The patent badge is an abbreviated version of the USPTO patent document. The patent badge does contain a link to the full patent document.
The patent badge is an abbreviated version of the USPTO patent document. The patent badge covers the following: Patent number, Date patent was issued, Date patent was filed, Title of the patent, Applicant, Inventor, Assignee, Attorney firm, Primary examiner, Assistant examiner, CPCs, and Abstract. The patent badge does contain a link to the full patent document (in Adobe Acrobat format, aka pdf). To download or print any patent click here.
Patent No.:
Date of Patent:
Jun. 02, 2020
Filed:
Feb. 12, 2016
Mastercard Asia/pacific Pte. Ltd., Singapore, SG;
Vijin Venugopalan, Singapore, SG;
Benjamin Charles Gilbey, Singapore, SG;
Prashant Sharma, Madison, NJ (US);
MASTERCARD ASIA/PACIFIC PTE. LTD., Singapore, SG;
Abstract
A method is provided for processing an electronic payment. The method comprises (a) receiving, by a server, a first electronic request for a first token from a cardholder's device, the server being in communication with a database storing payment credentials for one or more payment cards associated with the cardholder; (b) generating the first token using an identity of the cardholder's device and transmitting the first token to the device; (c) receiving a second electronic request for processing the transaction from a merchant terminal, said second request comprising the first token and a merchant terminal identifier; (d) generating a second token using the first token and the merchant terminal identifier and transmitting the second token to the merchant terminal; (e) receiving a third token and a transaction authorization request from a merchant acquiring bank; (f) validating the third token using the second token; and (g) upon the validation operation (f) being successful, submitting the transaction authorization request to a card issuing bank.