WO2020152708A1

WO2020152708A1 - System and method for splitting a transaction amount into a plurality of transaction segments for a plurality of target payment modes based on user input

Info

Publication number: WO2020152708A1
Application number: PCT/IN2020/050069
Authority: WO
Inventors: Vibhor Jain; Akanshu Argh Jain
Original assignee: Vibhor Jain; Akanshu Argh Jain
Priority date: 2019-01-24
Filing date: 2020-01-22
Publication date: 2020-07-30

Abstract

Present invention relates to method (100) for splitting transaction amount into plurality of transaction segments to be transacted through plurality of target payment modes for an electronic payment transaction, based on user input, method comprises retrieving payment related information from payment request received from user via one of physical mode and an online mode issued by an issuing bank, processing payment includes authenticating an identity of user for electronic payment transaction based one or more transaction checking parameters, defining target payment mode among plurality of payment modes for each of plurality of transaction segments based on instruction provided by user, directing payments for each of plurality of payment modes, managing electronic payment transaction between user transaction account and merchant associated with payment request.

Description

SYSTEM AND METHOD FOR SPLITTING A TRANSACTION AMOUNT INTO A PLURALITY OF TRANSACTION SEGMENTS FOR A PLURALITY OF TARGET PAYMENT MODES BASED ON USER INPUT

FIELD OF THE INVENTION:

The present invention generally relates to e -commerce and electronic payment transactions. More particularly the present invention relates to an efficient system and method for splitting a transaction amount into a plurality of transaction segments based on user input.

BACKGROUND OF THE INVENTION:

This section is intended only to provide background information pertaining to the similar field of the present invention, and may be used only to enhance the understanding of the present invention and not as admissions of prior art.

In recent era of digitisation of transactions, various options are available to facilitate invoices, bills, and payments settlements i.e. that are provided with multiple online/physical modes for a hassle-free mode/technology to make online/physical transactions. Currently, the transactions are performed through options ranging from electronic payment cards, a physical mode to net banking.

While such commercially available options and cards facilitate smooth and fast transactions, however, it is difficult for the user to carry and manage related information (such as discount offers, association with target institutions, and the like) of all the cards every time and to remember all the payment mode details such as card details, account details, net banking, etc. This may lead to failure transactions due to absence of card/s and/or said details. Also, due to lack of integrated mode/card/system for integrated details/information, the users are unable to conduct successful transactions. Alongside, the user may also miss on the available offers and discounts present in all his available payment modes due to lack of awareness and/or information (such as discount offers, association with target institutions, and the like) of the card, and/or absence of the details and/or card. Additionally, the conventional techniques include no such provision that may allow payments based on availability of balance in the related electronic cards subjected to payment. Thus, the existing/ conventional technologies fail to allow users to add/integrate debit, credit card, gift cards etc. with other payment systems and to avail the best possible offers and services.

Accordingly, in light of foregoing discussion there is need to enhance the conventional techniques implemented in online and/or offline payments processes.

SUMMARY OF THE INVENTION:

The present disclosure provides a system and method for splitting a transaction amount into a plurality of transaction segments to be transacted through a plurality of target payment modes for an electronic payment transaction.

In one aspect, embodiments of the present disclosure provides a method for splitting a transaction amount into a plurality of transaction segments to be transacted through a plurality of target payment modes for an electronic payment transaction, based on user input, the method comprising:

- retrieving payment related information from a payment request received from the user via one of a physical mode and an online mode issued by an issuing bank, wherein the payment related information comprises:

- a payment amount, a user transaction account and a merchant associated with the payment request, and

- an instruction provided by the user to proceed with splitting a transaction amount into a plurality of transaction segments, wherein the instruction incudes information about furcation of figures of the transaction amount to be embodied into the plurality of transaction segments;

- processing the payment comprising:

- authenticating an identity of the user for the electronic payment transaction based one or more transaction checking parameters;

- defining the target payment mode among the plurality of payment modes for each of the plurality of transaction segments based on instruction provided by the user, and

- directing the payments for each of the plurality of payment modes; - managing the electronic payment transaction between the user transaction account and the merchant associated with the payment request.

Optionally, the method further comprises transmitting a notification to the user and a merchant indicating one of a successful transaction and a failure transaction.

Optionally, the method further comprises storing the plurality of target payment modes, identity of the user, and information about the merchant.

Optionally, the user payment account and the merchant are virtual platforms linked to each other.

Optionally, the payment request is received from the user to link the electronic payment transaction with the merchant.

Optionally, the physical mode refers to a physical smart card issued by the issuing hank.

Optionally, the online mode refers to internet banking issued by the issuing hank.

Optionally, the plurality of payment modes comprises at least one of a net-banking, an online wallet, a debit card, a credit card and magnetic secured transmissions (MST).

Optionally, figures for each of the plurality of transaction segments is furcated based on instruction provided by the user. Optionally, the one or more transaction checking parameters comprises at least one of split payment checks, primary account checks, AML checks, fraud detection checks, typologies checks and balance checks.

Optionally, the electronic payment transaction is managed by debiting the payment amount from the user transaction account, and crediting the payment amount to a merchant transaction account.

In a second aspect, embodiments of the present disclosure provides a system for splitting a transaction amount into a plurality of transaction segments to be transacted through a plurality of target payment modes for an electronic payment transaction based on user input, using a central server, the system comprises:

- a direct debit unit configured to

- receive a payment request from the user via one of a physical mode and an online mode issued by an issuing bank, wherein the payment request comprises a payment amount, a user transaction account; and

- retrieve payment related information from the payment request, wherein the payment related information includes a transaction amount into a plurality of transaction segments through a plurality of target payment modes based on user input;

- an user interface for receiving inputs from the user for furcating figures for each of the plurality of transaction segments; and - a processing unit configured to:

- process the payment, wherein processing comprises

- directing the payments for each of the plurality of payment modes; and

- manage the electronic payment transaction between the user transaction account and the merchant associated with the payment request.

Optionally, the system further comprises a memory unit configured to store the plurality of target payment modes, identity of the user, and information about the merchant.

Optionally, the direct debit unit is configured to transmit a notification to the user and a merchant indicating one of a successful transaction and a failure transaction.

The afore-mentioned objectives and other aspects of the embodiments herein will be better appreciated and understood when considered in conjunction with the following description and the accompanying drawings. It is to be understood that the following descriptions, while indicating preferred embodiments and numerous specific details thereof, are given by way of illustration and not of limitation. Many changes and modifications may be made within the scope of the embodiments herein without deviating from the spirit thereof. Therefore, this section is intended only to introduce certain objects and aspects of the present invention, and is therefore, not intended to define key features or scope of the subject matter of the present invention.

BRIEF DESCRIPTION OF THE DRAWINGS:

The drawings mentioned in this section disclose exemplary embodiments of the claimed system and method. Detailed description of well-known components and processing techniques are omitted to not unnecessarily obscure the embodiments herein. Further, the components/modules and steps of a process are assigned reference numerals that are used throughout the description to indicate the respective components and steps. Other objects, features, and advantages of the present invention will be apparent from the following description when read with reference to the accompanying drawings.

Figure 1 illustrates a method (100) for splitting a transaction amount into a plurality of transaction segments to be transacted through a plurality of target payment modes for an electronic payment transaction, based on user input, in accordance with an embodiment of the present disclosure; and Figure 2 illustrates a system (200) for splitting a transaction amount into a plurality of transaction segments to be transacted through a plurality of target payment modes for an electronic payment transaction based on user input, using a central server, in accordance with an embodiment of the present disclosure.

It may be appreciated that the drawings should be read in lines with the embodiments as stated herein the present disclosure. Particularly, the stated embodiments are present hereby taking in consideration that, but not limited to, to be clearly understood by the person skilled in the art.

DETAILED DESCRPTION:

This section is intended to provide explanation and description of various possible embodiments of the present invention. The embodiments used herein, and the various features and advantageous details thereof are explained more fully with reference to non-limiting embodiments illustrated in the accompanying drawings and detailed in the following description. The examples used herein are intended only to facilitate an understanding of ways in which the embodiments herein may be practiced and to further enable the person skilled in the art to practice the embodiments used herein. Also, the examples/embodiments described herein should not be construed as limiting the scope of the embodiments herein. In one aspect, embodiments of the present disclosure provides a method for splitting a transaction amount into a plurality of transaction segments to be transacted through a plurality of target payment modes for an electronic payment transaction, based on user input, the method comprises:

- processing the payment comprises:

- defining the target payment mode among the plurality of payment modes for each of the plurality of transaction segments based on instruction provided by the user, and - directing the payments for each of the plurality of payment modes;

- managing the electronic payment transaction between the user transaction account and the merchant associated with the payment request.

- a direct debit unit configured to

- an user interface for receiving inputs from the user for furcating figures for each of the plurality of transaction segments; and

- a processing unit configured to:

- process the payment, wherein processing comprises - authenticating an identity of the user for the electronic payment transaction based one or more transaction checking parameters;

- directing the payments for each of the plurality of payment modes; and - manage the electronic payment transaction between the user transaction account and the merchant associated with the payment request.

The present invention discloses an efficient system and method for splitting a transaction amount into a plurality of transaction segments to be transacted through a plurality of target payment modes for an electronic payment transaction, based on user input. In a preferred embodiment, the user opts for a furcation of the transaction amount into the plurality of transaction segments. Furthermore, the present disclosure also allows the user to wishfully divide a total payable amounts into multiple segments of figures.

In an event the user is authenticated and the electronic payment transaction of the user transaction account and the merchant associated with the performed transaction is recorded, by retrieving the information about an association of the user account (and the issuing bank) through the merchant acting as a third party association to the entire transaction. In an example multiple merchants may be available according to the payment related institutions and their association with the issuing hanks.

As used herein, the user device and the merchant device refer to any computing device capable of sending and receiving request/messages and/or other services as may be obvious to a person skilled in the art. Further, said devices include, but not limited to, a mobile, a smart phone, a laptop, a tablet, a computer and any such device as may be obvious to a person skilled in the art. Further, the user device and the merchant device are authorized by the central server in accordance with the present invention. Additionally, the user device and the merchant device are connected to each other through the central server.

As used herein, user and similar terms such as subscriber, customer, consumer, buyer, first user, etc. refer to similar interpretation and may be used interchangeably throughout the specification. Likewise, the merchant and similar terms such as vendor, retailer, second user, etc. refer to similar interpretation and may be used interchangeably throughout the specification. Further, the user and the merchant may refer to humans or automated components configured through artificial intelligence (AI). Furthermore, the user has a user transaction account and the merchant has a merchant transaction account.

As used herein, the central server is configured to work in accordance with the present invention. Further, the central server may be a cloud server. In accordance to the present invention, the central server comprises a direct debit unit, a processing unit and a memory unit coupled to each other in accordance with the embodiments of the present invention.

As used herein, the issuing bank refers to a banking/financial organisation that issues the physical mode and the online mode to the user for providing various services such as customer support, billing, settlement of invoices/payments and any such service as may be obvious to a person skilled in the art.

In an example, the payment processing network comprises a plurality of entities including, but not limiting to, the user (user device), the merchant (merchant device), the issuing bank, the acquiring bank and the central server.

As used herein the payment request sent by the user (using the user device) comprises the payment related information comprising a payment amount, one or more payment modes and details of the user transaction account and the merchant.

As used herein, the physical mode refers to a financial smart card used to initiate/request the transaction/payment by transmitting the payment request to the central server. In an embodiment, the physical card comprises the payment request that comprises the payment related information and user details.

As used herein, the payment modes are one of net -banking, an online wallet, a debit card, a credit card and magnetic secured transmissions (MST). Further, as used herein, the target payment mode is the mode currently used for performing the transactions between the user transaction account and the merchant.

As used herein, the transaction information (user transaction account and the merchant) may refer to virtual platforms (and/or banking institutions and organisations) linked to each other through the central server. The banking organisation associated with the user transaction account and the merchant may be similar or different. Further, the transaction information (user transaction account and the merchant) are registered at the central server in accordance with the embodiments of the present invention.

As used herein, the transaction/payment refers to financial transactions managed by the central server. In one embodiment, the financial/payment transaction comprises debit and credit transactions from/to the transaction information (user transaction account and the merchant). The terms financial and payment refer to similar interpretation and may be interchangeably used in the description.

As used herein, the transaction checking parameters refer to one or more checks to be performed on at least one of the user transaction account and/or the merchant. In an embodiment, the transaction checking parameters includes, but not limited to split payment checks, primary account checks, AML checks, fraud detection checks, typologies checks and balance checks.

As used herein the processing unit refers to any digital possessing logic, intelligent and analytical skills for processing any type of information/detail/request as may be obvious to a person skilled in the art. Further, the processing unit may refer to any computing processing unit comprising, but not limited to, a single-core processor, a multi-core processor and any such unit as may be obvious to a person skilled in the art. Furthermore, the processing unit is configured to perform functions such as data processing; identifying payment mode/s and any such function as may be obvious to a person skilled in the art, to efficiently enable working of the system claimed in the present invention.

As used herein, the memory unit and similar terms such as data store, database, cache and similar terms refer to similar interpretation and may be used interchangeably throughout the specification. Further, the memory unit may refer to a volatile memory, a non-volatile memory, or a combination thereof. By way of illustration, and not limitation, the non-volatile memory may be read only memory (ROM) or any such memory as may be obvious to a person skilled in the art. By way of illustration, and not limitation, said volatile memory may be a random access memory (RAM) or any such memory as may be obvious to a person skilled in the art.

It is to be understood that the terms managing and similar terms such as performing and controlling refer to similar interpretation and may be interchangeably used throughout the specification.

It is to be further understood that the terms such as connect, configure, couple and other similar terms include a physical connection (such as a wired/wireless connection), a logical connection or a combination of such connections as may be obvious to a person skilled in the art.

Figure 1 illustrates a method (100) for splitting a transaction amount into a plurality of transaction segments to be transacted through a plurality of target payment modes for an electronic payment transaction, based on user input, in accordance with an embodiment of the present disclosure.

At a step (101), payment related information is retrieved from a payment request received from the user via one of a physical mode and an online mode issued by an issuing bank, wherein the payment related information includes a payment amount, a user transaction account and a merchant associated with the payment request, and an instruction provided by the user to proceed with splitting a transaction amount into a plurality of transaction segments, wherein the instruction incudes information about bifurcation of figures of the transaction amount to be embodied into the plurality of transaction segments;

At a step (102), the payment is processed, the processing includes authenticating an identity of the user for the electronic payment transaction based one or more transaction checking parameters, defining the target payment mode among the plurality of payment modes for each of the plurality of transaction segments based on instruction provided by the user, and directing the payments for each of the plurality of payment modes. At a step (103), managing the electronic payment transaction between the user transaction account and the merchant associated with the payment request.

Optionally, the method (100) further comprises transmitting a notification to the user and a merchant indicating one of a successful transaction and a failure transaction.

Optionally, the method (100) further comprises storing the plurality of target payment modes, identity of the user, and information about the merchant.

Optionally, the plurality of payment modes comprises at least one of a net -banking, an online wallet, a debit card, a credit card and magnetic secured transmissions (MST).

Optionally, figures for each of the plurality of transaction segments is bifurcated based on instruction provided by the user. Optionally, the one or more transaction checking parameters comprises at least one of split payment checks, primary account checks, AML checks, fraud detection checks, typologies checks and balance checks.

Figure 2 illustrates a system (200) for splitting a transaction amount into a plurality of transaction segments to be transacted through a plurality of target payment modes for an electronic payment transaction based on user input, using a central server (201), in accordance with an embodiment of the present disclosure.

The system (200) comprises a direct debit unit (202) configured to receive a payment request from the user via one of a physical mode and an online mode issued by an issuing bank, wherein the payment request comprises a payment amount, a user transaction account; and retrieve payment related information from the payment request, wherein the payment related information includes a transaction amount into a plurality of transaction segments through a plurality of target payment modes based on user input.

The system (200) comprises an user interface (203) for receiving inputs from the user for bifurcating figures for each of the plurality of transaction segments; and The system (200) comprises a processing unit (204) configured to process the payment, wherein processing comprises authenticating an identity of the user for the electronic payment transaction based one or more transaction checking parameters, defining the target payment mode among the plurality of payment modes for each of the plurality of transaction segments based on instruction provided by the user, directing the payments for each of the plurality of payment modes; and manage the electronic payment transaction between the user transaction account and the merchant associated with the payment request.

Optionally, the system (200) further comprises a memory unit (205) configured to store the plurality of target payment modes, identity of the user, and information about the merchant.

The term exemplary is used herein to mean serving as an example. Any embodiment or implementation described as exemplary is not necessarily to be construed as preferred or advantageous over other embodiments or implementations. Further, the use of terms such as including, comprising, having, containing and variations thereof, is meant to encompass the items/components/process listed thereafter and equivalents thereof as well as additional items/components/process. It will be apparent that various aspects of the present invention may be implemented as a software and hardware (such as a processing unit) in the implementations illustrated in the figures. Additionally, it should be appreciated that according to one aspect of this embodiment, one or more computer programs that when executed perform methods of the present invention need not reside on a single computer or processor but may be distributed in a modular fashion amongst a number of different computers or processors to implement various aspects of the present invention.

Although the subject matter is described in language specific to structural features and/or acts, it is to be understood that the subject matter defined in the claims is not necessarily limited to the specific features or process as described above. In fact, the specific features and acts described above are disclosed as mere examples of implementing the claims and other equivalent features and processes which are intended to be within the scope of the claims.

Further, the subject matter of example embodiments, as disclosed herein, is described with specificity to meet statutory requirements. However, the description itself is not intended to limit the scope of this patent. Rather, the inventors have contemplated that the claimed subject matter might also be embodied in other ways, to include different features or combinations of features similar to the ones described in this document, in conjunction with other technologies. Generally, the various embodiments including the example embodiments relate to system and method for generating and monitoring the smart contract between two or more users. As will be readily apparent to a person skilled in the art, the present invention may easily be produced in other specific forms without departing from its essential characteristics. The present embodiments should be construed as merely illustrative and non-restrictive and the scope of the present invention being indicated by the claims rather than the foregoing description, and all changes which come within therefore intended to be embraced therein.

Claims

WE CLAIM:

1. A method (100) for splitting a transaction amount into a plurality of transaction segments to be transacted through a plurality of target payment modes for an electronic payment transaction, based on user input, the method comprising:

- retrieving payment related information from a payment request received from the user via one of a physical mode and an online mode issued by an issuing bank, wherein the payment related information comprising:

- an instruction provided by the user to proceed with splitting a transaction amount into a plurality of transaction segments, wherein the instruction incudes information about bifurcation of figures of the transaction amount to be embodied into the plurality of transaction segments;

- processing the payment comprising:

2. The method (100) as claimed in claim 1, further comprising transmitting a notification to the user and a merchant indicating one of a successful transaction and a failure transaction.

3. The method (100) as claimed in claim 1, further comprising storing the plurality of target payment modes, identity of the user, and information about the merchant.

4. The method (100) as claimed in claim 1, wherein the user payment account and the merchant are virtual platforms linked to each other.

5. The method (100) as claimed in claim 1, wherein the payment request is received from the user to link the electronic payment transaction with the merchant.

6. The method (100) as claimed in claim 1, wherein the physical mode refers to a physical smart card issued by the issuing hank.

7. The method (100) as claimed in claim 1, wherein the online mode refers to internet banking issued by the issuing hank.

8. The method (100) as claimed in claim 1, wherein the plurality of payment modes comprises at least one of a net-banking, an online wallet, a debit card, a credit card and magnetic secured transmissions (MST).

9. The method (100) as claimed in claim 1, wherein figures for each of the plurality of transaction segments is bifurcated based on instruction provided by the user.

10. The method (100) as claimed in claim 1, wherein the one or more transaction checking parameters comprises at least one of split payment checks, primary account checks, AML checks, fraud detection checks, typologies checks and balance checks.

11. The method (100) as claimed in claim 1, wherein the electronic payment transaction is managed by debiting the payment amount from the user transaction account, and crediting the payment amount to a merchant transaction account.

12. A system (200) for splitting a transaction amount into a plurality of transaction segments to be transacted through a plurality of target payment modes for an electronic payment transaction based on user input, using a central server (201), the system comprising:

- a direct debit unit (202) configured to

- receive a payment request from the user via one of a physical mode and an online mode issued by an issuing bank, wherein the payment request comprises a payment amount, a user transaction account; and - retrieve payment related information from the payment request, wherein the payment related information includes a transaction amount into a plurality of transaction segments through a plurality of target payment modes based on user input;

- an user interface (203) for receiving inputs from the user for bifurcating figures for each of the plurality of transaction segments; and

- a processing unit (204) configured to:

- process the payment, wherein processing comprises

- directing the payments for each of the plurality of payment modes; and

13. The system (200) as claimed in claim 12, further comprising a memory unit (205) configured to store the plurality of target payment modes, identity of the user, and information about the merchant.

14. The system (200) as claimed in claim 12, wherein the direct debit unit (202) is configured to transmit a notification to the user and a merchant indicating one of a successful transaction and a failure transaction.