Mastercard International Incorporated

Ganesh Shinde

Arunmurthy Gurunathan

Ravi Pareek

Navneet Jain

A system comprises a server configured for performing steps of receiving, from an acquirer financial institution for a merchant, details of a transaction and a common virtual payment token. The transaction details include details of the merchant. Identification details of a set of consumer payment instruments associated with the common virtual payment token are retrieved from a consumer database. The consumer payment instrument for the merchant is selected from the set of consumer payment instruments, based on the merchant details. Payment details of the selected consumer payment instrument are retrieved from the consumer database. The transaction is processed with the selected consumer payment instrument by communicating to an issuer financial institution for the selected consumer payment instrument, the transaction details and the payment details of the selected consumer payment instrument.

Electronic system and method for transaction processing

A server and method for processing a card-not-present transaction whereby a purchaser selects to use one or more friends' card to obtain a reward is disclosed. The server comprises at least a computer processor to: (i) receive, from a merchant server, a payment request including a contact mechanism for the friend(s); (ii) send a selection request to the friend(s) using the contact mechanism; (iii) receive, from the friend(s) a selection response including card number(s) eligible for the reward; (iv) request the issuer server(s) for authentication and blocking the amount; (v) track a cumulative amount dynamically and repeat steps (iii) and (iv) until equal to or greater than the payment amount; (vi) generate a virtual card number for one time use based on the card number(s); and (vii) send a payment response to the merchant server including the virtual card number for the purchaser to complete the transaction.

System and method for processing a card-not-present payment transaction by a purchaser using a friend's card for obtaining a reward

The present disclosure generally relates to an electronic system, a computerized method, and a non-transitory computer-readable storage medium comprising instructions for processing a transaction between a consumer and a merchant with a payment instrument of the consumer selected for the merchant. The system comprises a server configured for performing steps of the method comprising: receiving, from an acquirer financial institution for the merchant, details of the transaction and a common virtual payment token, the transaction details comprising details of the merchant; retrieving, from a consumer database, identification details of a set of consumer payment instruments associated with the common virtual payment token; selecting, from the set of consumer payment instruments, the consumer payment instrument for the merchant based on the merchant details; retrieving, from the consumer database, payment details of the selected consumer payment instrument; and processing the transaction with the selected consumer payment instrument, said transaction processing comprising communicating, to an issuer financial institution for the selected consumer payment instrument, the transaction details and the payment details of the selected consumer payment instrument.

A method and system are provided for authorizing an electronic transaction between two entities. The method includes receiving, at a verification module, coincidentally captured facial image data relating to both of the two entities and authenticating each of the two entities based on a comparison between the coincidentally captured facial image data and respective facial image templates relating to each of the two entities enrolled in a database. The method also includes retrieving, from the database, account data relating to each of the two entities based on the coincidentally captured facial image data, on determining that each of the two entities are positively authenticated, and generating an authorization message for authorizing the electronic transaction, where the authorization message comprises the account data relating to each of the two entities retrieved from the database.

Method and system for authorizing an electronic transaction

A payment network server for processing a payment transaction at a point-of-sale terminal is described. The server comprises a transaction module, a query module and a transfer module. The transaction module is configured to: (i) receive a payment transaction request comprising at least transaction details and a fund transfer indicator, the transaction details comprise at least a customer identifier, a merchant identifier, and a payment amount, the fund transfer indicator indicating that the payment transaction is to be processed by fund transfer; and (ii) transmit a payment transaction response indicating if the payment transaction is approved or refused to proceed.

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Pune, India

Ganesh Shinde