CA3131260A1 - An electronic payment system and method thereof - Google Patents

Abstract

The present disclosure relates to the field of electronic payment systems and envisages an electronic payment system (EPS) 100 and method. The EPS 100 facilitates sending and receiving money in a simpler manner using user devices 106. It provides a central Unified Payment Interface (UPI) server 102 and enables users to push and pull/collect payments from accounts of other persons/entities. The system 100 of the present disclosure enables payment transactions between users without mandatorily needing bank information and bank account details of each other. It eliminates the risk of storing customer's account details and can be used by customers which do not have credit/debit cards. It provides payment transaction privacy and facilitates multiple utility, cash on delivery, bill splitting/sharing, merchant payments/remittances. The EPS 100 of the present disclosure works across various interfaces, where payment requests can be generated on a web interface and authorized on a mobile interface.

Description

AN ELECTRONIC PAYMENT SYSTEM AND METHOD THEREOF
THIS APPLICATION IS A PATENT OF ADDITION TO INDIAN PATENT
APPLICATION NO. 201621021488 FILED ON JUNE 22, 2016.
FIELD
The present disclosure relates to electronic payment systems.
DEFINITIONS
As used in the present disclosure, the following terms are generally intended to have the meaning as set forth below, except to the extent that the context in which they are used indicate otherwise.
Registered user ¨ The term 'registered user' hereinafter refers to a person having a bank account and using the electronic payment system (EPS) of the present disclosure for carrying out electronic payment transactions. The registered user can be a payer i.e. a person who wants to send/pay money using the EPS, or can be a payee i.e. a person who receives/collects money using the EPS.
User device ¨ The term 'user device' hereinafter refers to a device, used by a registered user, wherein the user device includes but is not limited to a mobile phone, a laptop, a tablet, an iPad, a PDA, a notebook, a net book, a smart device, a smart phone, a personal computer, a handheld device and the like.
Payment transactions ¨ The term 'payment transactions' hereinafter refers to financial as well as non-financial transactions. The financial transactions comprise collect/pull request and pay/push request based, person-to-person (P2P), person-to-account (P2A), and person-to-merchant (P2M) payment transactions. The non-financial transactions include but are not limited to mobile banking registration, generation of one-time password (OTP), checking balance, setting or changing PIN, logging a complaint, and checking transaction status.
Banks ¨ The term 'banks' hereinafter refers to credit societies, schedule banks, cooperative banks, microfinance institutions, retail and commercial banks, savings and loan associations, insurance companies, and the like.
Date Recue/Date Received 2021-08-23 Payment Service Provider - The term 'Payment Service Provider (PSP)' hereinafter refers to an Internet bank, a payments bank, a Prepaid Payment Instrument (PPI), or any other centrally and/or government regulated entity that is allowed to acquire customers and provide payment (credit/debit) services to the customers (individuals or entities).
The PSP provides respective application tools that can be accessed by registered users on their user devices to push or pull payments. The PSP provides a tool for electronic processing of financial and non-financial transactions.
Payment session ¨ The term 'payment session' hereinafter refers to a limited time of communication between systems or servers associated with the registered users of the present disclosure to effect payment from one registered user to another.
Initiator ¨ The term 'initiator' or 'Roe hereinafter refers to a registered user who initiates a payment session by sending a request to pay/push or collect/pull money using the user device of the present disclosure. An initiator can be (i) a person acting as a payer or a payee or (ii) a merchant acting as a payee.
Initiatee ¨ The term `initiatee' or 'nee' hereinafter refers to a registered user for whom the payment session is initiated by the initiator of the present disclosure. An initiatee can be (i) a person acting as a payee or a payer or (ii) a merchant acting as a payee.
Global Identifier or Virtual Payment Address - The term 'Global Identifier (GI) or Virtual Payment Address (VPA/UPI ID) or UPI (Unified Payment Interface) ID' hereinafter refers to a unique identifier, associated with the bank account of the registered user. The unique Global identifier (GI) or virtual Payment address (VPA/UPI
ID) is used to carry out payment transactions. GI can include a mobile number, an Aadhaar number, a bank account number, or any other identifier that can uniquely and securely identify the registered user of the present disclosure. VPA/UPI ID can be created by a registered user for a payment transaction(s).
Unified Payment Interface server ¨ The term 'Unified Payment Interface server (UPI
server)' hereinafter refers to a central server that provides interface between a plurality of PSPs and banks for carrying out financial and non-financial transactions.
Payment Service Provider tool ¨ The term 'Payment Service Provider tool (PSP
tool)' hereinafter refers to an application or a tool provided by each PSP. The PSP
tool may be

2 Date Recue/Date Received 2021-08-23 provided on a web portal or play store and/or mobile web or through other means to provide registered users an interface with the UPI through the PSP.
Communication means ¨ The term "communication means" hereinafter refers to a means for transmitting and receiving electronic data. The communication means may include, for example, the Internet, the World Wide Web, an intranet, cable (including fiber optic cable), magnetic communications, electromagnetic communications (including RF, microwave, and infrared communications), and electronic communications. Wireless communication means can support various wireless communication network protocols and technologies such as Near Field Communication (NFC), Wi-Fi, Bluetooth, 4G Long Term Evolution (LTE), Code Division Multiplexing Access (CDMA), Universal Mobile Telecommunication System (UMTS) and Global System for Mobile Telecommunication (GSM).
BACKGROUND
In recent years, financial transactions have been increasingly carried out using handheld devices i.e. feature phones and smart phones. Various payment techniques using handheld devices are currently available. These payment techniques require knowledge of a payee's account number and additional details related to the payee's bank. In case of online payments, a payer is required to go to his/her bank web portal with the help of internet banking or mobile banking in order to carry out financial transactions. To this date, many users are still not comfortable with online financial transactions/electronic transactions, as the bank web portals for internet banking or mobile banking are not user friendly or are complex in operation and consume time during data input and authorization.
In some cases, a payee's mobile phone number is used to make a payment.
However, in such a technique, it is imperative for a payer to know the payee's bank details and/or mobile phone number as the mobile banking is based on a SIM number. In all such transaction cases, payment is pushed by the payer to the payee. The payee is solely dependent on the payer for transactions and the payer is dependent on his/her bank web portal for the payment services.
Some users tend to change their mobile/ phone numbers frequently and in such cases, it is difficult for a payer to keep track of these changes. Additionally, in some cases, the payer and the payee may not want to reveal their bank details and personal details to each other.

3 Date Recue/Date Received 2021-08-23 Accordingly, there is a need to limit the aforementioned drawbacks and provide an efficient, simplified and user friendly system and method for carrying out electronic payment transactions.
OBJECTS
Some of the objects of the present disclosure, which at least one embodiment herein satisfies, are as follows:
It is an object of the present disclosure to ameliorate one or more problems of the prior part or to at least provide a useful alternative.
An object of the present disclosure is to provide an electronic payment system that is easy to use.
Another object of the present disclosure is to provide an electronic payment system that provides a central server for facilitating quick exchange of data between various entities involved in payment processing.
Yet another object of the present disclosure to provide an electronic payment system that enables users to pull/ collect payments from accounts of concerned persons/
entities, subsequent to the requested entity authorizing such payments.
Still another object of the present disclosure is to provide an electronic payment system that simplifies payment for both, the payers and the payees by reducing authorization steps and increasing security features.
A further object of the present disclosure is to provide an electronic payment system that enables payment transactions between a payer and a payee without mandatorily needing the bank information and bank account details of each other.
Furthermore, an object of the present disclosure is to provide an electronic payment system that enables a user to send and receive money with the help of a virtual payment address or a Global Identifier.
Yet another object of the present disclosure is to provide an electronic payment system that eliminates dependency of a user on his/her bank web portal or mobile application for internet

4 Date Recue/Date Received 2021-08-23 or mobile banking, and allows the user to use a different bank web portal and/or mobile applications for payment transactions.
Other objects and advantages of the present disclosure will be more apparent from the following description, which is not intended to limit the scope of the present disclosure.
SUMMARY
An electronic payment method is envisaged for facilitating payment transactions between a plurality of users. Each user is defined by a name, a bank account, a user device, a unique multi-character PIN, and a unique Global Identifier. The method comprises the following steps:
1. providing a Unified Payment Interface server (UPI server) having a data repository and processing capability;
2. providing a plurality of Payment Service Providers (PSPs) configured to communicate with the UPI server;
3. providing a Payment Service Provider tool (PSP tool) linked to each PSP, enabling a user from the plurality of users to select at least one PSP from the plurality of PSPs, installing, the PSP tool of the selected PSP and enabling the device of the user to communicate with the selected PSP server in a two-way communication using the PSP tool;
4. storing a set of rules and processing commands in the data repository of the UPI
server;

5. enabling, the UPI server to communicate with each of the banks of users;

6. carrying out, a first authentication of a user, by verifying user information and user device information;

7. enabling, a second authentication, at the bank in which the user has a bank account, with the help of multi-character PIN associated with the user registered with the bank;

8. after carrying out a successful first and second authentication, registering a user sequentially with the PSP and UPI servers. The registering step includes the following sub-steps:
a. converting the user device and bank account information into a Virtual Payment Address (VPA/UPI ID) and storing the VPA/UPI ID corresponding Date Regue/Date Received 2021-08-23 to the users, in the form of a first lookup table, in a data storage, of the PSP
server;
b. registering, the user along with his/her bank account information and GI, with the UPI server, in a second lookup table;
c. registering, the user along with his/her PSP and VPA/UPI ID, with the UPI
server, in a third lookup table; and d. registering, the user along with his/her GI and PSP, with the UPI server, in a fourth lookup table,

9. enabling, a registered user to initiate a payment session, referred to as a session request, as an initiator, to make payment to or receive payment from another registered user designated as an initiatee, by inputting either a VPA/UPI ID
or a GI of the initiatee, the amount to be transacted, and the multi-character PIN of the initiator when the initiator is a payer;

10. enabling, the initiator to communicate the session request via the initiator's PSP tool with the selected PSP server with which the initiator is registered;

11. enabling, the selected PSP server, to authenticate the initiator using user device information stored in the first lookup table of the data repository of the PSP
server;

12. in the event of successful authentication of the initiator, by the initiator's PSP server, enabling the selected initiator PSP server, to transmit the initiator's session request to the UPI server;

13. enabling, the UPI server, to extract from the initiator's session request, the VPA/UPI
ID or the global identifier of the initiatee, depending upon the initiatee infoimation inputted in the session request;

14. if initiatee is the payee ¨
a. in the event the session request includes the VPA/UPI ID of the initiatee:
i. enabling, the UPI server, to identify the PSP server of the initiatee from the VPA/UPI ID of the initiatee using the third lookup table;
ii. enabling, the UPI server, to send the VPA/UPI ID along with a VPA/UPI ID translation request to the PSP server identified as the initiatee's PSP server; and iii. enabling, the initiatee's PSP server, to translate the VPA/UPI ID
received from the UPI server, extract the bank account infoimation from the VPA/UPI ID, and transmit the bank account information of the initiatee to the UPI server, Date Recue/Date Received 2021-08-23 b. in the event the session request includes GI of the initiatee, enabling, the UPI
server, to extract from the second lookup table, the bank account information of the initiatee;
c. enabling, the UPI server, to generate a debit transaction request and a request for authenticating the initiator, with the bank of the initiator, enabling, the bank of the initiator, to authenticate the initiator using the PIN inputted by the initiator at the time of initiating the payment session, upon successful authentication, debiting the bank account of the initiator with the amount to be transacted and upon completion of the debit transaction with the initiator's bank, transmitting a credit request to the UPI server for crediting the bank account of the initiatee with the amount to be transacted, and further enabling the UPI server to communicate with the bank of the initiatee to credit the bank account of the initiatee with the amount to be transacted by the initiator to the initiatee, and

15. if initiator is the payee ¨
a. in the event the session request includes the VPA/UPI ID of the initiatee:
i. enabling, the UPI server, to identify the PSP server of the initiatee from the VPA/UPI ID of the initiatee using the third lookup table;
ii. enabling, the UPI server, to send a transaction request to the PSP
server identified as the initiatee's PSP server;
iii. enabling, the initiatee's PSP server, to send the transaction request on the user device of the initiatee;
iv. on the acceptance of the transaction request by the initiatee, enabling, the initiatee's PSP server, to send a request to the initiatee, to input his/her multi-character PIN;
v. on receiving the PIN request from the initiatee's PSP server, enabling, the initiatee to input his/her multi-character PIN in the PSP tool on the initiatee's user device;
vi. enabling, the PSP server, to receive the PIN inputted by the initatee and send an accepted transaction signal along with the PIN to the UPI
server;
vii. enabling, the UPI server, to send the VPA/UPI ID along with a VPA/UPI ID translation request to the PSP server of the initiatee; and Date Recue/Date Received 2021-08-23 viii. enabling, the initiatee's PSP server, to translate the VPA/UPI ID
received from the UPI server, extract the bank account information from the VPA/UPI ID, and transmit the bank account information of the initiatee to the UPI server, b. in the event the session request includes the GI of the initiatee:
i. enabling, the UPI server, to identify PSP server of the initiatee from the GI of the initiatee using the fourth lookup table;
ii. enabling, the UPI server, to send the transaction request to the PSP
server identified as the initiatee's PSP server;
iii. enabling, the initiatee's PSP server, to send the transaction request on the user device of the initiatee;
iv. on the acceptance of the transaction request by the initiatee, enabling, the initiatee's PSP server, to send a request to the initiatee, to input his/her multi-character PIN;
v. on receiving the PIN request from the initiatee's PSP server, enabling, the initiatee to input his/her multi-character PIN in the PSP tool on the initiatee's user device;
vi. enabling, the PSP server, to receive the PIN inputted by the initatee and send an accepted transaction signal along with the PIN to the UPI
server; and vii. enabling, the UPI server, to extract from the second lookup table, the bank account information of the initiatee, and c. on receiving the PIN and the accepted transaction signal from the initiatee's PSP server, enabling, the UPI server, to generate a debit transaction request and a request for authenticating the initiatee, with the bank of the initiatee, enabling, the bank of the initiatee, to authenticate the initiatee using the PIN
inputted by the initiatee, upon successful authentication, debiting the bank account of the initiatee with the amount to be transacted, and upon completion of the debit transaction with the initiatee's bank, transmitting a credit request to the UPI server for crediting the bank account of the initiator with the amount to be transacted, and further enabling, the UPI server to communicate with the bank of the initiator to credit the bank account of the initiator with the amount to be transacted.

Date Recue/Date Received 2021-08-23 The present disclosure also envisages an Electronic Payment System (EPS) for facilitating payment transactions between a plurality of users. Each user is defined by a name, a bank account, a user device, a unique multi-character PIN, and a unique Global Identifier. The system comprises a central server, a plurality of PSP servers, a plurality of PSP tools, a user device, and a first, second, and third registering module. The central server is designated as a UPI server. The UPI server comprises a data repository and at least one processor. The plurality of PSP servers is clustered around the UPI server. The PSP servers comprise data storage and one or more processing modules. Each of the PSP servers is configured to communicate with the UPI server. The PSP tools are installable in user devices clustered around each of the PSP servers, wherein each user device is configured to have one or more of the PSP tools. The first registering module is configured to enable a PSP
server to register with the UPI server. The second registering module is configured to enable a user device to be registered with a PSP server, and the third registering module is configured to enable a user to register on the PSP tool installed in its user device.
BRIEF DESCRIPTION OF THE ACCOMPANYING DRAWING
The electronic payment system and a method thereof of the present disclosure will now be described with the help of the accompanying drawing, in which:
Figure 1 illustrates a schematic architecture diagram of an electronic payment system (EPS);
Figures 2A, 2B, and 2C illustrate a flow diagram showing steps performed by the EPS of Figure 1 for effecting payer initiated transactions;
Figures 3A, 3B, 3C, and 3D illustrate a flow diagram showing steps performed by the EPS
of Figure 1 for effecting payee initiated transactions;
Figure 4 illustrates a block diagram of Payment Service Provider tool (PSP
tool) of the EPS
of Figure 1;
Figure 5 illustrates a block diagram of Payment Service Provider server (PSP
server) of the EPS of Figure 1;
Figure 6 illustrates a block diagram of Unified Payment Interface server (UPI
server) of the EPS of Figure 1; and Date Recue/Date Received 2021-08-23 Figures 7 illustrates a block diagram showing person to person transaction flow using the EPS of Figure 1.
LIST OF REFERENCE NUMERALS
100 ¨ Electronic Payment System (EPS) 102 ¨ Unified Payment Interface Server (UPI server) 104 ¨ Payment Service Provider Server (PSP server) 106¨ User devices of registered users 402 First communication means 404 ¨ Session generating module 406 ¨ First encrypter 408 ¨ Mandate creating module 410 ¨ Encoder 502 ¨ Second communication means 504 ¨ VPA/UPI ID configurer 506 ¨ Data storage 508 ¨ First queuing module 510 ¨ First authenticator 512 ¨ Translator 602 ¨ Third communication means 604 ¨ Data repository 606 ¨ Second queuing module 608 ¨ Analyzer Date Recue/Date Received 2021-08-23 610 ¨ First crawler and extractor unit 612 ¨ Second crawler and extractor unit 614 ¨ Third crawler and extractor unit 616 ¨ First decrypter 618 ¨ Second encrypter 620 ¨ Data logger 622 ¨ Accumulator module 624 ¨ Settlement module 702 ¨ Taxi driver's user device 704 ¨ Taxi driver's PSP server 706 ¨ Passenger's bank 708 ¨ Taxi driver's bank 710 ¨ Passenger's PSP
712 ¨ Passenger's user device DETAILED DESCRIPTION
Embodiments, of the present disclosure, will now be described with reference to the accompanying drawing.
Embodiments are provided so as to thoroughly and fully convey the scope of the present disclosure to the person skilled in the art. Numerous details, are set forth, relating to specific components, and methods, to provide a complete understanding of embodiments of the present disclosure. It will be apparent to the person skilled in the art that the details provided in the embodiments should not be construed to limit the scope of the present disclosure. In some embodiments, well-known processes, well-known apparatus structures, and well-known techniques are not described in detail.

Date Recue/Date Received 2021-08-23 The terminology used, in the present disclosure, is only for the purpose of explaining a particular embodiment and such terminology shall not be considered to limit the scope of the present disclosure. As used in the present disclosure, the forms ''a," "an,"
and "the" may be intended to include the plural forms as well, unless the context clearly suggests otherwise.
The terms "comprises," "comprising," "including," and "having," are open ended transitional phrases and therefore specify the presence of stated features, steps, operations, elements, modules, units and/or components, but do not forbid the presence or addition of one or more other features, steps, operations, elements, components, and/or groups thereof. The particular order of steps disclosed in the method and process of the present disclosure is not to be construed as necessarily requiring their performance as described or illustrated. It is also to be understood that additional or alternative steps may be employed.
As used herein, the term "and/or" includes any and all combinations of one or more of the associated listed elements.
The terms first, second, third, etc., should not be construed to limit the scope of the present disclosure as the aforementioned terms may be only used to distinguish one element or component from another element or component. Terms such as first, second, third etc., when used herein do not imply a specific sequence or order unless clearly suggested by the present disclosure.
Few years ago, bank account holders were allowed to use their debit/ATM cards only at the bank authorized ATM machines that belonged to the account holder's bank, for money transactions. With increasing requirements of the bank users, clients and customers, a new model was envisaged by which access to ATMs was widened enabling the bank account holders to use ATMs operated by any bank. Nowadays, any person can use any ATM

worldwide irrespective of his/her specific bank. This facilitates universal inter-portability between bank ATMs and debit/ATM cards through various networks operating to provide for transaction processing & settlement of funds between the transacting parties.
The present disclosure addresses interoperability of banking mobile applications and/or bank web-portals for payment transactions. Using the system of the present disclosure, users and/or bank customers are not restricted to use the web-portals and/or mobile-webs of the banks in which they have their account(s). Instead, the users (both payer and payee) and/or customers can choose any bank's web-portal or mobile-web for their payment transactions without Date Recue/Date Received 2021-08-23 knowing bank account details of other user/person. The users (payer or payee) are required to know only a unique Global ID or virtual payment address (VPA/UPI ID) to make financial/electronic payment transactions.
Referring to the accompanying drawing, Figure 1 illustrates a schematic architecture diagram of an electronic payment system (hereinafter referred to as EPS 100 or system 100) for facilitating payment transactions between a plurality of users. Each user is defined by a name, a bank account, a user device 106, a unique multi-character PIN, and a unique Global Identifier (GI). In an embodiment, the GI is selected from the group consisting of a mobile number, an Aadhaar number, and a bank account number of a user. The payment transactions include financial as well as non-financial transactions, wherein the financial transactions comprise collect/pull requests, pay/push requests, and merchant payments, and the non-financial transactions comprise mobile banking registration, generation of one-time password (OTP), setting or changing PIN, checking transaction status, logging a complaint and the like.
Referring to Figure 1, the EPS 100 comprises a UPI server 102, a plurality of PSP servers 104, a plurality of PSP tools, and user devices 106 associated with the plurality of users. The UPI server 102 is a central server and comprises a data repository 604 and at least one processor. The plurality of PSP servers 104 are clustered around the UPI
server 102. Each of the PSP servers 104 comprises data storage 506 and one or more processing modules. The PSP server 104 is configured to communicate with the UPI server 102. The PSP
tools are installable in user devices 106 clustered around each of the PSP servers 104.
Each user device 106 is configured to have one or more of the PSP tools. The system 100 includes a first registering module configured to enable a PSP server 104 to register with the UPI server 102.
The system 100 also includes a second registering module configured to enable a user device 106 to be registered with a PSP server 104. The system 100 further includes a third registering module configured to enable a user to register on the PSP tool installed in its user device 106.
Figures 2A, 2B, and 2C illustrate a flow chart depicting the steps involved in an electronic payment transaction initiated by a payer and Figures 3A, 3B, 3C, and 3D
illustrate a flow chart depicting the steps involved in an electronic payment transaction initiated by a payee.
The methods of executing both payer and payee initiated transactions are implemented using the EPS 100 described above and comprises the following steps:

Date Recue/Date Received 2021-08-23 a. providing a Unified Payment Interface server (UPI server) 102 having a data repository 604 and processing capability;
b. providing a plurality of Payment Service Providers (PSPs) 104 configured to communicate with the UPI server 102;
c. providing a Payment Service Provider tool (PSP tool) linked to each PSP, enabling a user from said plurality of users to select at least one PSP from the plurality of PSPs, installing, the PSP tool of the selected PSP 104 and enabling the device 106 of the user to communicate with the selected PSP server 104 in a two-way communication using the PSP tool;
d. storing a set of rules and processing commands in the data repository 604 of the UPI server 102;
e. enabling, the UPI server 102 to communicate with each of the banks of users;
f. carrying out, a first authentication of a user, by verifying user information and user device information;
g. enabling, a second authentication, at the bank in which the user has a bank account, with the help of multi-character PIN associated with the user registered with the bank;
h. after carrying out a successful first and second authentication, registering a user sequentially with the PSP and UPI servers 102 104. The registering step includes the sub-steps of:
i. converting the user device and bank account information into a Virtual Payment Address (VPA/UPI ID) and storing the VPA/UPI ID
corresponding to the users, in the form of a first lookup table, in a data storage 506, of the PSP server 104;
ii. registering, the user along with his/her bank account information and GI, with the UPI server 102, in a second lookup table;
iii. registering, the user along with his/her PSP and VPA/UPI ID, with the UPI server 102, in a third lookup table; and iv. registering, the user along with his/her GI and PSP, with the UPI server 102, in a fourth lookup table, i. enabling, a registered user to initiate a payment session, referred to as a session request, as an initiator, to make payment to or receive payment from another registered user designated as an initiatee, by inputting either a Date Recue/Date Received 2021-08-23 VPA/UPI ID or a GI of the initiatee, the amount to be transacted, and the multi-character PIN of the initiator when the initiator is a payer;
j. enabling, the initiator to communicate the session request via the initiator's PSP tool with the selected PSP server 104 with which the initiator is registered;
k. enabling, the selected PSP server 104, to authenticate the initiator using user device information stored in the first lookup table of the data repository 604 of the PSP server 104;
1. in the event of successful authentication of the initiator, by the initiator's PSP
server 104, enabling the selected initiator PSP server 104, to transmit the initiator's session request to the UPI server 102;
in. enabling, the UPI server 102, to extract from the initiator's session request, the VPA/UPI ID or the global identifier of the initiatee, depending upon the initiatee information inputted in the session request;
n. if initiatee is the payee ¨
i. in the event the session request includes the VPA/UPI ID of the initiatee:
1. enabling, the UPI server 102, to identify the PSP server 104 of the initiatee from the VPA/UPI ID of the initiatee using the third lookup table;
2. enabling, the UPI server 102, to send the VPA/UPI ID along with a VPA/UPI ID translation request to the PSP server 104 identified as the initiatee's PSP server 104; and 3. enabling, the initiatee's PSP server 104, to translate the VPA/UPI ID received from the UPI server 102, extract the bank account information from the VPA/UPI ID, and transmit the bank account information of the initiatee to the UPI server 102, ii. in the event the session request includes GI of the initiatee, enabling, the UPI server 102, to extract from the second lookup table, the bank account information of the initiatee;
iii. enabling, the UPI server 102, to generate a debit transaction request and a request for authenticating the initiator, with the bank of the initiator, enabling, the bank of the initiator, to authenticate the initiator Date Recue/Date Received 2021-08-23 using the PIN inputted by the initiator at the time of initiating the payment session, upon successful authentication, debiting the bank account of the initiator with the amount to be transacted and upon completion of the debit transaction with the initiator's bank, transmitting a credit request to the UPI server 102 for crediting the bank account of the initiatee with the amount to be transacted, and further enabling the UPI server 102 to communicate with the bank of the initiatee to credit the bank account of the initiatee with the amount to be transacted by the initiator to the initiatee, and o. if initiator is the payee ¨
i. in the event the session request includes the VPA/UPI ID of the initiatee:
1. enabling, the UPI server 102, to identify the PSP server 104 of the initiatee from the VPA/UPI ID of the initiatee using the third lookup table;
2. enabling, the UPI server 102, to send a transaction request to the PSP server 104 identified as the initiatee's PSP server 104;
3. enabling, the initiatee's PSP server 104, to send the transaction request on the user device 106 of the initiatee;
4. on the acceptance of the transaction request by the initiatee, enabling, the initiatee's PSP server 104, to send a request to the initiatee, to input his/her multi-character PIN;
5. on receiving the PIN request from the initiatee's PSP server 104, enabling, the initiatee to input his/her multi-character PIN
in the PSP tool on the initiatee's user device 106;
6. enabling, the PSP server 104, to receive the PIN inputted by the initatee and send an accepted transaction signal along with the PIN to the UPI server 102;
7. enabling, the UPI server 102, to send the VPA/UPI ID along with a VPA/UPI ID translation request to the PSP server 104 of the initiatee; and 8. enabling, the initiatee's PSP server 104, to translate the VPA/UPI ID received from the UPI server 102, extract the bank account information from the VPA/UPI ID, and transmit

16 Date Recue/Date Received 2021-08-23 the bank account information of the initiatee to the UPI server 102, ii. in the event the session request includes the GI of the initiatee:
1. enabling, the UPI server 102, to identify PSP server 104 of the initiatee from the GI of the initiatee using the fourth lookup table;
2. enabling, the UPI server 102, to send the transaction request to the PSP server 104 identified as the initiatee's PSP server 104;
3. enabling, the initiatee's PSP server 102, to send the transaction request on the user device 106 of the initiatee;
4. on the acceptance of the transaction request by the initiatee, enabling, the initiatee's PSP server 104, to send a request to the initiatee, to input his/her multi-character PIN;
5. on receiving the PIN request from the initiatee's PSP server 104, enabling, the initiatee to input his/her multi-character PIN
in the PSP tool on the initiatee's user device 106;
6. enabling, the PSP server 104, to receive the PIN inputted by the initatee and send an accepted transaction signal along with the PIN to the UPI server 102; and 7. enabling, the UPI server 102, to extract from the second lookup table, the bank account information of the initiatee, and iii. on receiving the PIN and the accepted transaction signal from the initiatee's PSP server 104, enabling, the UPI server 102, to generate a debit transaction request and a request for authenticating the initiatee, with the bank of the initiatee, enabling, the bank of the initiatee, to authenticate the initiatee using the PIN inputted by the initiatee, upon successful authentication, debiting the bank account of the initiatee with the amount to be transacted, and upon completion of the debit transaction with the initiatee's bank, transmitting a credit request to the UPI server 102 for crediting the bank account of the initiator with the amount to be transacted, and further enabling, the UPI server 102 to communicate with the bank of the initiator to credit the bank account of the initiator with the amount to be transacted.

17 Date Recue/Date Received 2021-08-23 In an embodiment, the step (g) of enabling, a second authentication at the bank of a user with the help of the multi-character PIN of the user comprises the following sub-steps:
1. enabling, a user, to input his/her multi-character PIN;
2. encrypting the multi-character PIN, by the PSP tool of the user;
3. transmitting the encrypted multi-character PIN to the UPI server 102 via the PSP
server 104;
4. decrypting the PIN at the UPI server 102;
5. after identifying the bank account of the user, encrypting the PIN and the bank account information to form an encrypted message;
6. transmitting the encrypted message to the bank of the user; and 7. accepting a user for registration, after authentication of the PIN by the bank.
In an embodiment, a trusted common library is integrated with the PSP tool of the user. The multi-character PIN of the user is encrypted at step (2) within the trusted common library. In one embodiment, the step (5) of creating the encrypted message includes encrypting the PIN
and the bank account information using the public key of the user's bank.
In an embodiment, the sub-step (h(i)) of registering the user includes encrypting the bank account information of the user by the PSP tool, before converting the information into the VPA/UPI ID. In another embodiment, the sub-step (h(ii)) of registering the user includes encrypting the bank account information and the GI of the user, before storing it in the second lookup table.
In one embodiment, the method further includes the steps of communicating with the initiator, about the failure of a payment session in the occurrence of any of the following events:
1. failure in communication of the session request with the selected PSP
server 104;
2. failure of the PSP server 104 to authenticate the initiator of the session request;
3. failure of the UPI server 102 to extract VPA/UPI ID or GI of the initiatee from the session request;
4. failure of the UPI server 102 to identify the PSP server 104 of the intiatee;
5. failure of the UPI server 102 to extract from the second lookup table, the bank account information of the initiatee;

18 Date Recue/Date Received 2021-08-23 6. failure of the initiator's bank, to authenticate the initiator;
7. failure of the bank of the initiator to credit the bank account of the initiator;
8. failure of the bank of the initiatee to credit the bank account of the initiatee;
9. failure of the PSP server 104, to translate the VPA/UPI ID of the initiatee;
10. failure of the initiatee, to accept the transaction request, when the initiatee is the payer;
11. insufficient balance in the bank account of the initiator when the initiator is a payer;
12. insufficient balance in the bank account of the initiatee when the initiatee is a payer; or 13. failure of the bank of the initatee, to authenticate the initiatee, when the initiatee is the payer.
In another embodiment, the method includes the step of notifying the initiator and the initiatee, upon successful completion of a payment session.
An exemplified pseudocode for implementing the electronic payment method is given below:
PAYER INITIA ____ 1ED SESSION:
Begin Do (Redirect to itor's PSP server{
While (reading the itor initiated Payment Session) If (itor's user device information is authenticated == Yes) {Redirect to the UPI server If (Itee's VPA/UPI ID provided == Yes) {Identify the PSP server of Itee Send VPA/UPI ID Translation Request to the Itee's PSP Server If (VPA/UPI ID translated == Yes) Read (Bank Account No. of Itee)

19 Date Recue/Date Received 2021-08-23 Else {Redirect to Itor PSP server) Else if (Itee's GI provided == Yes) {If (extract Itee's Bank Account == Yes) Read (Bank Account No. of Itee) Else {Redirect to Itor's PSP server) Else {Redirect to Itor's PSP server) Send debit transaction request to Itor's bank Encrypt and Redirect multi-character PIN to the UPI server Decrypt the PIN
Redirect the Encrypted Pin to Initiator's Bank Decrypting the PIN using itor's bank's Private Key If (Decrypted PIN Authenticated == Yes) {If (Itor's Bank Account Balance Sufficient == Yes) {Debit Itor's Bank Account by the amount inputted during initiation of the Payment Session Redirect Credit Request to the UPI Server Redirect Credit Request to itee's Bank Credit Itee's Bank account with the amount to be transacted If (Debited amount confirmation received from Itor' s Bank == Yes) Write ("Debit transaction successful") Else {Redirect to Itor's PSP server) Date Recue/Date Received 2021-08-23 If (Credited amount confirmation received from Itee's Bank == Yes) Write ("Credit transaction successful") Else {Redirect to Itor's PSP server}

Else {Redirect to Itor's PSP server}

Else {Redirect to Itor's PSP server}

Else {Redirect to Itor's PSP server}
PAYEE INITIATED SESSION:
Begin Do {Redirect to itor's PSP server}
While (reading the itor initiated Payment Session) If (itor's user device information is authenticated == Yes) {Redirect to the UPI server If (Itee's VPA/UPI ID provided == Yes) {Identify the PSP server of Itee Send transaction request to the Itee's PSP server Date Recue/Date Received 2021-08-23 If (Transaction request accepted == Yes) Read (PIN of the Itee) Send VPA/UPI ID Translation Request to the Itee's PSP
Server If (VPA/UPI ID translated == Yes) Read (Bank Account No. of Itee) Else {Redirect to Itor PSP server}

Else {Redirect to Itor PSP server}
Else if (Itee's GI provided == Yes) {Send transaction request to the Itee's PSP server If (Transaction request accepted == Yes) Read (PIN of the Itee) Send VPA/UPI ID Translation Request to the Itee's PSP
Server Extract bank account no. of Itee If (extract Itee's Bank Account == Yes) Read (Bank Account No. of Itee) Else {Redirect to hoe s PSP server}

Else {Redirect to Itor's PSP server}

Date Recue/Date Received 2021-08-23 Else {Redirect to Itor's PSP server}
Send debit transaction request to Itor's bank Encrypt and Redirect multi-character PIN to the UPI server Decrypt the PIN
Redirect the Encrypted Pin to Initiator's Bank Decrypting the PIN using itor's bank's Private Key If (Decrypted PIN Authenticated == Yes) {If (Itor's Bank Account Balance Sufficient == Yes) {Debit Itor's Bank Account by the amount inputted during initiation of the Payment Session Redirect Credit Request to the UPI Server Redirect Credit Request to itee's Bank Credit Itee's Bank account with the amount to be transacted If (Debited amount confirmation received from Itor's Bank == Yes) Write ("Debit transaction successful") Else {Redirect to Itor's PSP server}
If (Credited amount confirmation received from Itee's Bank == Yes) Write ("Credit transaction successful") Else {Redirect to Itor's PSP server}
Else Date Recue/Date Received 2021-08-23 {Redirect to Itor's PSP server}

Else {Redirect to Itor's PSP server}

Else {Redirect to Itor's PSP server}
In one embodiment, the method includes the step of enabling a registered user, to edit his/her bank account information, PIN, and Global Identifier (GI) and further in the event a registered user edits his/her the bank account information, PIN, and Global Identifier (GI), changes will be effected automatically in the VPA/UPI ID and the lookup tables at the PSP
and UPI servers 104 and 102.
In an embodiment, the method includes the step of enabling a registered user, to de-register from a PSP server 104. In another embodiment, the method includes a step of enabling, the initiator, to prematurely terminate a payment session, at any time before n(iii) or at any time before o(iii) when the initiatee is the payer.
In one embodiment, thee step of authenticating the initiator or the initiatee in the process when a payment session has been initiated in the steps (n(iii)) and (o(iii)) includes the following sub-steps:
1. encrypting the multi-character PIN, inputted by the initiator or the initiatee, by the trusted common library of the PSP tool of said initiator or initiatee using the public key of the UPI;
2. transmitting the encrypted PIN to the UPI server 102;
3. decrypting, the PIN received at the UPI server 102 using the private key of the UPI;
4. encrypting, the initiator's or the initiatee 's PIN, using the public key of their respective banks;
5. transmitting the encrypted initiator's or initiatee' s PIN, to their respective banks, where the PIN is decrypted using the bank's private key; and Date Recue/Date Received 2021-08-23 6. authenticating the initiator or initiatee using the final decrypted PIN.
In an alternate embodiment, the step (i) of initiating the payment session may include the following sub-steps:
1. embedding the VPA/UPI ID of the initiatee, in a QR code, on the initiatee's user device 106; and 2. scanning the QR code of the initiatee, by the user device 106 of the initiator.
In an embodiment, the data repository 604 is configured to store a set of decoding rules.
The step (1) of embedding the VPA/UPI ID of the initiatee may include:
1. transmitting the QR code, by the PSP tool of the initiator, to the UPI
server 102 via the PSP server 104 of thc initiator; and 2. extracting VPA/UPI ID of the initiatee from the QR code received at the UPI
server 102 using the set of decoding rules stored in the data repository 604.
In one embodiment, the step of initiating a payment session may include embedding the amount to be transacted in the QR code.
In an embodiment, the method further enables, an initiator or an initiatee, to create a one-time mandate, with the help of the PSP tool. The mandate creation method comprises the following steps:
1. enabling, an initiator, to initiate a mandate session, by inputting on his/her user device 106, either a VPA/UPI ID or a GI of the initiatee, the amount to be transacted, the start date and the end date, and the multi-character PIN of the initiator when the initiator is a payer;
2. if the initiator is a payer:
a. enabling, the initiator, to communicate the mandate request and the PIN via the initiator's PSP tool with a selected PSP server 104 with which the initiator is registered;
b. enabling, the selected PSP server 104, to create a Unique Reference Number to identify said mandate request;
c. enabling, the selected PSP server 104, to transmit said mandate request along with the PIN, to the UPI server 102;
Date Recue/Date Received 2021-08-23 d. enabling, the UPI server 102, to send the mandate request to the initiator's bank for verifying the mandate and PIN;
e. enabling the initiator's bank to verify the mandate and the PIN, and upon verification, block the amount associated with the mandate, enabling, the initiator's bank to generate a signed mandate and transmit the signed mandate to the UPI server 102;
f. enabling, the UPI server 102, to receive the signed mandate and transmit the signed mandate to the initiator's PSP server 104;
g. enabling, the initiator's PSP server 104, to store said mandate, in the data storage 506;
h. enabling, the initiator's PSP to send a mandate creation confirmation message on the initiator's PSP tool; and i. enabling, the UPI server 102, to send a mandate creation confirmation message, to the initiatee's PSP server 104, and 3. if the initiator is a payee:
a. enabling, the initiator, to communicate the mandate request via the initiator's PSP tool with a selected PSP server 104 with which the initiator is registered;
b. enabling, the initiator's PSP, to send the mandate request, to the UPI
server 102;
c. enabling, the UPI server 102, to send the mandate request to the initiatee's PSP;
d. enabling, initiatee's PSP, to send the mandate request, on the PSP tool of the initiatee;
e. upon receiving the mandate request, enabling, the initiatee, to approve or refuse the mandate;
f. upon, approving the mandate request, enabling, the initiatee, to input his/her unique multi-character PIN in the PSP tool on his/her user device 106;
g. enabling, the initiatee's PSP tool, to send the mandate request along with the encrypted PIN, to the initiatee's PSP server 104, enabling, the initiatee's PSP
server 104, to create a Unique Reference Number to identify said mandate request;
h. enabling, the initiatee's PSP server 104, to send the mandate request along with the encrypted PIN, to the UPI server 102;

Date Recue/Date Received 2021-08-23 i. enabling, the UPI server 102, to send the mandate request and the encrypted UPI PIN, to the bank of the initiatee, for authentication;
j. enabling the initiatee's bank to verify the mandate and the PIN, and upon verification, block the amount associated with the mandate, enabling, the initiatee's bank to generate a signed mandate and transmit the signed mandate to the UPI server 102;
k. enabling, the UPI server 102, to receive the signed mandate and transmit the signed mandate to the initiatee's PSP server 104;
1. enabling, the initiatee's PSP, to store said mandate, in the data storage 506;
m. enabling, the initiatee's PSP, to send a mandate creation confirmation message on the PSP tool of the initiatee; and n. enabling, the UPI server 102, to send a mandate creation confirmation message, to the initiator's PSP server 104.
In an embodiment, the method further enables, the payer, to view, modify, and revoke, the created mandate, in the PSP tool of the payer. In another embodiment, the enables, the initiator, to choose on his/her PSP tool, whether to intimate the initiatee about the created mandate, when the initiator is a payer. If the initiator chooses not to intimate the initiatee, the initiatee's PSP server 104 will not send mandate creation confirmation message to the initiatee. In still another embodiment, the method further enables, the initiator, to create a recurring mandate, when the initiator is the payer.
In an embodiment, the method includes the step of enabling, a registered user to select his bank account, from the group consisting of a savings bank account, a current bank account, and an overdraft account.
In an embodiment, the method includes, enabling, the initiator, to attach an invoice during initiation of the payment session, when the initiator is a payee.
In another embodiment, the method further includes the step of establishing the credentials such as the public key of the initiator, when the initiator is a payee, before sending the transaction request to the initiatee's PSP server 104. In an embodiment, the method includes the step of sending a warning to the initiatee on his/her user device 106 if the credential verification of the initiator has failed.
in an embodiment, a signed public key/token i.e. verified public key of the payee (merchant) is stored at the payee's PSP server 104. The PSP tool may be configured to facilitate Date Recue/Date Received 2021-08-23 initiation of signed transaction request to the verified merchants only. This helps in reducing transaction requests from illicit sources imitating as merchant.
In an embodiment, the method facilitates simultaneous initiation of multiple registrations of the users and multiple initiations of payment sessions.
Referring to Figure 4, each PSP tool of the EPS 100, comprises a first communication means 402, a session generating module 404, and a first encrypter 406. The first encrypter 406 is a part of the trusted common library of the PSP tool. The first communication means 402 enables communication of the PSP tool with a PSP server 104 and the UPI server 102. The session generating module 404 is configured to receive either a VPA/UPI ID or a GI of the initiatee, the amount to be transacted, and the multi-character PIN of the initiator when the initiator is a payer, to generate a payment session. In an embodiment, the PSP
tool includes an encoder 410 configured to receive a QR code generation request from an initiatee of a payment session, and further configured embed the VPA/UPI ID of the initiatee in a QR
code. In this case, the payment session is initiated when an initiator scans the generated QR
code of the initiatee. In an embodiment, the QR code is a static QR code. In another embodiment, the QR code is a dynamic QR code. The first encrypter 406 is configured to encrypt the PIN of the initiator or the initiatee, using the public key of the UPI, and is further configured to transmit the encrypted PIN to the UPI server 102 via the first communication means 402.
In an embodiment, the PSP tool is configured to store the details of transactions carried out by it, in the user device 106 of a user, thereby enabling the user to view transaction history.
The transaction history comprises a chronologically time stamped list of transactions, their type, the amount transacted, and the name of the user with whom transaction was performed.
In an embodiment, the PSP tool includes a mandate creating module 408 configured to receive either a VPA/UPI ID or a GI of the initiatee, the amount to be transacted, the multi-character PIN of the initiator when the initiator is a payer, and a start date and an end date, to create a mandate request. The mandate creating module 408 facilitates the user to authorize a future debit of his/her account by creating a mandate. The mandate can be created for one-time execution only and the user account is blocked for the equivalent amount immediately with the mandate creation. The mandate creation facility allows the user' s account to be debited as per the agreed terms and conditions when a payee initiates request for funds. When payee initiates request for funds, the payer does not need to authenticate the transaction, since Date Recue/Date Received 2021-08-23 a mandate for that debit is already been given by him by authenticating while creating the mandate.
The PSP tool allows both payer and payee to create mandates in the form of push (Payer initiated) or pull (Payee initiated) requests. However, execution of mandate can only be initiated by the payee in a way similar to the payee initiated transaction or collect transaction.
The PSP tool can clearly distinguish mandates from regular transactions and keep record of mandates created & executed.
Mandate creation may be useful in scenarios where funds are to be blocked towards one-time future payments, such as:
1. Gifting (individual, Corporate and Employee incentives);
2. Rent payments;
3. E-com transactions; and 4. Hotels booking.
In an embodiment, the PSP server 104 comprises a second communication means 502, a VPA/UPI ID configurer 504, the data storage 506, a first queuing module 508, a first authenticator 510, and a translator 512. The second communication means 502 is configured to enable communication with PSP tools and the UPI server 102. The VPA/UPI ID
configurer 504 is processable to receive user bank account information and user device information, and is further processable to merge this information to form a unique VPA/UPI
ID for each user. The data storage 506 comprises a first data stack, in the form of a first lookup table. The first lookup table comprises the VPA/UPI ID corresponding to users whose devices are registered in the PSP server 104, wherein the VPA/UPI ID includes the user's corresponding bank account information and user device information. The data storage 506 further comprises a second data stack having processing rules and commands for controlling the storage of data into the data stacks and for controlling the operation of PSP server 104.
The first queuing module 508 is configured to receive and process the payment sessions in a First In First Out (FIFO) order, and is further configured to handle signals received from PSP
tools and the UPI server 102 based on processing rules and commands stored in the data storage 506. The first authenticator 510 is configured to provide a first level authentication of the initiator using the initiator's user device information. The translator 512 is configured to translate a VPA/UPI ID into bank account information, and is further configured to transmit Date Recue/Date Received 2021-08-23 the bank account information to the UPI server 102 using the second communication means 502. The translator 512 comprises:
1. a data splitter configured to split the VPA/UPI ID into its elements; and 2. an extractor configured to extract bank account information from the elements of the VPA/UPI ID, and further configured to transmit the extracted bank account information to the UPI server 102 using the second communication means 502.
In an embodiment, the PSP server 104 is further configured to store in a chronological order, a list of transactions performed by the users registered with PSP server 104 and the date on which the transaction was performed.
in an embodiment, the UPI server 102 comprises a third communication means 602, a data repository 604, a second queuing module 606, an analyzer 608, a first crawler and extractor unit 610, and a second crawler and extractor unit 612. The third communication means 602 is configured to enable communication with PSP servers 104 and banks. The data repository 604 comprises a third, a fourth, a fifth, a sixth, a seventh, and an eighth data stack. The third data stack receives and stores links to the PSP servers 104 registered with the UPI server 102.
The fourth data stack comprises links to a plurality of banks associated with users registered with the PSP servers 104 which are in turn registered with the UPI server 102.
Each user associated is with one or more banks. The fifth data stack is in the form of a second lookup table, and comprises a plurality of items. Each item corresponds to a user whose device is registered in the PSP server 104, the user's corresponding GI, and the user's designated bank stored in an encrypted form. The sixth data stack is in the form of a third lookup table comprising a plurality of items. Each item corresponds to a user whose device is registered in the PSP server 104, the user's corresponding VPA/UPI ID, and the user's corresponding PSP.
The seventh data stack is in the form of a fourth lookup table comprising a plurality of items.
Each item corresponds to a user whose device is registered in the PSP server 104, the user's corresponding GI, and the user's corresponding PSP. The eighth data stack includes processing rules and commands for controlling the storage of data into the data stacks and for controlling the operation of UPI server 102. In an embodiment, the data repository 604 is a data mapper serving as a middle layer between in-memory objects and a database having the second, third, and fourth lookup tables.
Date Recue/Date Received 2021-08-23 The second queuing module 606 is configured to receive and process multiple payment sessions in a First In First Out (FIFO) order, and is further configured to handle signals received from PSP servers 104 and banks based on processing rules and commands stored in the seventh data stack of the data repository 604. The analyzer 608 is configured to analyze the initiator session request and extract the VPA/UPI ID or GI of the initiatee from the initiator session request. The analyzer 608 includes a selector switch configured to route the session request to the fifth, sixth, or seventh data stack based on the identified VPA/UPI ID
or GI of the initiatee and the processing rules and commands. In an embodiment, the selector switch is an Electronic Funds Transaction (EFT) switch. The first crawler and extractor unit 610 is configured to crawl through the third lookup table stored in the sixth data stack of the data repository 604, and is further configured to extract PSP of the initiatee using the VPA/UPI ID of the initiate. The second crawler and extractor unit 612 is configured to crawl through the second lookup table stored in the fifth data stack of the data repository 604, and is further configured to extract bank account information of the initiatee using the GI of the initiatee. The third crawler and extractor unit 614 is configured to crawl through the fourth lookup table stored in the seventh data stack of the data repository 604, and is further configured to extract PSP of the initiatee using the GI of the initiatee.
In an embodiment, the UPI server 102 further includes a first decrypter 616, a second encrypter 618, and a data logger 620. The first decrypter 616 is configured to receive the encrypted PIN, and is further configured decrypt the encrypted PIN using the private key of UPI server 102. The second encrypter 618 is configured to cooperate with the first decrypter 616 to receive the decrypted PIN, and is further configured to encrypt the decrypted PIN
using the public key of the bank. The second encrypter 618 is further configured to send the encrypted PIN to the corresponding user's bank for second level authentication. In an embodiment, the UPI server 102 may be configured to facilitate second level authentication of registered users using their biometrics such as face recognition, fingerprint recognition, iris recognition, voice recognition, and the like. The data logger 620 is configured to continuously log data relating to payment sessions into the data repository 604 in encrypted form. The logged data includes details of each payment session, such as initiator PSP, initiatee PSP, amount transacted, initiator and initiatee VPA/UPI ID and information, and date of transaction. In an embodiment, the logged data is retrievable for security purposes.
In an embodiment, the UPI server 102 acts as a settlement agency for the participating banks i.e. the UPI server 102 is configured to carry out net settlement between the participating Date Recue/Date Received 2021-08-23 banks (sender & receiver). For enabling this, the UPI server 102 includes an accumulator module 622 and a settlement module 624. There could be one or more settlement cycles in a day. The accumulator module is configured to cooperate with the data logger 620 to consolidate transactions carried out during the previous settlement cycle. The settlement module 624 is configured to settle the net debit/ credit amount related to the consolidated transactions between the sending and the receiving banks. The settlement module 624 is further configured to create Multiple Net Settlement batches (MNSB) files of the participating banks. These net settlement files are uploaded into a real-time gross settlement (RTGS) system of the reserve bank of India. The payable banks shall see a debit entry in their RTGS accounts, while the receiving banks shall see a corresponding credit entry in their RTGS accounts. The banks may carry out their internal reconciliations post settlement. In an embodiment, the accumulator module 622 and the settlement module 624 are implemented using one or more processors.
Referring to Figures 7, an exemplary embodiment wherein the system 100 of the present disclosure is used to effect a payment transaction between a taxi driver and his passenger is shown. In the exemplary embodiment of Figure 7, the system 100 of the present disclosure is used by a taxi driver to collect fare for the services provided by him to his passenger/customer. When the taxi reaches desired destination, the taxi driver (in this case the initiator and the payee) can use his user device 702 to pull or collect payment (taxi fare) from the passenger using the system 100 of the present disclosure. The passenger provides his VPA/UPI ID to the taxi driver. The taxi driver inputs passenger's VPA/UPI
ID and the amount to be requested in his PSP tool to initiate a payment session and generate a session request. In an embodiment, the VPA/UPI ID of the passenger could be inputted by using either a static QR code and separately inputting the amount to be requested or by a dynamic QR code which includes the fare. The payment session is initiated when the passenger scans the QR code. The VPA/UPI ID is provided to the UPI server 102 by the taxi driver's PSP
server (i.e. initiator's PSP server) 704 after the PSP server 704 performs a first level authentication of the taxi driver using his device information (steps 1 and 2). The UPI server 102 identifies the passenger's PSP from his VPA/UPI ID and routes the session request to the passenger's PSP server 710 (step 3). The passenger's PSP server 710 sends transaction request to the passenger's PSP tool on his user device 712 (step 4). The passenger accepts the transaction request and inputs his authentication credentials (i.e. PIN) on his user device 712.
On receiving the PIN from the passenger (initiatee), the passenger's PSP 710 sends the PIN

Date Recue/Date Received 2021-08-23 to the passenger's bank 706 via the UPI server 102 for carrying out second level authentication and debiting the passenger's bank account (steps 5 and 6).
After authenticating the passenger, the requested amount is debited from the passenger's bank account 706. Upon debiting passenger's bank account, passenger's bank generates a credit request and sends it to the UPI server 102 (step 7). The UPI server 102 then sends the credit request to the taxi driver's bank 708 to credit taxi driver's bank account by the desired amount (step 8). Upon crediting the taxi driver's bank account, a credited amount confirmation is received from taxi driver's bank 708 at the UPI server 102 (step 9). The successful completion of payment session is communicated with the taxi driver and the passenger on their PSP
tools in their user devices 702 and 712 (step 10 and 11).
The EPS 100 of the present disclosure can be used by a delivery guy (food delivery, apparel delivery etc.) to eliminate the cash on delivery (COD) problems. It provides a one click two factor authentication wherein a transaction is authorized by only by entering a PIN.
The EPS 100 envisaged in the present disclosure can be used by physical stores/merchants to make transactions including vegetable vendor payment, grocery store payments, payment for taxi/ auto/ bus/ train/ air fares, payment in restaurants/ shops/ petrol pumps, fee payment to various educational institutes, toll plaza payment while travelling, payment to milk vendors/
newspaper vendor, trust/ temple/ relief fund/ NGO donation, payment at the mall, and the like. The EPS 100 can also be used to make utility payments including payment for various bills like electricity, water, telephone, credit card etc., apartment maintenance fee bill presentment and payments, school fee bill presentment and payment, insurance premium payment, installment payment of loan, car loan EMI payment, and the like.
Further, online merchants can also use the EPS 100 for E-commerce transactions including COD Payments, In-App payments, online trading, mobile recharge from newspaper advertisement using scan and pay facility, E-commerce (collect/ pull) payment through EPS
100 after checkout, and booking movie tickets. Furthermore, it can also be used in Peer to Peer transactions for remittance (both push & pull), payment to person/friends, sharing of bills with friends, salary payment to driver, and aadhaar/ mobile number based inward remittance to another bank account.
Furthermore, the banks in India can have tie-ups with banks/ money transfer operators (MT0s) located overseas to facilitate overseas payment transactions using the EPS 100 of the present disclosure. For instance, if a customer of a bank/ money transfer operator (MTO) Date Recue/Date Received 2021-08-23 located in Singapore wishes to send money to a beneficiary having a bank account in ABC
bank of India, the customer may provide details such as beneficiary's bank name, the VPA/
UPI ID or GI of the beneficiary, and the amount (SGD) to be transferred. The customer's bank/ MTO quotes the converted rate (INR) and receives the amount to be transferred from the customer. The customer's bank/ MTO then creates an entry in its user interface. If for example, the customer's bank/ MTO has a tie-up with an XYZ bank of India, it sends the beneficiary's details and credits the amount to be transferred to the XYZ
bank, which becomes the sender bank in India. XYZ bank checks all the regulatory requirements and initiates a payment session (in INR) using beneficiary's VPA/ UPI ID or GI.
The money is debited from the XYZ bank and credited to the account of the beneficiary in ABC Bank. A
confirmation is then sent back to XYZ Bank, which may pass on the same to the customer's bank/ MTO overseas.
The foregoing description of the embodiments has been provided for purposes of illustration and not intended to limit the scope of the present disclosure. Individual components of a particular embodiment are generally not limited to that particular embodiment, but, are interchangeable. Such variations are not to be regarded as a departure from the present disclosure, and all such modifications are considered to be within the scope of the present disclosure.
TECHNICAL ADVANCEMENTS
The present disclosure described herein above has several technical advantages including, but not limited to, the realization of an electronic payment system that:
= facilitates sending and receiving money in a simpler manner using user devices;
= provides a unified payments interface (UPI) server;
= enables a user to pulUcollect payments from accounts of concerned persons/entities;
= is simple to use for both, the payers and the payees;
= enables payment transactions between a payer and a payee without mandatorily needing the bank information and bank account details of each other;
= enables a user to send and receive money with the help of a Virtual Payment Address (VPA/UPI ID) or a Global Identifier (GI);
= provides secure payments based on single/unique identifier;
= eliminates the risk of storing customer's virtual address like in cards;
= can be used by customers which do not have credit/debit cards;

Date Recue/Date Received 2021-08-23 = is suitable for e-Corn & m-Corn;
= resolves the COD collection problem;
= provides In-App Payments (IAP);
= provides privacy by sharing only Virtual Address and no other sensitive information;
= facilitates Multiple Utility-Cash on delivery/bill split sharing/ merchant payments /
remittances;
= authorizes transaction by entering only a UPI PIN or Biometric or UID or iris or other means; and = works across various interfaces, where payment request can be generated on a Web interface and authorized on a Mobile interface (App).
The embodiments herein and the various features and advantageous details thereof are explained with reference to the non-limiting embodiments in the following description.
Descriptions of well-known components and processing techniques are omitted so as to not unnecessarily obscure the embodiments herein. The examples used herein are intended merely to facilitate an understanding of ways in which the embodiments herein may be practiced and to further enable those of skill in the art to practice the embodiments herein.
Accordingly, the examples should not be construed as limiting the scope of the embodiments herein.
The foregoing description of the specific embodiments so fully reveal the general nature of the embodiments herein that others can, by applying current knowledge, readily modify and/or adapt for various applications such specific embodiments without departing from the generic concept, and, therefore, such adaptations and modifications should and are intended to be comprehended within the meaning and range of equivalents of the disclosed embodiments. It is to be understood that the phraseology or terminology employed herein is for the purpose of description and not of limitation. Therefore, while the embodiments herein have been described in terms of preferred embodiments, those skilled in the art will recognize that the embodiments herein can be practiced with modification within the spirit and scope of the embodiments as described herein.
The use of the expression "at least" or "at least one" suggests the use of one or more elements or quantities, as the use may be in the embodiment of the disclosure to achieve one or more of the desired objects or results.
Date Recue/Date Received 2021-08-23 While considerable emphasis has been placed herein on the components and component parts of the preferred embodiments, it will be appreciated that many embodiments can be made and that many changes can be made in the preferred embodiments without departing from the principles of the disclosure. These and other changes in the preferred embodiment as well as other embodiments of the disclosure will be apparent to those skilled in the art from the disclosure herein, whereby it is to be distinctly understood that the foregoing descriptive matter is to be interpreted merely as illustrative of the disclosure and not as a limitation.

Date Recue/Date Received 2021-08-23

Claims (37)

CLAIMS:
1. A method for facilitating payment transactions between a plurality of users, each user defined by a name, a bank account, a user device (106), a unique multi-character PIN, and a unique Global Identifier, said method comprising the following steps:
a. providing a Unified Payment Interface server (UPI server) (102) having a data repository (604) and processing capability;
b. providing a plurality of Payment Service Providers (PSPs) configured to communicate with the UPI server (102);
c. providing a Payment Service Provider tool (PSP tool) linked to each PSP, enabling a user from said plurality of users to select at least one PSP from the plurality of PSPs, installing, the PSP tool of the selected PSP and enabling the device of the user to communicate with the selected PSP server (104) in a two-way communication using the PSP tool;
d. storing a set of rules and processing commands in the data repository (604) of the UPI server (102);
e. enabling, the UPI server (102) to communicate with each of the banks of users;
f. carrying out, a first authentication of a user, by verifying user information and user device information;
g. enabling, a second authentication, at the bank in which the user has a bank account, with the help of multi-character PIN associated with the user registered with the bank;
h. after carrying out a successful first and second authentication, registering a user sequentially with the PSP and UPI servers (102), said registering step including the sub-steps of:
i. converting the user device and bank account information into a Virtual Payment Address (VPA) or a UPI (Unified Payment Interface) ID and storing the VPA/UPI ID corresponding to the users, in the form of a first lookup table, in a data storage (506), of the PSP server (104);
ii. registering, the user along with his/her bank account information and GI, with the UPI server (102), in a second lookup table;
iii. registering, the user along with his/her PSP and VPA/UPI ID, with the UPI server (102), in a third lookup table; and Date Recue/Date Received 2021-08-23 iv. registering, the user along with his/her GI and PSP, with the UPI server (102), in a fourth lookup table, i. enabling, a registered user to initiate a payment session, referred to as a session request, as an initiator, to make payment to or receive payment from another registered user designated as an initiatee, by inputting either a VPA/UPI ID or a GI of the initiatee, the amount to be transacted, and the multi-character PIN of the initiator when the initiator is a payer;
j. enabling, said initiator to communicate the session request via the initiator's PSP tool with the selected PSP server (104) with which the initiator is registered;
k. enabling, the selected PSP server (104), to authenticate the initiator using user device information stored in the first lookup table of the data repository (604) of the PSP server (104);
1. in the event of successful authentication of the initiator, by the initiator's PSP
server (104), enabling the selected initiator PSP server (104), to transmit the initiator's session request to the UPI server (102);
m. enabling, the UPI server (102), to extract from the initiator's session request, the VPA/UPI ID or the global identifier of the initiatee, depending upon the initiatee information inputted in the session request;
n. if initiatee is the payee ¨
i. in the event the session request includes the VPA/UPI ID of the initiatee:
1. enabling, the UPI server (102), to identify the PSP server (104) of the initiatee from the VPA/UPI ID of the initiatee using the third lookup table;
2. enabling, the UPI server (102), to send the VPA/UPI ID along with a VPA/UPI ID translation request to the PSP server (104) identified as the initiatee's PSP server (104); and 3. enabling, the initiatee's PSP server (104), to translate the VPA/UPI ID received from the UPI server (102), extract the bank account information from the VPA/UPI ID, and transmit the bank account information of the initiatee to the UPI server, Date Recue/Date Received 2021-08-23 ii. in the event the session request includes GI of the initiatee, enabling, the UPI server (102), to extract from the second lookup table, the bank account information of the initiatee;
iii. enabling, the UPI server (102), to generate a debit transaction request and a request for authenticating the initiator, with the bank of the initiator, enabling, the bank of the initiator, to authenticate the initiator using the PIN inputted by the initiator at the time of initiating the payment session, upon successful authentication, debiting the bank account of the initiator with the amount to be transacted and upon completion of the debit transaction with the initiator's bank, transmitting a credit request to the UPI server (102) for crediting the hank account of the initiatee with the amount to be transacted, and further enabling the UPI server (102) to communicate with the bank of the initiatee to credit the bank account of the initiatee with the amount to be transacted by the initiator to the initiatee, and o. if initiator is the payee ¨
i. in the event the session request includes the VPA/UPI ID of the initiatee:
1. enabling, the UPI server (102), to identify the PSP server (104) of the initiatee from the VPA/UPI ID of the initiatee using the third lookup table;
2. enabling, the UPI server (102), to send a transaction request to the PSP server (104) identified as the initiatee's PSP server (104);
3. enabling, the initiatee's PSP server (104), to send the transaction request on the user device (106) of the initiatee;
4. on the acceptance of the transaction request by the initiatee, enabling, the initiatee's PSP server (104), to send a request to the initiatee, to input his/her multi-character PIN;
5. on receiving the PIN request from the initiatee's PSP server (104), enabling, the initiatee to input his/her multi-character PIN in the PSP tool on the initiatee's user device (106);

Date Recue/Date Received 2021-08-23 6. enabling, the PSP server (104), to receive the PIN inputted by the initatee and send an accepted transaction signal along with the PIN to the UPI server (102);
7. enabling, the UPI server (102), to send the VPA/UPI ID along with a VPA/UPI ID translation request to the PSP server (104) of the initiatee; and 8. enabling, the initiatee's PSP server (104), to translate the VPA/UPI ID received from the UPI server (102), extract the bank account information from the VPA/UPI ID, and transmit the bank account information of the initiatee to the UPI server (102), ii. in the event the session request includes the GI of the initiatee:

1. enabling, the UPI server (102), to identify PSP server (104) of the initiatee from the GI of the initiatee using the fourth lookup table;
2. enabling, the UPI server (102), to send the transaction request to the PSP server (104) identified as the initiatee's PSP server (104);
3. enabling, the initiatee's PSP server (104), to send the transaction request on the user device (106) of the initiatee;
4. on the acceptance of the transaction request by the initiatee, enabling, the initiatee's PSP server (104), to send a request to the initiatee, to input his/her multi-character PIN;
5. on receiving the PIN request from the initiatee's PSP server (104), enabling, the initiatee to input his/her multi-character PIN in the PSP tool on the initiatee's user device (106);
6. enabling, the PSP server (104), to receive the PIN inputted by the initatee and send an accepted transaction signal along with the PIN to the UPI server (102); and 7. enabling, the UPI server (102), to extract from the second lookup table, the bank account information of the initiatee, and iii. on receiving the PIN and the accepted transaction signal from the initiatee's PSP server (104), enabling, the UPI server (102), to generate a debit transaction request and a request for authenticating the initiatee, Date Recue/Date Received 2021-08-23 with the bank of the initiatee, enabling, the bank of the initiatee, to authenticate the initiatee using the PIN inputted by the initiatee, upon successful authentication, debiting the bank account of the initiatee with the amount to be transacted, and upon completion of the debit transaction with the initiatee's bank, transmitting a credit request to the UPI server (102) for crediting the bank account of the initiator with the amount to be transacted, and further enabling, the UPI server (102) to communicate with the bank of the initiator to credit the bank account of the initiator with the amount to be transacted.

2. The method as claimed in claim 1, wherein said step (g) of enabling, a second authentication at the hank of a user with the help of the multi-character PIN
of the user comprises the following sub-steps:
a. enabling, a user, to input his/her multi-character PIN;
b. encrypting the multi-character PIN, by the PSP tool of the user;
c. transmitting the encrypted multi-character PIN to the UPI server (102) via the PSP server (104);
d. decrypting the PIN at the UPI server (102);
e. after identifying the bank account of the user, encrypting the PIN and the bank account information to form an encrypted message;
f. transmitting the encrypted message to the bank of the user; and g. accepting a user for registration, after authentication of the PIN by the bank.

3. The method as claimed in claim 2, wherein the step (e) of creating the encrypted message includes encrypting the PIN and the bank account information using the public key of the user's bank.

4. The method as claimed in claim 1, wherein the sub-step (h(i)) of registering the user includes encrypting the bank account information of the user by the PSP tool, before converting the information into the VPA/UPI ID.

5. The method as claimed in claim 1, wherein the sub-step (h(ii)) of registering the user includes encrypting the bank account information and the GI of the user, before storing it in the second lookup table.

Date Recue/Date Received 2021-08-23

6. The method as claimed in claim 1, wherein said method further includes the steps of communicating with the initiator, about the failure of a payment session in the occurrence of any of the following events:
a. failure in communication of the session request with the selected PSP
server (104);
b. failure of the PSP server (104) to authenticate the initiator of the session request;
c. failure of the UPI server (102) to extract VPA/UPI ID or GI of the initiatee from the session request;
d. failure of the UPI server (102) to identify the PSP server (104) of the intiatee;
e. failure of the UPI server (102) to extract from the second lookup table, the bank account information of the initiatee;
f. failure of the initiator's bank, to authenticate the initiator;
g. failure of the bank of the initiator to credit the bank account of the initiator;
h. failure of the bank of the initiatee to credit the bank account of the initiatee;
i. failure of the PSP server (104), to translate the VPA/UPI ID of the initiatee;
j. failure of the initiatee, to accept the transaction request, when the initiatee is the payer;
k. insufficient balance in the bank account of the initiator when the initiator is a payer;
1. insufficient balance in the bank account of the initiatee when the initiatee is a payer; or m. failure of the bank of the initatee, to authenticate the initiatee, when the initiatee is the payer.

7. The method as claimed in claim 1, wherein said method includes the step of notifying the initiator and the initiatee, upon successful completion of a payment session.

8. The method as claimed in claim 1, wherein said method includes the step of enabling a registered user, to edit his/her bank account information, PIN, and Global Identifier (GI) and further in the event a registered user edits his/her the bank account information, PIN, and Global Identifier (GI), changes will be effected automatically in the VPA/UPI ID and the lookup tables at the PSP and UPI servers (102).

Date Recue/Date Received 2021-08-23

9. The method as claimed in claim 1, wherein said method includes the step of enabling a registered user, to de-register from a PSP server (104).

10. The method as claimed in claim 1, wherein said method includes the step of enabling, the initiator, to prematurely terminate a payment session, at any time before sub-step n(iii) or at any time before sub-step o(iii) when the initiatee is the payer.

11. The method as claimed in claim 1, wherein said step of authenticating the initiator or the initiatee in the process when a payment session has been initiated in sub-steps (n(iii)) and (o(iii)) includes the following sub-steps:
a. encrypting the multi-character PIN, inputted by the initiator or the hiltiatee, by the PSP tool of said initiator or initiatee using the public key of the UPI;
b. transmitting the encrypted PIN to the UPI server (102);
c. decrypting, the PIN received at the UPI server (102) using the private key of the UPI;
d. encrypting, the initiator's or the initiatee' s PIN, using the public key of their respective banks;
e. transmitting the encrypted initiator's or initiatee's PIN, to their respective banks, where the PIN is decrypted using the bank's private key; and f. authenticating the initiator or initiatee using the final decrypted PIN.

12. The method as claimed in claim 1, wherein said step (i) of initiating the payment session includes the following sub-steps:
a. embedding the VPA/UPI ID of the initiatee, in a QR code, on the initiatee's user device (106); and b. scanning the QR code of the initiatee, by the user device (106) of the initiator.

13. The method as claimed in claim 12, wherein said step (a) of embedding the VPA/UPI
ID of the initiatee includes the sub-steps of:
a. transmitting the QR code, by the PSP tool of the initiator, to the UPI
server (102) via the PSP server (104) of the initiator; and b. extracting VPA/UPI ID of the initiatee from the QR code received at the UPI

server (102).

Date Recue/Date Received 2021-08-23

14. The method as claimed in claim 12, wherein said step of initiating a payment session includes embedding the amount to be transacted in the QR code.

15. The method as claimed in claim 1, wherein said method further includes enabling, the initiator or the initiatee, to create a one-time mandate, with the help of the PSP tool, said mandate creation comprising the following steps:
a. enabling, an initiator, to initiate a mandate session, by inputting on his/her user device (106), either a VPA/UPI ID or a GI of the initiatee, the amount to be transacted, the start date and the end date, and the multi-character PIN of the initiator when the initiator is a payer;
b. if the initiator is a payer:
i. enabling, the initiator, to communicate the mandate request and the PIN via the initiator's PSP tool with a selected PSP server (104) with which the initiator is registered;
ii. enabling, the selected PSP server (104), to create a Unique Reference Number to identify said mandate request;
iii. enabling, the selected PSP server (104), to transmit said mandate request along with the PIN, to the UPI server (102);
iv. enabling, the UPI server (102), to send the mandate request to the initiator's bank for verifying the mandate and PIN;
v. enabling the initiator's bank to verify the mandate and the PIN, and upon verification, block the amount associated with the mandate, enabling, the initiator's bank to generate a signed mandate and transmit the signed mandate to the UPI server (102);
vi. enabling, the UPI server (102), to receive the signed mandate and transmit the signed mandate to the initiator's PSP server (104);
vii. enabling, the initiator's PSP server (104), to store said mandate, in the data storage (506);
viii. enabling, the initiator's PSP to send a mandate creation confirmation message on the initiator's PSP tool; and ix. enabling, the UPI server (102), to send a mandate creation confirmation message, to the initiatee's PSP server (104), and c. if the initiator is a payee:

Date Recue/Date Received 2021-08-23 i. enabling, the initiator, to communicate the mandate request via the initiator's PSP tool with a selected PSP server (104) with which the initiator is registered;
ii. enabling, the initiator's PSP, to send the mandate request, to the UPI
server (102);
iii. enabling, the UPI server (102), to send the mandate request to the initiatee's PSP;
iv. enabling, initiatee's PSP, to send the mandate request, on the PSP tool of the initiatee;
v. upon receiving the mandate request, enabling, the initiatee, to approve or refuse the mandate;
vi. upon, approving the mandate request, enabling, the initiatee, to input his/her unique multi-character PIN in the PSP tool on his/her user device (106);
vii. enabling, the initiatee's PSP tool, to send the mandate request along with the encrypted PIN, to the initiatee's PSP server (104), enabling, the initiatee's PSP server (104), to create a Unique Reference Number to identify said mandate request;
viii. enabling, the initiatee's PSP server (104), to send the mandate request along with the encrypted PIN, to the UPI server (102);
ix. enabling, the UPI server (102), to send the mandate request and the encrypted UPI PIN, to the bank of the initiatee, for authentication;
x. enabling the initiatee's bank to verify the mandate and the PIN, and upon verification, block the amount associated with the mandate, enabling, the initiatee's bank to generate a signed mandate and transmit the signed mandate to the UPI server (102);
xi. enabling, the UPI server (102), to receive the signed mandate and transmit the signed mandate to the initiatee's PSP server (104);
xii. enabling, the initiatee's PSP, to store said mandate, in the data storage (506);
xiii. enabling, the initiatee's PSP, to send a mandate creation confirmation message on the PSP tool of the initiatee; and xiv. enabling, the UPI server (102), to send a mandate creation confirmation message, to the initiator's PSP server (104).
Date Recue/Date Received 2021-08-23

16. The method as claimed in claim 15, wherein said method further includes enabling, the payer, to view, modify, and revoke, the created mandate, in the PSP tool of the payer.

17. The method as claimed in claim 15, wherein said method further includes enabling, the initiator, to choose on his/her PSP tool, whether to intimate the initiatee about the created mandate, when the initiator is a payer.

18. The method as claimed in claim 15, wherein said method further includes enabling, the initiator, to create a recurring mandate, when the initiator is the payer.

19. The method as claimed in claim 1, wherein said method includes the step of enabling, a registered user to select said bank account, from the group consisting of a savings bank account, a current bank account, and an overdraft account.

20. The method as claimed in claim 1, wherein the method includes, enabling, the initiator, to attach an invoice during initiation of the payment session, when the initiator is a payee.

21. The method as claimed in claim 1, wherein said method includes the step of establishing the credentials such as the public key of the initiator, when the initiator is a payee, before sending the transaction request to the initiatee's PSP server (104).

22. The method as claimed in claim 21, wherein said method further includes sending a warning to the initiatee on his/her user device (106) if the credential verification of the initiator has failed.

23. The method as claimed in claim 1, wherein said method includes simultaneous initiation of multiple registrations of the users and multiple initiations of payment sessions.

24. An Electronic Payment System (EPS) (100) for facilitating payment transactions between a plurality of users, each user defined by a name, a bank account, a user Date Recue/Date Received 2021-08-23 device (106), a unique multi-character PIN, and a unique Global Identifier, said system (100) comprising:
a. a central server designated as a UPI server (102), comprising a data repository (604) and at least one processor;
b. a plurality of PSP servers (104), clustered around the UPI server (102), comprising a data storage (506) and one or more processing modules, said PSP servers (104) configured to communicate with the UPI server (102);
c. a plurality of PSP tools installable in user devices (106) clustered around each of said PSP servers (104);
d. a user device (106) configured to have one or more of said PSP tools;
e. a first registering module for enabling a PSP server (104) to register with the UPI server (102);
f. a second registering module, enabling a user device (106) to be registered with a PSP server (104); and g. a third registering module, enabling a user to register on the PSP tool installed in its user device (106).

25. The system as claimed in claim 24, wherein each PSP tool comprises:
a. a first communication means (402), for enabling communication with a PSP
server (104) and the UPI server (102);
b. a session generating module (404), configured to receive either a VPA/UPI
ID
or a GI of the initiatee, the amount to be transacted, and the multi-character PIN of the initiator when the initiator is a payer, to generate a payment session; and c. a first encrypter (406) configured to encrypt the PIN of the initiator or the initiatee, using the public key of the UPI, and further configured to transmit the encrypted PIN to the UPI server (102) via the first communication means (402).

26. The system as claimed in claim 24, wherein said PSP server (104) comprises:
a. a second communication means (502), for enabling communication with PSP
tools and the UPI server (102);
b. a VPA/UPI ID configurer (504), in each PSP server (104), processable to receive user bank account information, and user device information, and Date Recue/Date Received 2021-08-23 further processable to merge this information to form a unique VPA/UPI ID
for each user;
c. said data storage (506) comprising:
i. a first data stack, in the form of a first lookup table, the first lookup table comprising the VPA/UPI ID corresponding to users whose devices are registered in the PSP server (104), wherein said VPA/UPI
ID includes the user's corresponding bank account information and user device information; and ii. a second data stack having processing rules and commands for controlling the storage of data into the data stacks and for controlling the operation of PSP server (104), d. a first queuing module (508), configured to receive and process the payment sessions in a First In First Out (FIFO) order, and further configured to handle signals received from PSP tools and the UPI server (102) based on processing rules and commands stored in the data storage (506);
e. a first authenticator (510), to provide a first level authentication of the initiator using the initiator's user device information;
f. a translator (512), configured to translate a VPA/UPI ID into bank account information, and further configured to transmit the bank account infoimation to the UPI server (102) using the second communication means (502), said translator (512) comprising:
i. a data splitter configured to split the VPA/UPI ID into its elements;
and ii. an extractor configured to extract bank account information from the elements of the VPA/UPI ID, and further configured to transmit the extracted bank account information to the UPI (102) server using the second communication means (502).

27. The system as claimed in claim 24, wherein said UPI server (102) comprises:
a. a third communication means (602), for enabling communication with PSP
servers (104) and banks;
b. a data repository (604) comprising:
i. a third data stack for receiving and storing links to the PSP servers (104) registered with the UPI server (102);

Date Recue/Date Received 2021-08-23 ii. a fourth data stack comprising links to a plurality of banks associated with users registered with the PSP servers (104) which are in turn registered with the UPI server (102), each user associated with one or more banks;
iii. a fifth data stack in the form of a second lookup table, the second lookup table comprising a plurality of items, each item corresponding to a user whose device is registered in the PSP server (104), the user's corresponding GI, and the user's designated bank stored in an encrypted form;
iv. a sixth data stack in the form of a third lookup table, the third lookup table comprising a plurality of items, each item corresponding to a user whose device is registered in the PSP server (104), the user's corresponding VPA/UPI ID, and the user's corresponding PSP;
v. a seventh data stack in the form of a fourth lookup table, the fourth lookup table comprising a plurality of items, each item corresponding to a user whose device is registered in the PSP server (104), the user's corresponding GI, and the user's corresponding PSP; and vi. an eighth data stack having processing rules and commands for controlling the storage of data into the data stacks and for controlling the operation of UPI server (102), and c. a second queuing module (606), configured to receive and process multiple payment sessions in a First In First Out (FIFO) order, and further configured to handle signals received from PSP servers (104) and banks based on processing rules and commands stored in the seventh data stack of the data repository (604);
d. an analyzer (608) to analyze the initiator session request and extract the VPA/UPI ID or GI of the initiatee from the initiator session request, said analyzer including a selector switch configured to route the session request to the fifth, sixth, or seventh data stack based on the identified VPA/UPI ID or GI of the initiatee and said processing rules and commands;
e. a first crawler and extractor unit (610), configured to crawl through the third lookup table stored in the sixth data stack of the data repository (604), and further configured to extract PSP of the initiatee using the VPA/UPI ID of the initiatee;

Date Recue/Date Received 2021-08-23 f. a second crawler and extractor unit (612), configured to crawl through the second lookup table stored in the fifth data stack of the data repository (604), and further configured to extract bank account information of the initiatee using the GI of the initiatee; and g. a third crawler and extractor unit (614), configured to crawl through the fourth lookup table stored in the seventh data stack of the data repository (604), and further configured to extract PSP of the initiatee using the GI of the initiatee.

28. The system as claimed in claim 24, wherein the UPI server (102) further includes:
a. a first decrypter (616), configured to receive the encrypted PIN, and further configured decrypt the encrypted PIN using the private key of UPI server (102); and b. a second encrypter (618), configured to cooperate with the first decrypter to receive the decrypted PIN, and further configured to encrypt the decrypted PIN using the public key of the bank, the second encrypter (618) further configured to send the encrypted PIN to the corresponding user's bank for second level authentication.

29. The system as claimed in claim 24, wherein the UPI server (102) includes a data logger (620) configured to continuously log data relating to payment sessions into the data repository (604) in encrypted form, said data including details of each payment session, such as initiator PSP, initiatee PSP, amount transacted, initiator and initiatee VPA/UPI ID and information, and date of transaction.

30. The system as claimed in claim 29, wherein said logged data is retrievable for security purposes.

31. The system as claimed in claim 24, wherein a PSP server (104) is configured to store in a chronological order, a list of transactions performed by the users registered with PSP server (104) and the date on which the transaction was performed.

32. The system as claimed in claim 24, wherein a PSP tool is configured to store the details of transactions carried out using said PSP tool, in the user device (106) of a user, thereby enabling the user to view transaction history, said transaction history Date Recue/Date Received 2021-08-23 comprising a chronologically time stamped list of transactions, their type, the amount transacted, and the name of the user with whom transaction was performed.

33. The system as claimed in claim 24, wherein said PSP tool includes a mandate creating module (408) configured to receive either a VPA/UPI ID or a GI of the initiatee, the amount to be transacted, the multi-character PIN of the initiator when the initiator is a payer, and a start date and an end date, to create a mandate request.

34. The system as claimed in claim 24, wherein said PSP tool includes an encoder (410) configured to receive a QR code generation request from an initiatee of a payment session, and further configured embed the VPA/UPI ID of the initiatee in a QR
code, wherein a payment session is initiated when an initiator scans the generated QR code of the initiatee.

35. The system as claimed in claim 34, wherein said QR code is a static or a dynamic QR
code.

36. The system as claimed in claim 25, wherein said GI is selected from the group consisting of a mobile number, an Aadhaar number, and a bank account number.

37. The system as claimed in claim 29, wherein the UPI server (102) is further configured to carry out net settlement between the participating banks in one or more settlement cycles, said UPI server includes (102) includes.
a. an accumulator module (622) configured to cooperate with the data logger (620) to consolidate transactions carried out during the previous settlement cycle; and b. a settlement module (624) configured to cooperate with said accumulator module (622) to settle the net debit/ credit amount related to the consolidated transactions, between the sending and the receiving banks, said settlement module (624) further configured to create Multiple Net Settlement batches (MNSB) files of the participating banks and upload the created settlement batches files into a real-time gross settlement (RTGS) system of the reserve bank of India for facilitating the banks to perform internal reconciliation, Date Recue/Date Received 2021-08-23 wherein said accumulator module (622) and said settlement module (624) are implemented using one or more processors.

Date Recue/Date Received 2021-08-23