Systems and methods of generating and processing payment transactions using alternate channels and payment mode

Abstract

Systems and methods generate and process payment transactions using a virtual account for payment transaction which is generated and transmitted to a customer registered mobile device. The virtual account with a limited lifetime with single or multi use purpose is created for the associated bank account number and generated on-demand by the registered customer upon authentication which may be communicated using SMS, IVR, USSD, Mobile Apps, Smart Apps or NFC protocols to the registered mobile number for immediate use for payments which can be used for online purchasing, peer to peer payments, automatically read-out or to manually enter at a point of sale. The system also creates virtual point of sale (POS) to a substitute for hardware based POS payment devices during check out at a physical store to facilitate for accepting payments in different modes.

Patent History

Publication number: 20140358783

Type: Application

Filed: Apr 11, 2014

Publication Date: Dec 4, 2014

Applicant: NUSPAY INTERNATIONAL INCORPORATED

Inventor: Md. Abul MANSUR

Application Number: 14/251,241

Patent Listed On

Patent Summary

Nuspay being a FinTech firm, holds a number of patents which is cited under US20140358783A1 ( as per Patent Concern ). Firstly, only Nuspay holds the legal right to process a virtual account under its ecosystem for the payment transaction, that comprises generating a virtual account number associated with a customer bank account for payment with a fixed transaction amount for at least one transaction. This processing is likely to be initiated from a customer's authenticated mobile device. Nuspay’s patented Virtual account number generator selects from the group consisting of a series of numbers, bar-code, NDEF and binary format.

The sequences are to be presented 10-20 Numeric/Alphanumeric characters which are generated as barcode or binary format. This alternate payment method is registered to use barcodes (optical machine-readable representation of data like 2D, 3D, Matrix barcode (QR code etc.) or NFC Data Exchange Format (NDEF). The mobile app is also patented to use SMS text messages or USSD or Smart Apps or Mobile Apps or STK authenticated by a predefined passcode or generated by IVR system or other alternative channel. The virtual account number is based upon one or a combination of the merchant information, customer registration information, transaction/order information, transaction amount and/or any single or multi use parametric/identifiable information. Validity or lifespan of the virtual account is limited to the period specified by the type of transaction and other preset parameters which can include date and time. Upon registration the users registering number will be the validating device.

Nuspay’s patent also includes purchasing a product or service with single or multiple product code through a communication channel selected from the group consisting of SMS, USSD, NFC, Mobile Apps or Smart Apps and STK. Thus implying offline/standalone cash withdrawal or deposit is facilitated when an NFC enabled device is installed in the machine. This patented technology will also work with any NFC enabled smart device. All in all, Nuspay’s patent consists of a payment gateway,a virtual account issuing service, a virtual account payment processing service, a registered merchant database, a registered customer information database,a banking integration interface and communication networks.

Check How Nuspay Virtual Account Payment system works