SECURE AND SHAREABLE PAYMENT SYSTEM USING TRUSTED PERSONAL DEVICE
First Claim
Patent Images
1. A secure payment system using trusted personal device comprising of:
- a) an application based platform installed on trusted personal devices of user (payer) and merchant (payee);
b) a system on the said application to store data;
c) an encrypted code generation system;
d) an encrypted code reader system;
e) a decrypting system;
f) multistep authentication system;
g) a payment verification system;
wherein;
the said application is capable of storing the data, generating encrypted code, and authenticating transaction;
the decrypting is done by a secured sever at point of transaction.
0 Assignments
0 Petitions
Accused Products
Abstract
The invention relates to a system and method of making a financial transaction using a Trusted Personal Device. More particularly, the invention relates to a highly secure and less cumbersome payment platform for making a financial transaction using a trusted personal device, that too without any requirement of any formal means of communication between the customer and the merchant. The system and method is devised to obviate the problems of frauds relating to electronic cards like credit card, debit card, recharge cards, loyalty cards, other chip based cards, traveller'"'"'s cheques etc.
-
Citations
9 Claims
-
1. A secure payment system using trusted personal device comprising of:
-
a) an application based platform installed on trusted personal devices of user (payer) and merchant (payee); b) a system on the said application to store data; c) an encrypted code generation system; d) an encrypted code reader system; e) a decrypting system; f) multistep authentication system; g) a payment verification system; wherein; the said application is capable of storing the data, generating encrypted code, and authenticating transaction; the decrypting is done by a secured sever at point of transaction. - View Dependent Claims (2, 3, 4, 5, 6)
-
-
7. A method of making a secure payment using trusted personal device comprising the steps of:
-
(I) initializing the secure payment system by; a. installing an application based platform on the trusted personal devices of user and merchant and on the servers at points of transaction; b. storing the personal credit and/or debit card details on the application on user'"'"'s device; wherein; once the application is installed, unique public keys and corresponding unique private keys are generated each for user and merchant using the system; one time registration of public key at point of transaction is required by the user as well as merchant to use the system; the card details stored on the said application on user'"'"'s device include data like card number, validity details, PIN/IPIN/Password and are protected through access code set by the user himself to prevent misuse; (II) making transaction using the system initiated in step (I) by following the steps of; a. putting the transaction details on the device by user; b. generating encrypted code and a random authentication code by the user'"'"'s device wherein the authentication code is visible to user and is also encrypted in the encrypted code; c. receiving of the encrypted code of step b by merchant'"'"'s device; d. sending the encrypted code received in step c along with merchant'"'"'s public key to the server at point of transaction; e. decrypting of the code received by server in step d; f. verification of the decrypted details by server; g. authorizing transaction upon successful verification by the server; h. receiving transaction confirmation along with the random authentication code by the merchant'"'"'s device; i. verification of authenticity of transaction by user by matching the random authentication code generated in step b with that received in step h. - View Dependent Claims (8)
-
-
9. A secure payment system using trusted personal device and method thereof as substantially as described herein with reference to the drawings and the foregoing description.
Specification