Systems and methods for processing a financial transaction

Patent metadata

Field	Value
Publication number	US-9842332-B2
Application number	US-201414215641-A
Country	US
Kind code	B2
Filing date	Mar 17, 2014
Priority date	Mar 15, 2013
Publication date	Dec 12, 2017
Grant date	Dec 12, 2017

Abstract

Systems and methods for processing a financial transaction are provided. A representative system of processing a financial transaction comprises a product dispensing device that encodes and outputs public transaction data related to a purchasable item. A portable computing device receives the public transaction data and encodes a payment data with the received public transaction data. A payment processing server receives and processes the encoded data, and determines whether a transaction can be completed based on the encoded data. Responsive to determining that the transaction is completed, the payment processing server generates and transmits an authentication data based on the encoded data. The portable computing device receives and outputs the authentication data. The product dispensing device receives the authentication data, verifies payment based on the received authentication data, and provides the purchasable item to a customer who is operating the portable computing device.

First claim

Thereof, having thus described the disclosure, at least the following is claimed:

1. A system of processing a financial transaction, the system comprising:
a product dispensing device not connected to a data network that encodes and outputs public transaction data related to a purchasable item;
a portable computing device that receives the public transaction data and encodes a payment data with the received public transaction data; and
a payment processing server that receives and processes the encoded data, wherein the payment processing server determines whether a transaction can be completed based on the encoded data, wherein responsive to determining that the transaction is completed, the payment processing server generates and transmits an authentication data based on the encoded data,
wherein the portable computing device receives and outputs the authentication data,
wherein the product dispensing device receives the authentication data, verifies payment based on the received authentication data, and provides the purchasable item to a customer who is operating the portable computing device.

2. The system as defined in claim 1 , wherein the product dispensing device is initiated, receives a first interaction data related to the purchasable item that is being selected by a customer, and outputs a transaction amount related to the selected purchasable item.

3. The system as defined in claim 1 , wherein the public transaction data is generated based on at least one of the following: a secret common key, device identification (ID) number, transaction amount, transaction count, payment processing information, and location of purchase being made.

4. The system as defined in claim 1 , wherein the portable computing device receives a second interaction data related to the payment data that is being selected by a customer, wherein the selected payment data is encoded with the received public transaction data.

5. The system as defined in claim 4 , wherein the payment data includes credit card information.

6. The system as defined in claim 4 , wherein the encoded data is a secret transaction data based on the public transaction data and payment data.

7. The system as defined in claim 1 , wherein the payment processing server is a server located at a location of an acquirer.

8. The system as defined in claim 1 , wherein the authentication data is based on a secret key that is common between the product dispensing device and the payment processing server.

9. The system as defined in claim 8 , wherein the product dispensing device generates another authentication data based on the common secret key, and verifies payment of the purchasable item by matching the authentication data from the payment processing server and the another authentication data from the product dispensing device.

10. A product dispensing device comprising:
a processing device;
at least one human interface device that is electrically coupled to the processing device;
memory that stores a transaction manager having instructions that are executed by the processing device, the instructions comprising the following logics:
encode public transaction data related to a purchasable item;
instruct the at least one human interface device to display the encoded public transaction data;
generate a first authentication data;
receive a second authentication data from a portable computing device;
verify payment of the purchasable item based on the first and second authentication data; and
responsive to verifying that the payment for the purchasable item has been completed, dispense the purchasable item to a customer who is operating the portable computing device;
wherein the product dispensing device is not connected to a network.

11. The product dispensing device as defined in claim 10 , wherein the instructions comprising the following logics;
initiate a financial transaction;
receive a first interaction data related to purchasable item being selected; and
output a transaction amount related to the selected purchasable item.

12. The product dispensing device as defined in claim 10 , wherein the public transaction data is generated based on at least one of the following: a secret common key, a device identification (ID) number, transaction amount, transaction count, payment processing information, and location of purchase being made.

13. The product dispensing device as defined in claim 10 , wherein the first and second authentication data are based on a secret key that is common between the product dispensing device and the payment processing server.

14. A portable computing device that interacts with a product dispensing device and a payment processing server for processing a financial transaction, the portable computing device comprising:
a processing device;
at least one human interface device that is electrically coupled to the processing device;
memory that stores a transaction manager having instructions that are executed by the processing device, the instructions comprising the following logics:
receive a public transaction data from a product dispensing device not connected to a data network;
encode a payment data with the received public transaction data;
send the encoded data to a payment processing server;
receive and output an authentication data from the payment processing server to the product dispensing device.

15. The portable computing device as defined in claim 14 , wherein the public transaction data is generated based on at least one of the following: a secret common key, device identification (ID) number, transaction amount, transaction count, payment processing information, and location of purchase being made.

16. The portable computing device as defined in claim 14 , wherein the instructions comprising the logic: receive an interaction data related to the payment data being selected to encode the selected payment data with the received public transaction data.

17. The portable computing device as defined in claim 16 , wherein the payment data includes credit card information.

18. The portable computing device as defined in claim 16 , wherein the encoded data is a secret transaction data based on the public transaction data and payment data.

19. The portable computing device as defined in claim 14 , wherein the authentication data is based on a secret key that is common between the product dispensing device and the payment processing server.

Assignees

• Richardson Brian
• Kothandapani Govind
• American Megatrends Inc

Inventors

• Richardson Brian
• Kothandapani Govind

Classifications

• G06Q20/3276 Primary

  using a pictured code, e.g. barcode or QR-code, being read by the M-device · CPC title