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System and Method for Authenticating a Payment Transaction

  • US 20130226800A1
  • Filed: 11/06/2012
  • Published: 08/29/2013
  • Est. Priority Date: 02/28/2012
  • Status: Active Grant
First Claim
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1. A computer-implemented method of authenticating a payment transaction between a merchant and a customer in an electronic payment system, comprising the steps of:

  • receiving, by an authentication system, transaction details presented by the merchant at a mobile electronic device;

    initiating an authentication process between a merchant authentication terminal and the authentication system;

    verifying, by the authentication system, that the mobile electronic device and the merchant authentication terminal are within a predefined geographical distance at substantially a time the transaction details are received by the authentication system; and

    authenticating the customer by an authentication token presented by the customer at the authentication terminal.

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