15 consumer account details stored in the device 18 by transmitting the data to the service provider 24. In step 3, the service provider 24 relays the payment request to the merchant financial institution 12. Steps 4 and 5 in FIG 6 correspond to steps 3 and 4 in the payment method shown in FIG 2 wherein the merchant financial 20 institution 12 seeks payment from the consumer's financial institution 14 and the consumer's financial institution 14 makes payment to the merchant's account for the product/service where the funds area available and verification requirements have been satisfied. In step 6, the method includes the merchant financial institution 12 25 confirms payment has been made to the service provider 24. In steps 7 and 8 respectively, the service provider confirms to the consumer and to the merchant that payment has been made. Referring to FIG 7 which illustrates another embodiment of the payment method of the present invention, steps 1-6 are the same as steps 1-6 30 in the previous embodiment described above with reference to FIG 6. However, in this embodiment, at step 7, the method includes the merchant financial institution 12 transmitting an independent verification that the payment has been made to the merchant, i.e. not via the service provider 24.

WO 2014/063192 PCT/AU2013/001228 18 At step 8, the consumer receives confirmation from the service provider that payment has been made. With reference to the payment method shown in FIG 8, steps 1 and 2 are the same as steps 1 and 2 in the previous embodiment described above 5 with reference to FIG 7. In step 3, the service provider 24 relays the payment request to the consumer financial institution 14. In step 4 the consumer financial institution 14 makes payment to the merchant's account with the merchant financial institution 12 where the funds 10 area available and verification requirements have been satisfied. In step 5 the merchant financial institution 12 confirms receipt of payment to the consumer financial institution 14 and in step 6 consumer financial institution, 14 confirms to the service provider that payment has been made. 15 In step 7, the service provider 14 confirms to the consumer that payment has been made and in step 8, the merchant financial institution 12 independently confirms to the merchant in real time that payment has been received for the product/service in the merchant's account. With reference to the payment method shown in FIG 9, steps 1-6 are 20 the same as steps 1-6 in the previous embodiment described above with reference to FIG 8. At step 7, the payment method in this embodiment includes the service provider 14 confirming to the merchant that payment has been made to their account. At step 8, the consumer also receives confirmation from the service 25 provider that payment has been made. It will be appreciated that the present invention is not limited to the consumer verification method employed. In the embodiments described herein, the consumer verification method can include one or more of the following consumer verification methods: local verification in the mobile 30 electronic computing device 18; remote verification by the consumer financial institution 14; remote verification by the merchant financial institution 12; remote verification by the intermediate service provider 24. With reference to FIG 10, a payment system 11 for processing electronic payments comprises a consumer mobile electronic computing WO 2014/063192 PCT/AU2013/001228 19 device 18, such as a smartphone. The device 18 stores consumer account details, which are entered into the device by the consumer. In some embodiments, the functionality required to enable the device 18 to receive and store the consumer account details can be downloaded to the device in an 5 application (an app), or from a website or by any other means as are known in the art. The consumer account details can be details of a conventional bank account or an account with another type of financial institution or account details for any type of electronic payment card, such as a debit card or a credit 10 card. The consumer account details can include a name in which the account is held and a number for the account. The consumer account details can also include further information, such as but not limited to an issue number of the payment card, a start date, an expiry date and/or a card security code (CSC), card verification code (CVC) or card verification value (CW). 15 The consumer account details are stored securely in the device 18 by any suitable means to maximize physical and logical security and to maintain security of transactions. For example, in some embodiments the consumer account details are stored in a memory of the mobile electronic computing device 18 using a suitably robust encryption standard. 20 In some embodiments, the consumer account details are stored securely in an integrated circuit in the form of a subscriber identity module (SIM) typically used with smartphones and other mobile devices. Therefore, both the PIN and a personal unlocking code (PUK) may be required to access or enable the consumer account details to effect payments from the device 25 18. In some embodiments, the consumer can store consumer account details for multiple accounts to enable the consumer to select an account from which to make their payment. Once the consumer account details have been entered into the device 30 18 by the consumer, the consumer account details are verified by a known verification method. It will be appreciated that the present invention is not limited to the verification method employed and that the particular verification method employed may depend on the type of consumer account details employed. For example, if the consumer account details relate to a VISA WO 2014/063192 PCT/AU2013/001228 20 credit card, the verification method employed can be Verify by VISA. If the consumer account details relate to a Mastercard, the Mastercard SecureCode verification method can be employed. In some embodiments, the verification method can include the consumer capturing an image of their payment card 5 with the camera on their device 18 and transmitting the image for verification. To access the consumer account details stored in the device 18, in some embodiments the device comprises biometric means, such as a fingerprint scanner, retina scanner and/or facial recognition software. Successful recognition of the user of the device is required to access or 10 enable the consumer account details. The device 18 will also comprise conventional security measures, such as the need to enter a personal identification number (PIN) to activate the device 18. The consumer account details can be stored in the device 18 as part of 15 a mobile electronic wallet function, which can also store data relating to vouchers, coupons, gift cards, receipts and/or loyalty programs for the consumer. The mobile electronic wallet can be registered with an identification used by the consumer for a third party service with which the consumer is registered. For example, the mobile electronic wallet can be registered with 20 the consumer's Apple ID, Google ID and/or social media account. Referring to FIG 10, payment system 11 comprises a merchant terminal 26 comprising a pin pad or keypad 28 for entering a PIN. It will be appreciated that the keypad 28 also comprises a display. The merchant terminal 26 can include or be coupled to a merchant point of sale (POS) 25 terminal 27, but the merchant POS terminal is not essential to the present invention. The system shown in FIG 10 also includes a computing apparatus 25 in communication with the terminal 26 via a communications network 16. The computing apparatus 25 can be in the form of a web server, a web 30 application, an eCloud host or other computing apparatus. The computing apparatus 25 bridges communications between the merchant terminal 26 and the consumer's mobile electronic computing device 18. The computing apparatus 25 can be operated by the merchant or by an intermediary service provider or another entity.

WO 2014/063192 PCT/AU2013/001228 21 It will be appreciated that the merchant will hold an account with a merchant financial institution 12 and the consumer account will be held with a consumer financial institution 14, both of which are coupled to the communications network 16. The financial institutions 12, 14 can be any 5 account holding institution or organisation, such as, but not limited to, a bank, building society, credit union or payment card issuing institution. In some embodiments the merchant financial institution 12 and the consumer financial institution 14 can be the same financial institution, e.g. the same bank or card issuing institution. 10 In a retail environment, for example, a barcode or the like for the goods and/or services to be purchased by a consumer is scanned by the merchant at the POS and the amount to be tendered is displayed on the display of the keypad 28 in a conventional manner. In accordance with embodiments of the present invention, a code 20 comprising data relating to the merchant is 15 displayed to the consumer. In some embodiments, the code is displayed on the display of the keypad 28 and in other embodiments a dedicated display can be used to display the code. In other embodiments, the code 20 can be displayed on a sticker adjacent the POS or displayed in any other suitable manner. The code can be in the form of a barcode or a Quick Response (QR) 20 code 20, which is readable by a consumer's mobile electronic computing device 18, for example, by using a camera and a code scanning application of the device 18. It is envisaged that the data relating to the merchant can be acquired by the consumer's device 18 by any other suitable data acquisition protocol, for example, using Bluetooth, Infrared and/or near field 25 communications (NFC) capabilities of some mobile electronic computing devices 18. The data relating to the merchant can include one or more of the following: identification of the merchant, such as a specific store identifier, merchant location, and/or merchant department; merchant account details 30 such as the merchant's financial institution, sort code and account number; identification of the terminal 26 at which payment is to be made including a specific TCP/IP address, or other network address. The consumer selects the account (e.g. payment card) from which they wish to make their payment on their mobile electronic computing device WO 2014/063192 PCT/AU2013/001228 22 18, for example, if more than one account is available to the consumer. Next, the consumer scans the code 20 with their mobile device 18 to acquire the data relating to the merchant. Details of the transaction including the amount to be tendered are then displayed on the consumer's mobile device 18. The 5 consumer then requests payment to be made, for example by selecting a Pay icon displayed on their device 18. The consumer's mobile electronic computing device 18 transmits the data relating to the merchant and the consumer account details to the computing apparatus 25 via the communications network 16. The computing apparatus 25 then transmits the 10 consumer account details to the terminal 26 of the merchant in addition to the transaction receipt. The terminal 26 already has the amount to be tendered and details of the product/service from the initial scan. By virtue of the transmission from the computing apparatus 25, the terminal 26 also has the account details to effect 15 payment for the product and/or service. The consumer can then enter their PIN or sign to verify the transaction. Although the consumer will see whether the transaction has been approved or declined on the display of the key pad 28, a confirmation of the transaction may be sent to the consumer's mobile device 18. 20 Importantly, by receiving the consumer account details from the computing apparatus 25 at the terminal 26, the merchant can identify the consumer and the merchant is therefore able to tailor offerings to the consumers, such as vouchers, discounts, special offers and therefore likely improve follow-on sales. 25 In some embodiments, it is envisaged that the consumer also acquires data relating to the product and/or service being purchased by scanning the code 20. The data relating to the product and/or service can include one or more of the following: a description of the product/service; a price of the product/service; a unique code for the product/service; a number or quantity of 30 the products/services; a total amount for the product(s)/service(s); a transaction reference number; a merchant name and/or address; a consumer name and/or address; any special offers, discounts and/or benefits available in relation to the product and/or service.

WO 2014/063192 PCT/AU2013/001228 23 In some embodiments,. it is envisaged that the consumer account details are stored in the consumers mobile device 18 in the form of a unique token. For example, a consumer can place their payment card in a secure EFTPOS terminal at a merchant, financial institution or elsewhere. The 5 EFTPOS terminal encrypts the account details for the card and transmits the encrypted account details to a provider, such as an intermediary service provider. The provider creates the unique token which represents the account details. The token in securely transmitted to the consumer's mobile device 18 and the transactions involving the consumer account details via the 10 consumer's mobile device 18 as described herein are conducted using the token. A look up process is then used to obtain the card details from the token to enable the merchant to process the transaction. FIG 11 shows the sequence of events in accordance with embodiments of the payment processing methods of the present invention referred to 15 above. In step 100, the method includes the terminal 26 scanning the barcode or the like of a product/service to obtain the amount to be tendered, which is displayed on the terminal 26. In step 102, the method includes the terminal 26 sending the 20 transaction details over the communication network 16 to the computing apparatus 25. The computing apparatus 25 stores the transaction details as a pending transaction for the particular terminal 26. In step 104, the method includes storing in a mobile electronic computing device consumer account details entered into the device by a 25 consumer, or a token representative of the consumer account details. It will be appreciated that this may occur prior to either of the previous steps. In step 106, the method includes the mobile electronic computing device 18 of the consumer acquiring data relating to the merchant selling the product/service, for example by scanning the code 20 displayed at the 30 terminal 26. In step 108, the method includes the details of the transaction including the amount to be tendered being transmitted from the computing apparatus 25 to the consumer's mobile device 18 where they are displayed.

WO 2014/063192 PCT/AU2013/001228 24 In step 110, the method includes the consumer authorising the transaction via their mobile device 18, for example by selecting a Pay icon on their mobile device 18. In step 112, the method includes the computing apparatus 25 receiving 5 the data relating to the merchant and the encrypted consumer account details from the mobile electronic computing device 18. In step 114, the method includes the computing apparatus 25 transmitting the encrypted consumer account details to the terminal 26 of the merchant. 10 In step 116, the method includes the terminal 26 decrypting the consumer account details to enable the merchant to process the payment for the product and/or service. The consumer verifies the payment at the keypad 28 in the usual manner. This will involve communications between the' merchant financial institution 12 and the consumer financial institution 14 as is 15 known in the art. In some embodiments, the communications between the merchant financial institution 12 and the consumer financial institution 14 may be via the computing apparatus 25. It will be appreciated that all transmissions of data that involve consumer account details will be encrypted to maintain security of the 20 consumer account details within the system and minimise the potential for fraud. Hence, it will be understood that the transmission and reception of such data will involve the necessary encryption and decryption processes. With reference to FIG 12, mobile electronic computing device 18 comprises a processor 30 in communication with a memory 32, a reader 34 25 and input/output device 36. Processor 30 can be any suitable processor typically found in a mobile electronic computing device, such as a smartphone, tablet or PDA. Memory 26 can be any suitable memory typically found in a mobile electronic computing device and can be in the form of, for example, a random access memory (e.g. static random access memory 30 (SRAM), or synchronous dynamic random access memory (SDRAM)), or hybrid memory (e.g., FLASH), or comprise a combination thereof or other types of memory as are well known in the art. Memory 32 comprises computer readable program code components, at least some of which are selectively executed by the processor 30 and which are configured to cause WO 2014/063192 PCT/AU2013/001228 25 the execution of the embodiments of the present invention described herein. Reader 34 can be a camera and with suitable application software stored in memory 32, codes can be scanned to acquire data as described herein. Device 18 can also, or alternatively, include a reader 34 in the form of a NFC 5 reader to acquire data as described herein. Input/output device 36 can be any combination of user interfaces including, but not limited to a touchscreen and keypad. FIG 13 shows another representation of the system according to embodiments 'of the present invention, which shows many of the features 10 shown in FIG 10. FIG 13 shows that multiple communication networks 16 of different types can be employed, such as the Internet, Wide Area Networks (WANs) and the like. In the embodiment shown in FIG 13, two computing apparatus 25 are employed in the form of a web server 25A and an eCloud host 25B, which are in communication with each other. An in-store gateway 15 module 38 interfaces the POS terminal 27 and keypad 28 of merchant terminal 26 and posts details of the pending transaction for the terminal 26 over the communication network 16 to the eCloud host 25B. When the consumer's mobile device 18 communicates with the eCloud host 25B via the web server 25A, the host 25B matches the code 20 received from the 20 consumer's mobile device 18 with the pending transaction started by the POS terminal 27. When the transaction has been completed by the consumer providing their authorisation via the keypad 28, the terminal 26 sends the result of the transaction to the gateway module 38, which posts the result to the host 25B. The host 25B records the result for reporting/audit purposes and 25 can forward the result to the consumer's mobile device 18 using a web-poll technique such that the consumer has an e-receipt on their device 18. Further details and embodiments of the present invention will now be described with reference to FIG 14, which shows another variant of the system 11. 30 According to further embodiments, consumer account details can be stored in the computing apparatus 25, which can be in the form of a web server, a web application, an eCloud host or other computing apparatus. As shown in FIG 14, eCloud host 25B can be in communication with a secure server 25C comprising a Host Security Module (HSM) which stores the WO 2014/063192 PCT/AU2013/001228 26 consumer account details in an encrypted format. In such embodiments, upon receiving authorisation from the user's device 18 via communication network 16, eCloud host 25B transmits the consumer account details required for the transaction from the secure server 25C to the keypad 28 of the merchant 5 terminal 26. In another embodiment, storage of the encrypted consumer account details is split between the user's device 18 and the secure server 25C. Both portions of the consumer account details from the user's device 18 and the secure server 25C are required to effect a transaction and one portion of the 10 consumer account details is useless without the other portion, thus providing an extra layer of security. The two portions of the consumer account details are only joined back together in transit as part of an authorized transaction. Splitting of the consumer account details will now be described in more detail. Reference is made to the Host Security Module (HSM) in the secure 15 server 25C, a Zone Master Key (ZMK), a Content Encryption Key (CEK), a Key Encryption Key (KEK) and Track 2 Data (TR2) refers to the complete consumer account details. The expression eKEK(DATA) refers to the encryption of something under a key. The encryption keys that can be used in such embodiments are shown in Table 1: 20 TABLE 1 ZMK The Zone Master Key is the managing key for the HSM. This is used to load the HSM and can only be assembled by the authority-holding Individuals who own each key-part. KEKm This is the main key encryption key that is used to protect all the CEKs. It is generated on the HSM, encrypted under the ZMK and stored on the eCloud host 25B. CEK1 This key is used to encrypt the entire track 2 data before splitting. It is generated on the HSM and stored encrypted under KEKm on the eCloud host 20B. CEK2a This key is used to encrypt the part of the track 2 data that will be stored on the secure server 25C. It is generated on the HSM and stored encrypted under KEKm on the eCloud host 25B.

WO 2014/063192 PCT/AU2013/001228 27 CE~b - This key-Isused to encrypt the part of the trad2* data that will be so6nihe user device 18. ftis generatett on the user device anld stoed on the user device. CEKP This key is the key under which the track 2 data will arrive from the keypad 28. The eCloud host 25B will receive eCEKP(TR2) from the keypad 28 as part of the card registration process. This data will be transformed using the HSM. This is represented as eCEKP(TR2) -> eCEK1(TR2). The encrypted 5 TR2 is split in half. The two halves are ETR2a and ETR2b. ETR2a is encrypted using the HSM: eCEK2a(ETR2a), which is stored on the eCloud host 25B. ETR2b is sent to the user device 18 where it is encrypted using a key generated and stored on the device 18, but not visible to the eCloud host 25B. Hence, eCEK2b(ETR2b) is stored on the user device 18. 10 When a transaction is authorised from a user's device 18, the reverse process is followed to rebuild the track 2 data encrypted under a keypad transport key to be sent back to the relevant keypad. This process can only be initiated by the user's device 18 because there is no way for the eCloud host 25B to access the part of the encrypted track 2 data stored on the user's 15 device 18. The registration process includes registration of the user device 18 and the creation of an account. Upon installing the application on the user device, the user is prompted to create a new account with an email address and password. The user is emailed a link they must click to verify their account 20 and authorize the user device 18. Upon verification of the user's credentials, the account is activated. In some embodiments, a globally unique identifier (GUID) is generated on the eCloud host 25B and stored on the device 18 and the eCloud host 25B. At the eCloud host 25B the device 18 is flagged as "unverified". The user 25 is then prompted to lock the electronic wallet with a PIN, which is entered by the user if this option is adopted by the user. The GUID is then encrypted using the PIN entered by the user as an added layer of security. If the user does not create a PIN, they are informed that they can set one up later in WO 2014/063192 PCT/AU2013/001228 28 settings. An email is sent to the user prompting them to verify that the device 18 should have access to their account. Once the user clicks the verification link in the email, the device 18 is flagged as "verified" on the eCloud host 25B. This process registers the device 18 as authorised for this account. The email 5 verification step means that even if someone gains access to the user's password, they will still need access to the user's email account in order to load the user's wallet onto a new device. The registration process also includes registration of the consumer account details, such as details of a payment card, such as a debit or credit 10 card. The user is prompted to add the account details including an account or card type, for example if this is not derivable from the numbers entered. On submission the account details are sent to the eCloud Host 25B and stored against the user account. The user may optionally choose to password protect this individual card with a PIN. 15 In some embodiments, for example, depending on the card, such as for debit cards, the Track 2 data described above can also be stored. If so, the user is informed that they will need to present the card for payment the first time they use it with the electronic wallet. The digital copy of the card will have the text "authorisation required" on it. When the card is used for the first 20 transaction, the transaction will be slightly modified in that the user is required to swipe or enter their card after confirming the transaction on their device 18. The track 2 data is used to process the transaction and is also stored on the eCloud Host 25B. The digital card will now be in a verified state and can be, used for future transactions without the need to present the physical card. 25 Another feature is that the user can cancel or temporarily freeze the electronic wallet for a particular mobile device 18 in the event that the device 18 is stolen or lost. This will generally be done through a customer web portal via another computing device. According to some embodiments, after completing a standard 30 transaction at a merchant, the resulting receipt contains a readable code, such as a QR code that allows the user to add and verify the card used for the transaction to their electronic wallet by simply scanning the code. The user is required to verify ownership of the card by entering some numbers from the face of the card as confirmation.

WO 2014/063192 PCT/AU2013/001228 29 Some embodiments of the present invention include a time-based, single-use password, which can be used, for example, for offline transactions when the device 18 cannot connect to the eCloud host 25B or for accessing certain online secure services, such as the web portal for management of the 5 electronic wallet. The time-based, single-use password is generated on the mobile device 18 and the user can provide the time-based, single-use password as an authorisation code to approve the transaction. The time based, single-use password must be used within a predetermined time otherwise it becomes invalid. Any attempt to re-use the password, even with 10 the predetermined time, will be blocked. Another feature is that offers can be sent to the user's account, for example by email. The user can forward emails comprising offers received from merchants to the user's account thus allowing the user to access and save the email through the application on the user's device 18. If the user 15 receives an email for an offer in a physical store, the user has the option to use the offer through the electronic wallet on their device 18. In some embodiments, merchants can send offers to the user's account via a web portal. In some embodiments, the offers sent to the user's account are based on an analysis of the user's purchasing history. Offers, such as vouchers or 20 dockets can also be saved to the application on the device 18 by capturing an image of the voucher or docket and saving the image to the application for subsequent use. According to some embodiments, the balance for each consumer account can be displayed on the device 18 via the application. By using an 25 API or otherwise communicating with the financial institution with which the consumer account(s) is/are held, the balance information can be obtained, for example in real time or at predetermined intervals, to display the balance for each account stored within the electronic wallet. Embodiments of the present invention can include fraud management 30 features. For example, the application alerts the user via a notification on their device 18 when transactions for the consumer account are completed outside the electronic wallet. By using an API or communication system with the financial institution with which the consumer account is held, data for transactions that are not conducted via the application is retrieved by WO 2014/063192 PCT/AU2013/001228 30 comparing the time and amount of the transactions or changes in the balance of the account that do not match up with transactions within the application on the device 18. Embodiments of the present invention can include real-time customer 5 feedback. If any issues or errors arise during a transaction the user can immediately report the issue or error using their device 18, thus alerting merchants and/or the third party service operator. Details of the issue or error, such as an attempted transaction, including a location of the transaction can be provided. In some embodiments users are prompted to fill in a merchant 10 survey at the completion of a transaction. It will be appreciated that such real time feedback functionality can be used for any merchant orientated actions or any third party service operator actions. In the event that a user's physical card is lost or stolen, the user can use the application on their device 18 to cancel and re-issue their physical 15 cards. Upon notification by the user of the lost or stolen card, the third party service operator contacts the relevant financial institution(s) on behalf of the user to request cancellation of the lost or stolen card(s) and re-issuance of new cards. This can be achieved via an API into the financial institutions, or via existing support channels. This feature can also be used if the user loses 20 their device 18 or have their device 18 stolen. In this instance, the user can contact the third party service operator via the web portal or by telephone. In some embodiments, the readable code 20 comprising details relating to the merchant, such as a QR code, is additionally displayed on a customer facing electronic display 29, such as the display showing items purchased by 25 the customer. Some embodiments of the present invention include a location-based customization of the electronic wallet. For example, using the location information services of the device 18, such as GPS or rough location based on cell-towers and nearby wi-fi networks, the GUI of the electronic wallet can 30 be customized to display relevant branding, livery, corporate style, themes and/or offers of the merchant whose store in which the customer is located or is nearby. For example, a location comprising a latitude and longitude is stored for each merchant location, as well as potentially nearby wi-fi SSIDs. The application reports the current location of the device 18 to the eCloud WO 2014/063192 PCT/AU2013/001228 31 host 25B, which compares the current location to potentially nearby merchants. The eCloud host 25B reports any nearby merchants back to the application on the device 18 to enable the display of the appropriate merchant-related information. 5 Hence, the electronic payment system, method and apparatus according to embodiments 'of the present invention address or at least ameliorate at least some of the aforementioned problems of the prior art. According to the embodiments described with reference to FIGS 1-9, the consumer is able to acquire details of the product/service they wish to 10 purchase and the merchant selling the product/service by scanning a code 20 with their mobile device 18. The consumer's account details, and in some of these embodiments, the consumer's account verification details, are securely stored in their mobile device 18. Therefore the consumer can authorise payment for the 15 product/service from their device 18 without the need to produce their payment card and have it processed at a EFTPOS terminal or point of interaction terminal of the merchant. In some of these embodiments, verification of payment from the consumer's account by the consumer can be achieved without transmitting 20 the consumer account verification data outside of the mobile device 18. Involvement of the merchant is not required to complete the transaction, but the merchant is provided with real time confirmation that the transaction has been successful to enable the merchant to release the product/service to the consumer. By virtue of the present invention, the 25 merchant does not need to provide a terminal, such as an EFTPOS terminal or other point of interaction terminal to receive payment from the consumer. Hence, these embodiments of the present invention are consumer driven rather than merchant driven and the payment process is more efficient for both the merchant and the consumer. The consumer can acquire all the 30 information they want or need about the product/service from the code 20, including any discounts or special offers or the like related to the product/service, which the consumer can take advantage of at the time of purchase. Therefore, the merchant requires fewer staff to advise consumers about the product/service. The merchant also has a lower staff overhead at WO 2014/063192 PCT/AU2013/001228 32 the point of sale/point of interaction because payment has already been processed. For example, the point of sale only needs to check that confirmation of a successful transaction has been received before allowing the consumer to leave with their purchase. The consumer's shopping experience 5 is also enhanced by virtue of the present invention. Furthermore, the merchant can process more consumers thus increasing revenue and because the merchant knows the identity of the consumer, the merchant can target discounts, offers and the like to the consumer via their mobile device 18 whilst the consumer is in store. 10 According to the embodiments described with reference to FIGS 10,11, 13 and 14, the consumer is able to manually enter their account details into their mobile device 18, which is a simple and straightforward process and does not require the involvement of a Trusted Service Provider (TSM) as with some of the prior art mobile payment solutions. The present invention is 15 therefore more easily implemented around existing payment infrastructure than competing mobile payment solutions. The consumer's account details are securely stored in their mobile device 18 and account details for multiple accounts can be stored enabling the consumer to select the account with which they wish to pay. 20 The merchant details are easily and quickly acquired by the consumer's mobile device 18 and relayed to computing apparatus 25 along with the consumer account details, which are subsequently relayed to the merchant terminal 26 to enable payment to be effected. Because the merchant knows the identity of the consumer from the consumer account 25 details, the merchant can target discounts, special offers and the like to the consumer, for example via their mobile device 18, whilst the consumer is in store at the time of the present purchase or for future purchases. The present invention can be used with virtually any type of consumer mobile electronic computing device and does not rely on, for example, the 30 device having NFC capability in order to process payments, i.e. embodiments of the present invention can use existing payment rails. In this specification, the terms "user", "customer" and "consumer" are used interchangeably.

WO 2014/063192 PCT/AU2013/001228 33 In this specification, the terms "comprise", "comprises", "comprising" or similar terms are intended to mean a non-exclusive inclusion, such that a system, method or apparatus that comprises a list of elements does not include those elements solely, but may well include other elements not listed. 5 The reference to any prior art in this specification is not, and should not be taken as, an acknowledgement or any form of suggestion that the prior art forms part of the common general knowledge. Throughout the specification the aim has been to describe the preferred embodiments of the invention without limiting the invention to any 10 one embodiment or specific collection of features. It is to be appreciated by those of skill in the art that various modifications and changes can be made in the particular embodiments exemplified without departing from the scope of the present invention. For example, features of the embodiments described herein with reference to FIGS 1-9 and 12 can be combined with features of 15 the embodiments described herein with reference to FIGS 10-14.

Claims

1. A method of processing electronic payments, the method comprising: a mobile electronic computing device of a consumer acquiring data relating to a merchant and a product and/or service provided by 5 the merchant; the consumer paying for the product and/or service via the mobile electronic computing device based on: i) the acquired data relating to the product and/or service and the merchant; 10 ii) consumer account details stored in the mobile electronic computing device of the consumer; and iii) a consumer verification method; a consumer financial institution with whom the consumer account is held processing data received from the mobile electronic 15 computing device of the consumer and effecting payment to a merchant financial institution; and the merchant financial institution transmitting confirmation of settlement for the product and/or service to the merchant in real time upon receiving payment from the consumer financial institution. 20

2. The method of claim 1, further including the merchant financial institution confirming receipt of payment with the consumer financial institution. 25

3. The method of claim 1 or 2, further including the consumer financial institution confirming to the mobile electronic computing device of the consumer that payment has been made.

4. A method of processing electronic payments, the method comprising: 30 a mobile electronic computing device of a consumer acquiring data relating to a merchant and a product and/or service provided by the merchant; the consumer paying for the product and/or service via the mobile electronic computing device based on: WO 2014/063192 PCT/AU2013/001228 35 i) the acquired data relating to the product and/or service and the merchant; ii) consumer account details stored in the mobile electronic computing device of the consumer; and 5 iii) a consumer verification method; a merchant financial institution processing data received from the mobile electronic computing device of the consumer and seeking settlement from a consumer financial institution with whom the consumer account is held; and 10 the merchant financial institution transmitting confirmation of settlement for the product and/or service to the merchant in real time upon receipt of confirmation of settlement from the consumer service provider. 15

5. The method of claim 4, further including the merchant financial institution transmitting confirmation of settlement to the mobile electronic computing device of the consumer.

6. The method of claim 4 or 5, further including the consumer financial 20 institution transmitting confirmation to the mobile electronic computing device of the consumer that their payment is being honoured.

7. The method of any of claims 4 to 6, further including the consumer financial institution seeking consumer verification for the payment from 25 the consumer via their mobile electronic computing device prior to the consumer financial institution processing payment from the consurner's account to the merchant's account.

8. The method of any preceding claim, wherein the consumer verification 30 method includes one or more of the following: local verification in the mobile electronic computing device; remote verification by the consumer financial institution; remote verification by the merchant financial institution; remote verification by an intermediate service provider. WO 2014/063192 PCT/AU2013/001228 36

9. The method of any preceding claim, wherein one or more of the communications between the consumer's mobile electronic computing device and the financial institutions and/or between the merchant and 5 the financial institutions are via an intermediary service provider.

10. The method of any preceding claim, wherein the data relating to the merchant and the product and/or service provided by the merchant is acquired by the mobile electronic computing device scanning a code, 10 such as a barcode or a Quick Response (QR) code, or reading a RFID tag.

11. The method of any preceding claim, wherein the data relating to the merchant includes account details to which payment should be made 15 for the product and/or service provided by the merchant.

12. The method of any preceding claim, wherein the data relating to the product and/or service includes one or more of the following: a description of the product/service; a price of the product and/or service; 20 a unique code for the product/service; a number or quantity of the products/services; a total amount for the product(s)/service(s); a transaction reference number; a merchant name and/or address; a consumer name and/or address; any special offers, discounts or benefits available in relation to the product and/or service. 25

13. A system for processing electronic payments, the system comprising: a merchant financial institution and a consumer financial institution coupled to a communications network; a communications device of a merchant in communication with 30 the merchant financial institution; and a mobile electronic computing de vice of a consumer storing consumer account details therein; wherein the merchant financial institution processes data received from the mobile electronic computing device of the consumer, WO 2014/063192 PCT/AU2013/001228 37 the data representing instructions for payment for a product and/or service based on data acquired by the mobile electronic computing device about the merchant and the product and/or service; and wherein the merchant financial institution transmits confirmation 5 of settlement for the product and/or service to the communications device of the merchant in real time upon receipt of confirmation of settlement from the consumer financial institution.

14. The system of claim 13, further including an intermediary service 10 provider for processing communications between the consumer's mobile electronic computing device and the financial institutions and/or between the financial institutions and the merchant.

15. An intermediary service provider for processing electronic payments, 15 the service provider comprising: a processor coupled to be in communication with at least one memory, the memory storing unique identifiers for merchants, consumers and/or products/services; and an interface coupled to be in communication with the processor 20 and a communications network for receiving and transmitting data representing instructions relating to payment for a product/service based on data acquired by a consumer's mobile electronic computing device about a merchant and the product/service; wherein the mobile electronic computing device stores 25 consumer account details to enable a consumer to instruct payment from the mobile electronic computing device.

16. A method of processing electronic payments, the method comprising: storing in a mobile electronic computing device consumer 30 account details entered into the device by a consumer, or a token representative of the consumer account details; the mobile electronic computing device of a consumer acquiring data relating to a merchant selling a product and/or service; WO 2014/063192 PCT/AU2013/001228 38 a computing apparatus receiving the data relating to the merchant and the consumer account details from the mobile electronic computing device; and the computing apparatus transmitting the consumer account 5 details to a terminal of the merchant to effect payment for the product and/or service.

17. The method of claim 16, wherein the data relating to the merchant and the product/service provided by the merchant is acquired by the mobile 10 electronic computing device scanning a code, such as a barcode, a Quick Response (QR) code or an RFID tag.

18. The method of claim 17, including displaying the code on the terminal of the merchant or on a sticker adjacent the terminal. 15

19. The method of any one of claims- 16 to 18, wherein the data relating to the merchant includes one or more of the following: identification of the merchant; merchant account details; identification of the terminal at which payment is to be made. 20

20. A system for processing electronic payments, the system comprising: a terminal for displaying a code comprising data relating to a merchant selling a product and/or service, the code readable by a consumer's mobile electronic computing device comprising consumer 25 account details entered into the device by a consumer or a token representative of the consumer account details; a computing apparatus in communication with the terminal via a communications network for receiving the data relating to the merchant and the consumer account details from the mobile electronic computing 30 device; wherein the computing apparatus transmits the consumer account details to a terminal of the merchant to effect payment for the product and/or service. WO 2014/063192 PCT/AU2013/001228 39

21. A computing apparatus for processing electronic payments, the apparatus comprising: a processor coupled to be in communication with at least one memory, the memory at least storing data relating to merchants and 5 consumers; and an interface coupled to be in communication with the processor and a communications network for receiving from a consumer's mobile electronic computing device data relating to a merchant and consumer account details, or a token representative of the consumer account 10 details, wherein the consumer account details or the token are entered into the device by the consumer; wherein the computing apparatus transmits the consumer account details to a terminal of the merchant to effect payment for a product and/or service. 15

22. A method of processing electronic payments, the method comprising: storing in a mobile electronic computing device and/or in a computing apparatus consumer account details entered by a consumer, or a token representative of the consumer account details; 20 the mobile electronic computing device of a consumer acquiring data relating to a merchant selling a product and/or service; the computing apparatus receiving the data relating to the merchant from the mobile electronic computing device; and the computing apparatus transmitting the consumer account 25 details to a terminal of the merchant to effect payment for the product and/or service.

23. The method of claim 22, wherein the consumer account details are split between the mobile electronic computing device and the computing 30 apparatus.