List of patents
System and method For Performing Financial Transactions Using Virtual Swipe Banking
- Mrs. Swarna Kumari Adari
- Mrs. Swarna Kumari Adari
- IN201741033080
- India
- yes
- IT
- 19/09/2017
- listing
- Problems with existing prior art: >Inconvenient to carry the bank card and the problems of losing, damage and the like may be caused due to frequent carrying bank card. >Inefficient, ineffective and unreliable. >Time consuming. Advantages of Present invention: >Enables performing financial transaction virtually by using mobile devices. >Perform card less financial transaction by virtual swipe of virtual cards in a virtual automated teller machine (ATM) or virtual point of sale (POS) interfaces. >Perform financial transaction by virtual swipe of the bank card using a mobile device or an integrated POS monitor.
Abstract
The present disclosure relates to a system and method for performing card less financial transactions by swiping a virtual card on a mobile device in a virtual automated teller machine (ATM) or virtual point of sale (POS) interfaces. In an aspect, the method for generating at least an authentication token to perform at least one physical transaction using an electronic device, includes the steps of swiping virtually, by one or more processors of said electronic device, at least one virtual card selected from one or more virtual cards towards a virtual card slot presented on an interface of the electronic device; and generating, by the one or more processors, said authentication token to perform at least one physical transaction, said at least an authentication token is generated by said electronic device and/or at least by a remote server upon successful authentication.
