WO2020152709A1

WO2020152709A1 - System and method for switching/reversing between payment modes and managing user transactions thereof

Info

Publication number: WO2020152709A1
Application number: PCT/IN2020/050070
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

The present invention relates to system [100] and method [200] for switching/reversing from first payment mode to second payment mode based on user request and managing user transactions thereof. In an embodiment, the system [100] comprises central entity [120] and user device [110]. The central entity [120] on receiving the user request from the user device [110] processes said request and identifies the second payment mode. Based on said identification, the central entity [120] switches/reverses from the first payment mode to the second payment mode. Thereafter, the system [120] manages the user transactions related to the first payment mode and the second payment mode by performing debiting and/or crediting the payment amount from first transaction account (associated with the first payment mode) and/or the second transaction account (associated with the second payment mode) respectively.

Description

SYSTEM AND METHOD FOR SWITCHING/REVERSING BETWEEN

PAYMENT MODES AND MANAGING USER TRANSACTIONS THEREOF

FIELD OF THE INVENTION:

The present invention generally relates to e-commerce and electronic financial transactions. More particularly the present invention relates to a system and method for switching/reversing between payment modes and managing the user transactions thereof.

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.

With the advancements in wireless communications and e-commerce, billing method and system have become more flexible and advanced and therefore, online/electronic shopping and transactions/payments have become critical aspect of retail market/field across the world. Over the years, transactions have grown in popularity and are frequently executed over the internet, since users find this convenient and easy. Thus, various marketing approaches have been developed in this field to provide varied transaction facilities and services, where majority of the online transactions involve bank and/or third-party financial organizations for performing verification/authentication formalities relating to payments and transactions.

Further, the existing transactions systems enable the users/customers to select mode of payment as well switch in between available payment modes subject to financial suitability and other parameters. Thus, multiple payment modes are adapted by the existing transaction and payment systems to facilitate electronic financial transactions. However, existing transaction systems possess various challenges in providing efficient services and payment modes to the users. One of the limitations is the inability to go back in time and switch the payment modes after transaction i.e. inability to reverse the payment mode selection after the transaction is completed. Another limitation is that the existing transaction systems fail to independently manage transactions between the payment modes/accounts after switching/reversing between the payment modes, which in turn results in unsuccessful/incomplete and disorganised transactions leading to unpleasant user experience.

Accordingly, to overcome the above-mentioned limitations of the existing transaction systems, there exists a need to efficiently switch/reverse payment modes while managing transactions required thereto. More particularly, there arises a need of a system and method for switching/reversing from a first payment mode to a second payment mode based on a user request and managing user transactions without involving banking organisations and merchants.

SUMMARY OF INVENTION

In light of the limitations of the existing conventional systems as discussed above, it is evident that there arises a need for developing an efficient and effective electronic financial transaction system and method for substantially overcoming said limitations. It is therefore, an objective of the present invention to enable the user to switch or reverse back from one mode to other mode even if payment is already initiated i.e. the user is enabled to reverse back the payment mode pursuant to the payment/transaction. Another objective of the present invention is to manage transactions between said payment modes and corresponding transaction accounts after switching/reversing between said payment modes. Yet another objective of the present invention is to manage the user transactions without involving use of merchants or any banking organisation.

More particularly, the present invention relates to a method for switching from a first payment mode to a second payment mode based on a user request and managing user transactions thereof. The method is performed by a system and comprises steps of: receiving the user request from a user device to switch from the first payment mode to the second payment mode, wherein the first payment mode and the second payment mode are associated with a first transaction account and a second transaction account respectively, and the user request comprises user information and payment amount; processing the user request to identify the second payment mode from a plurality of payment modes based on one or more mode parameters; switching from the first payment mode to the second payment based on user input; and managing the user transactions by performing at least one of debiting and crediting the payment amount from at least one of the first transaction account and the second transaction account.

Further, the present invention encompasses transmitting a notification to the user device indicating indicates one of successful and un-successful switching of the first payment mode to the second payment.

Furthermore, the present invention also encompasses storing at least one of the first payment mode, the second payment mode, the user information, the plurality of payment modes, the first transaction account, the second transaction account, the payment amount and the one or more mode parameters.

Additionally, in another aspect, the present invention relates to a system for switching from a first payment mode to a second payment mode based on a user request and managing user transactions thereof. The system comprises a transceiver unit configured to receive the user request from a user device to switch from the first payment mode to the second payment mode, wherein the first payment mode and the second payment mode are associated with a first transaction account and a second transaction account respectively, and the user request comprises user information and payment amount; a processing unit configured to process the user request to identify the second payment mode from a plurality of payment modes based on one or more mode parameters, and switch from the first payment mode to the second payment based on user input; and a transaction managing unit configured to manage the user transactions by performing at least one of debiting and crediting the payment amount from at least one of the first transaction account and the second transaction account.

Further, the transceiver unit is also configured to transmit a notification to the user device indicating one of successful and un-successful switching of the first payment mode to the second payment.

Furthermore, the system comprises a storage unit for storing at least one of the first payment mode, the second payment mode, the user information, the plurality of payment modes, the first transaction account, the second transaction account, the payment amount and the one or more mode parameters.

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 should 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 scope of the invention. Therefore, this section is intended only to introduce certain objectives and aspects of the present invention, and is therefore, not intended to define/outline key features or scope of the subject matter of the present invention.

BREIF DESCRIPTION OF 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 system architecture [100] of the present invention for switching from a first payment mode to a second payment mode based on a user request and managing user transactions thereof, according to an embodiment therein. Figure 2 illustrates a method overview [200] of the present invention for switching from a first payment mode to a second payment mode based on a user request and managing user transactions thereof, according to an embodiment therein.

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.

The present invention relates to a system and a method for switching/reversing from one payment mode (first payment mode) to other payment mode (second payment mode) based on a user request and managing the corresponding user transactions thereof. In a preferred embodiment where the user wishes to go back in time and reverse/switch the payment mode after transaction or payment, the user (using a user device) transmits the user request to a system for switching/reversing from the first payment mode to the second payment mode. On receiving the user request from the user, the system processes the user request and identifies the second payment mode based on one or more mode parameters. Pursuant to switching from the first payment mode to the second payment mode, the system manages the transactions related thereof. The present invention also encompasses transmitting a notification to the user indicating one of successful and non-successful switching/reversing of said payment modes.

As used herein, the user device refers to any computing device capable of sending and receiving messages and/or other services as may be obvious to a person skilled in the art. Further, the user device includes, 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. The user device may be authorized by the system to transmit the user request for switching/reversing between the payment modes.

As used herein, the term user and similar terms such as subscriber, customer, consumer, etc. refer to similar interpretation and may be used interchangeably throughout the specification. Said terms may refer to humans or automated components configured through artificial intelligence (AI). As used herein, the system is configured to work in accordance with the present invention. Further, the system may be a cloud server. In accordance to the present invention, the system comprises a transceiver unit, a processing unit, a transaction managing unit and a storage unit.

As used herein, the transceiver unit is configured to communicate with the user device and any such device as may be obvious to a person skilled in the art. More particularly, the transceiver unit is capable to transmit and receive information/details/request to and from the user device.

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 term storage 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 storage 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.

As used herein, the first payment mode refers to the current payment mode in use by the user of the user device. Further, the first payment mode is associated with a first transaction account. Furthermore, the first payment mode is one of net-banking, an online wallet, a debit card, a credit card and magnetic secured transmissions (MST).

As used herein, the second payment mode refers to the payment mode after switching/reversing i.e. mode to which the first payment mode is re versed/ switched to. Further, the second payment mode is associated with a second transaction account. Furthermore, the second payment mode is one of net-banking, an online wallet, a debit card, a credit card and magnetic secured transmissions (MST). As used herein, the transaction accounts (first transaction account and the second transaction account) relate to retail banking accounts in one or more banking organisation. The first transaction account may be similar or different to the second transaction account.

As used herein the user request sent by the user comprises user information and payment amount, wherein the user information comprises user name, user account details and user transaction history, and the payment amount refers to the amount to be transacted.

As used herein, the mode parameters comprises the user information, the first payment mode, the payment amount and any such detail/information as may be obvious to a person skilled in the art.

As used herein, the term‘transaction’ refers to financial transactions managed by the system. In one embodiment, the financial transaction comprises debit and credit transactions from/to the transaction accounts (first transaction account and the second transaction account).

It is to be understood that the terms switching and reversing 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 system overview of a system [100] for switching from the first payment mode to the second payment mode based on the user request and managing the user transactions thereof in accordance with an embodiment of the present invention. More particularly, the system [100] comprises the user device [110] and the system [120]. The user device [110] and the system [120] communicate with each other through a network entity [130], wherein the network entity [130] is one of wired and wireless means, and may correspond to a personal area network, a local area network, a metropolitan area network, a wide area network, Internet or a combination thereof. In an embodiment, the system [100] is modified to function completely or in parts at the user device level, the server level or a combination thereof. Further, the system [120] comprises a transceiver unit [102], a processing unit [104], a transaction managing unit [106] and a storage unit [108], wherein the transceiver unit [102], the processing unit [104], the transaction managing unit [106] and the storage unit [108] are communicatively coupled to each other. When the user wishes to go back in time for reversing/switching from the first payment mode to the second payment mode, the user using the user device [110] transmits the user request to the transceiver unit [102] of the system [120], wherein the first payment mode and the second payment mode are associated with the first transaction account and the second transaction account respectively, and said user request comprises the user information and payment amount (relating to said transaction). On receiving said user request, the transceiver unit [102] is configured to internally communicate said user request to the processing unit [104] of the central device [120].

The processing unit [104] is configured to process said user request to identify the second payment mode from the plurality of payment modes based on one or more mode parameters including, but not limiting to, the user information, the first payment mode and the payment amount. In an exemplary embodiment, the previously (successful) used mode is identified as the second payment mode, while in another embodiment, most frequently used mode is identified as the second payment mode. In yet another embodiment, the most suitable payment mode among the plurality of modes is identified as the second payment mode, wherein the most suitable payment mode is based on user input. Further, the second payment mode may be pre-defined by one of the system [120] and the user using the user device [110]. In an embodiment, the user using the user device [110] provides the second payment mode based on his interest and financial status. Further, on successful identification of the second payment mode, the processing unit [104] is configured to switch/reverse from the first payment mode to the second payment mode based on said identification and processing. In an event of unsuccessful identification of the second payment mode, the present invention encompasses re identifying the second payment mode until said mode is identified.

Pursuant to switching/reversing to the second payment mode, the transaction managing unit [106] is configured to manage the user transactions related to the first payment mode and the second payment mode i.e. related to the first transaction account and the second transaction account. In particular, the transaction managing unit [106] is configured to manage the user transactions by performing at least one of debiting and crediting the payment amount from at least one of the first transaction account and the second transaction account, wherein said user transactions are managed based on at least one of the first payment mode, first transaction account, the second payment mode, the second transaction account, the user information and the payment amount. In an exemplary embodiment, the first transaction account and the second transaction account relate to similar retail banking accounts in one or more banking organisation, while in another embodiment, the first transaction account and the second transaction account relate to different retail banking accounts in one or more banking organisation. Further, in an exemplary scenario, where the first payment mode is net-banking and the second payment mode is identified as debit card, the transaction managing unit [106] is configured to manage the transactions by managing the payment amounts between the first transaction account (associated with the first payment mode) and the second transaction account (associated with the second payment mode) i.e. the transaction managing unit [106] credits (adds) the payment amount to the first transaction account associated with the net-banking (i.e. the first payment mode) and debits (removes/withdraw) the same payment amount from the second transaction account associated with the debit card (i.e. the second payment mode). In this manner, the transaction managing unit [106] manages the user transaction related to said payment modes.

Further, the present invention encompasses transmitting the notification to the user device [110], wherein the notification indicates one of successful and un-successful switching/reversing of the first payment mode to the second payment.

Furthermore, the storage unit [108] is configured to store at least one of the first payment mode, the second payment mode, the user information, the plurality of payment modes, the first transaction account, the second transaction account, the payment amount and the one or more mode parameters. In an embodiment, the first payment mode, the second payment mode, the user information, the plurality of payment modes, the first transaction account, the second transaction account, the payment amount and the one or more mode parameters are stored in form of tables, schemas, list, or other formats as may be obvious to a person skilled in the art. Further, the storage unit [108] is present at the user device [110] and/or the system [120].

Likewise, Figure 2 illustrates a method [200] for switching/reversing from the first payment mode to the second payment mode based on the user request and managing the user transactions thereof in accordance with an embodiment of the present invention. The method [200] comprises a series of following operational steps to accomplish the objective encompassed by the present invention.

In an optional embodiment processing further includes switching from the first payment mode to one or more second payment modes from a plurality of payment modes based on user request.

At step 201, the user using the user device [110] transmits the user request to the transceiver unit [102] of the system [120] in an event the user wishes to go back in time for reversing/switching from the first payment mode to the second payment mode. Said user request is then internally communicated to the processing unit [104] of the central device [120]. At step 202, the processing unit [104] processes said user request to identify the second payment mode from the plurality of payment modes based on said one or more mode parameters including, but not limiting to, the user information, the first payment mode and the payment amount. Further, the second payment mode may be pre-defined by one of the system [120] and the user using the user device [110]. Further, in an event of successful identification of the second payment mode, the method [200] leads to step 203. Alternatively in the event of un-successful identification of the second payment mode, the processing unit [104] re-identifies the second payment mode (at step 202).

At step 203, the processing unit [104] switches/reverses from the first payment mode to the second payment mode based on said identification and processing.

At step 204, the transaction managing unit [106] manages the user transactions related to the first payment mode and the second payment mode i.e. related to the first transaction account and the second transaction account by performing at least one of debiting and crediting the payment amount from at least one of the first transaction account and the second transaction account.

Thus, the present invention relates to mechanism for switching/reversing the payment modes i.e. from the first payment mode to the second payment mode. Also, the present invention encompasses managing user transactions without any involvement of merchant and/or banking organisations.

Also, the present invention is applicable to various fields/industries such as real-estate industry, banking industry, offices, and any such field/industry where the transactions are required and are obvious to a person skilled in the art.

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 [200] for switching from a first payment mode to a second payment mode based on a user request, and managing user transactions thereof, the method [200] being performed by a system [120] based on user input, the method [200] comprising:

- receiving the user request from a user device [110] to switch from the first payment mode to the second payment mode, wherein

the first payment mode and the second payment mode are associated with a first transaction account and a second transaction account respectively, and

the user request comprises user information and payment amount;

- processing the user request to select the second payment mode from a plurality of payment modes based on user preference for the payment request;

- switching from the first payment mode to the second payment based on user input; and

- managing the user transactions by performing at least one of debiting and crediting the payment amount from at least one of the first transaction account and the second transaction account.

2. The method [200] as claimed in claim 1, further comprising transmitting a notification to the user device [110], wherein the notification indicates one of successful and un-successful switching of the first payment mode to the second payment.

3. The method [200] as claimed in claim 1, further comprising storing at least one of the first payment mode, the second payment mode, the user information, the plurality of payment modes, the first transaction account, the second transaction account, the payment amount and the one or more mode parameters.

4. The method [200] as claimed in claim 1 , wherein the first payment mode is one of net-banking, an online wallet, a debit card, a credit card and magnetic secured transmissions (MST).

5. The method [200] as claimed in claim 1, wherein the second payment mode is one of net-banking, an online wallet, a debit card, a credit card and magnetic secured transmissions (MST).

6. The method [200] as claimed in claim 1 , wherein the user request is received from the user device [110] in an event the user wishes to switch from the first payment mode to the second payment mode pursuant to transaction to a merchant.

7. The method [200] as claimed in claim 1, wherein the first transaction account and the second transaction account relate to same or different retail banking accounts in one or more banking organisation.

8. The method [200] as claimed in claim 1, wherein the one or more mode parameters comprises at least one of user inputs, the user information, the first payment mode and the payment amount.

9. The method [200] as claimed in claim 1, wherein the user information comprises user name, user account details and user transaction history.

10. The method [200] as claimed in claim 1, wherein the user transactions are managed based on at least one of the first payment mode, first transaction account, the second payment mode, the second transaction account, the user information and the payment amount.

11. The method [200] as claimed in claim 1 , wherein processing the further includes switching from the first payment mode to one or more second payment modes from a plurality of payment modes based on user request.

12. A system [120] for switching from a first payment mode to a second payment mode based on a user request and managing user transactions thereof, the system system[120] comprising:

- a transceiver unit [102] configured to receive the user request from a user device [110] to switch from the first payment mode to the second payment mode, wherein

the user request comprises user information and payment amount;

- a processing unit [104] configured to

process the user request to identify the second payment mode from a plurality of payment modes based on one or more mode parameters, and switch from the first payment mode to the second payment based on user input; and

- a transaction managing unit [106] configured to manage the user transactions by performing at least one of debiting and crediting the payment amount from at least one of the first transaction account and the second transaction account.

13. The system [120] as claimed in claim 12, further comprising a storage unit [108] for storing at least one of the first payment mode, the second payment mode, the user information, the plurality of payment modes, the first transaction account, the second transaction account, the payment amount and the one or more mode parameters.

14. The system [120] as claimed in claim 12, wherein the transceiver unit [102] is further configured to transmit a notification to the user device [110], wherein the notification indicates one of successful and un-successful switching of the first payment mode to the second payment.

15. The system [120] as claimed in claim 12, wherein the user device [110] communicates with the system [120] through a network entity [130].