FIELD OF THE INVENTION

The present invention relates to a method and system of funding and payment that utilizes existing mobile banking or electronic electronic wallet applications that may be installed or launched as mobile browser based web-application/sites on customer's personal trusted device. More particularly, the invention provides a floating guide and help button, invoked by the mobile application which is the destination of the funds that helps and prompts the customer to make appropriate navigations leading to a fund transfer.

BACKGROUND OF THE INVENTION

The electronic commerce sector has seen an unprecedented growth in past few years due to adoption of modern devices such as smart phones and tablets, and access to internet though broadband, 3G etc. The e-commerce ecosystem primarily consists of online travel and ticketing; online retail; online marketplace; online deals and online portals classified.

Availing goods and services from these sites require the customer to pay electronically. The process of funding or payment involves a source of funds and a destination of funds. The source of funds is usually a bank account or an electronic electronic wallet. The destination of funds is the merchant or the electronic wallet service provider being paid.

There exist two main methods of payments and funding. The first commonly referred as 'push' funding which starts with the customer accessing the source of fund. For example, the customer could log-in to a mobile banking application provided by a bank and through the mobile application customer interface, instruct the bank to transfer required funds to a specified destination account. The second commonly referred as 'pull' funding which starts with the customer accessing the destination of fund. For example, a customer logs-in to an electronic or mobile commerce application and clicks the pay button and this application, through a payment gateway transmits an instruction to pull funds from the source of fund.

Pull based funding is presently the more popular option and most of the transactions are driven by the electronic and mobile commerce entities. Every transaction involving pull funding, requires the merchant to integrate a payment gateway which gives access to sources of funds linked to various card networks like Visa or MasterCard or directly through netbanking based payment pages for the banks or to various mobile or internet based electronic wallet providers.

Each such transaction necessarily requires multiple page hops for the customer. Each such hop is a point of failure which may result in losing the customer and thus could adversely affect the potential revenue for the merchant or the destination of funds.

Further, the process of integrations and regulatory compliances are significantly expensive for each such merchant and gateway. More importantly, as recent cases of card data hacking and breaches have shown, these transactions potentially expose customers' credentials for accessing the source of funds to merchants and third parties both trusted and otherwise. Finally, due to all the significant risks and multiple parties involved in these transactions, pull funding is presently a costly proposition for the merchants or destination of funds who pay what is known as an MDR (Merchant Discount Rate) for each transaction.

Push funding is not the preferred choice for merchants or electronic wallet customers because push funding has a discontinuous process flow. For example, assume that a customer wishes to purchase a book worth Rs. X from an electronic book store. If the merchant uses only a push method of payment, the customer, on pressing the 'BUY' button will simply be taken to a page which says something like Open up your mobile or internet banking website, then transfer Rs. X to our bank account identified as ABC then come back to this site to provide us some unique transaction reference to prove that you made this transaction, then we will ship the book to you'. The onus of attempting to initiate the push fund transfer is completely on the customer. It is also completely disconnected with and independent of the merchant's app. The process that the customer may follow is open ended. However, this method of funding is usually much cheaper than pull funding because the risks involved are much less. This is because the customer always provides his/ her access credentials directly within the secure environment of the application or website for the source of funds. Thus neither the merchant nor any third party gateways get any access to the customer's credentials for the source of funds.

In US20080010191 provides a comprehensive solution that allows consumers using mobile devices to consolidate their bills and other payment obligations, pay such bills and other obligations at anytime and anywhere, using any selectable available funds, to merchants for goods or services, or to anyone or any other designated entity, with knowledge of the amounts to be paid and the funds available balances.

In US20100125495 provides an improved system and method of managing multiple accounts via a mobile telephone. A method of providing a mobile electronic wallet is disclosed and may include displaying a mobile electronic wallet login screen and displaying a mobile electronic wallet. The mobile electronic wallet includes at least one of the following: an accounts option, a buy now option, an offers option, a receipts option, and a more option. The method further includes displaying one or more accounts when the accounts option is selected. The one or more accounts may include at least one of the following: a bank account, a credit account, a gift card account, and a rewards account. The method may also include displaying account details when the one or more accounts is selected, displaying a buy now input screen when the buy now option is selected, and receiving a buy now code. Moreover, the method may include displaying at least one featured product and at least one featured gift card, when a correct buy now code is received. In US20020073025 provides a system and method for a virtual tutorial system is disclosed. In one embodiment, the system includes a processor, a memory adapted to communicate with the processor, a display adapted to communicate with the processor, and a virtual electronic device shown on the display by the processor to emulate operation the electronic device.

In US20130110709 provides system and method that allow for a portable electronic device to provide smart menus to a user based on a context of a transaction. Specifically, the method of using a portable electronic device may include opening a near field communication (NFC) channel with a point-of- purchase device and providing a smart menu based on a determined context. The portable electronic device may be configured to determine the context based at least in part upon acquiring sales transaction information for the point-of- purchase device. Additionally, the portable electronic device may be configured to determine the context based at least in part upon acquiring vendor identification information.

None of the most relevant prior art cited provides a floating guide and help buttons are installed independent of the existing mobile banking applications/ websites or electronic wallets or sources of funds, that helps and prompts the customer to make appropriate navigations at each step for executing the fund transfer to a designated third-party viz. the destination of funds. Further, the floating guide and help buttons allows auto filling of the destination information into the required input boxes or making these entries manually or being partially assisted by automatically copying the information selectively into the clipboard (copy+paste) services. Additionally, the floating guide and help buttons optionally prompts or provides sender's and receiver's credentials including customer's login credentials which may be a combination of one or more of customer name, email id, customer id, card number, account number, password, ΡΓΝ and OTP directly from the server. The floating guide and help buttons fetches the account details of the destination bank from the server and navigates through the instant fund transfer screen in case of repeating receiver; and the floating guide and help buttons allows a customer to insert or copy or drop down contents from the floating guide.

Therefore, there exists a significant gap in prior art that addresses the possibility of providing a good customer experience using push funding that provides a seamless pull funding experience to a customer while offering the same level of security and lower transaction costs as offered by the push funding method.

OBJECT OF THE INVENTION

Accordingly, the main object of the invention is to provide a method and system for destination funding and paying to a merchant or a electronic wallet service provider via mobile banking application or website.

Yet another object of the invention is to provide a method and system for destination funding and paying to a merchant or a electronic wallet service provider via mobile banking application or website, wherein a floating guide and help button is provided, working independently by prompting the customer to make appropriate navigations at each step for utilizing existing mobile banking application or electronic wallet or source that leads to a funds transfer to the designated destination of funds.

Yet another object of the invention is to provide a method and system for destination funding and paying to a merchant or a electronic wallet service provider via mobile banking application or website, wherein a floating guide and help button is provided to prompt the customer to make appropriate navigations at each step for utilizing existing mobile banking application or electronic wallet or source that leads to a funds transfer to the designated destination of funds offering high level of security and lower transaction cost.

Yet another object of the invention is to optionally provide customer's credentials and details including customer's login which may be a combination of one or more of customer name, email id, customer id, card number, account number, password, PIN and OTP.

Yet another object of the invention is to provide a method and system for providing a floating guide and help button appear on top of an existing mobile banking application or electronic wallet or source that camouflages push funding method to appear as pull funding method.

Yet another object of the invention is to provide a menu for optional navigation via the present system.

Yet another object of the invention is to provide a system with floating guide and help button appear on top of an existing mobile banking or electronic wallet or source that helps and prompts the customer to make appropriate navigations at each step and shows the next step to be taken for initiating the fund transfer to the third-party.

Yet another object of the invention is to prompt or provide the customer with the amount and account details of the destination of funds, as fetched from the server and navigating to the instant fund transfer (push funding) screen.

Yet another object of the invention is to allow a customer to insert or copy paste or drop down contents from the floating guide thereby reducing the human error. Yet another object of the invention is to automatically and appropriately fill in the underlying input boxes in the source of fund mobile banking application or website.

Yet another object of the invention is to provide a system, wherein the module is configured to notify the details of the transaction to the sender after completion of the transaction.

Yet another object of the invention is to provide a system comprising of payment check module configured to check and notify the completion of the transaction or otherwise, including providing details of the sender and recipient, date, time, amount etc. to the destination of funds.

SUMMARY OF THE INVENTION

Accordingly, the present invention relates to a method and system of guided push funding and payments working independently, that utilizes existing mobile banking application or electronic wallet or other sources of funds that may be installed or accessible on the customer's personal trusted device such as smart phone.

The method and system, helps and prompts the customer to undertake appropriate navigations within existing mobile banking application or electronic wallet or other sources of funds, and provide inputs that are required to make the funds transfer from the existing account or electronic wallet or source to the third- party account representing the destination of funds.

The invention is specifically push funding which is made to appear and function as a pull funding used for most electronic or mobile-commerce payments or mobile electronic wallet loading.

The method for guided push funding utilizing existing mobile banking application or electronic wallet or source with floating guide and help button, the method comprising the following steps of: a. installing a mobile commerce application or a mobile electronic wallet application;

b. selecting a particular pre-installed source such as a mobile commerce application or a mobile electronic wallet application;

c. launching the selected mobile banking application or electronic wallet or source which the customer accesses by securely and directly using on it his/ her security credentials; d. inputting the amount to be funded/paid from said mobile banking application or mobile electronic wallet application;

e. following the navigational path to the funds transfer screen on the selected mobile banking application or electronic wallet or source;

f. providing the account details of the destination bank and the amount on the floating guide and help buttons;

g. initiating the money transfer;

h. awaiting confirmation of the funds transfer being initiated;

i. awaiting for the destination bank account to confirm the transfer or payment or credit;

j. notifying the source of fund application of the successful credit (or otherwise); and

k. reflecting the credit in the Payee's account if integrated into a electronic wallet system or merchant's account;

In an embodiment of the present invention, the method wherein the floating guide and help buttons are installed independent of the existing mobile banking applications/ websites or electronic wallets or sources of funds, that helps and prompts the customer to make appropriate navigations at each step for executing the fund transfer to a designated third-party viz. the destination of funds; floating guide and help buttons allows auto filling of the destination information into the required input boxes or making these entries manually or being partially assisted by automatically copying the information selectively into the clipboard (copy+paste) services provided.

Further, the method uses the floating guide and help buttons which optionally prompts or provides sender's and receiver's credentials including customer's login credentials which may be a combination of one or more of customer name, email id, customer id, card number, account number, password, PIN and OTP directly from the server; the floating guide and help buttons fetches the account details of the destination bank from the server and navigates through the instant fund transfer screen in case of repeating receiver; and the floating guide and help buttons allows a customer to insert or copy or drop down contents from the floating guide.

The invention further relates to a system for guided push funding with floating guide and help button using existing mobile banking or electronic wallet applications the system comprising of:

a. a means to input the amount to be transferred to a designated recipient including an input system to enter the routing information of a bank in which the sender has an account and the recipient has an account;

b. a communications module configured to

i. transfer and receive data from one or more server or module;

ii. launch an existing mobile banking application or mobile electronic wallet application;

iii. communicate the routing information of a bank in which the sender has

an account and the recipient has an account; and

iv. notify the details of the transaction to the sender after completion of the transaction;

c. the system further comprises of payment check module configured to check and notify the completion of the transaction including providing details of the sender and receiver, date, time, amount etc.

In another embodiment the system wherein the communications module is customized to configure and activate floating guide and help button on top of mobile banking application or mobile electronic wallet application, that helps and prompts the customer to make appropriate navigations at each step and shows the next step to be taken for initiating the fund transfer to the third-party. The system further prompting or providing sender's and receiver's credentials including customer's login credentials which may be a combination of one or more of customer name, email id, customer id, card number, account number, password, PIN and OTP directly from the server; and allowing a customer to insert or copy or drop down contents from the floating guide; the system camouflages push funding method to appear as pull funding. The system optionally fetching the account details of the destination bank from the server and navigating to the instant fund transfer screen in case of repeating receiver; and optionally the system provides a menu for facilitating navigation.

BRIEF DESCRIPTION OF THE DRAWINGS

A complete understanding of the system and method of the present invention may be obtained by reference to the following drawings:

Figures 1A, IB, 1C, ID & IE show screen shots of the method for guided push funding in accordance with the present invention; and

Figure 2 shows a block diagram elucidating the system for guided push funding in accordance with the present invention.

DETAILED DESCRIPTION OF THE INVENTION

The present invention will now be described more fully hereinafter with reference to the accompanying drawings in which a preferred embodiment of the invention is shown. This invention may, however, be embodied in many different forms and should not be construed as being limited to the embodiment set forth herein. Rather, the embodiment is provided so that this disclosure will be thorough, and will fully convey the scope of the invention to those skilled in the art.

In an embodiment of the present invention the invention provides guided push funding utilizing existing mobile banking application or electronic wallet or source with floating guide and help button.

The method and system shall now be elucidated with the help of different figures. As shown in Figs 1A, IB, 1C, ID & IE, the method of guided push funding is illustrated with the help of the screen shots. The customer requiring to fund money electronically, installing a mobile application associated with the destination of funds, capturing the amount to be funded, selects a particular pre- installed source and fetch and launch an existing banking application or electronic wallet or source installed on the communicating device such as mobile, Laptops, tablets etc.

The source of funds application lOOis launched by destination of funds application integrated with guided push funding module as shown in Fig. lA.On launching the banking application or electronic wallet or source the floating guide 2 and help button 1 are launched in sync with the existing mobile banking application or electronic wallet or source. Preferably, the floating guide 2 and help button 1 are located on the top end of the screen as shown in the Figs. IB & 1C, wherein the login credentials are required by a customer to initiate transfer. Optionally, the floating guide 2 and help button 1 may accesses the customer's records automatically and prompt the credentials. After entering the login credentials the floating button 1 helps and prompts the customer to make appropriate navigations at each step for executing 5 the fund transfer to the third party as shown in the Figs. 1D& IE. Where possible the present invention provides the method of entering the destination information automatically into the required input boxes or expecting the customer to make these entries manually or being partially assisted by automatically copying the information selectively into the clipboard (copy+paste) services provided. Once a customer navigates to the fund transfer screen on the selected mobile banking application or electronic wallet or source the floating button 1 may prompt or provide beneficiary details that includes but are not limited to contact information, Money Identification Number, amount, reference or remark, account number, password, PIN and OTP directly from the server and information alike, as shown in Fig. IB. Further, optionally navigating to the instant fund transfer screen in case of repeating receiver; and allowing a customer to insert or copy or drop down contents from the floating guide.

Further, mediating communication from the destination bank account to confirm the transfer or payment or credit; awaiting confirmation of fund transfer, notifying the sender of the credit; and reflecting the credit in the Payee's account if integrated into a electronic wallet system or merchant's account. As shown in Figure 2, the system for guided push funding with floating guide and help button using existing mobile banking or electronic wallet applications is illustrated. The system provides a means to input the amount to be transferred to a designated recipient including an input system to enter the routing information of a bank in which the sender has an account and the recipient has an account. The Communication server communicates primarily with the Input Module containing the Mobile Application 101. The communication primarily results in insertion, configuring and activating, at least one floating guide, and help button 104. The insertion is made on the existing Mobile Application 101 and can be seen on the top of the screen. A sender requiring money transfer shall be able to see this floating guide 104 on their input devices as a floating guide. The system shall prompt the customer to make appropriate navigations at each step and shows the next step to be taken for initiating the fund transfer to the third-party.

The present system utilizes a mobile application 101 associated with the destination of funds having a payment request capture module 102 in the existing mobile banking application or electronic wallet or destination. The floating guide and help button 104 shall navigate at each step and communicate with source of funds app/site launcher module 103, existing mobile banking application 105, source of funds service provider 106, fund transfer service provider 106 e.g. Visa, MasterCard, NPCI, IMPS, and destination of fund service provider 107.

Optionally, the system may fetch the account details of the destination bank from the server and navigating to the instant fund transfer screen through funds credit event monitoring/alert module 109 in case of repeating receiver for instant payment referring to the initial beneficiary details such as reference number, mobile number, name, account number, card number, address etc.

The system finally checks and notifies the initiator the details of the transaction to the sender after completion of the transaction and the system further sends details of the sender and receiver, date, time, amount etc through payment/funding complete polling service/event receiver module 110. Although the invention has been illustrated and described with respect to one or more implementations, equivalent alterations and modifications will occur to others skilled in the art upon the reading and understanding of this specification and the annexed drawings. In addition, while a particular feature of the invention may have been disclosed with respect to only one of several implementations, such feature may be combined with one or more other features of the other implementations as may be desired and advantageous for any given or particular application.

Therefore, the foregoing is considered as illustrative only of the principles of the invention. Further, since numerous modifications and changes will readily occur to those skilled in the art, it is not desired to limit the invention to the exact construction and operation shown and described, and accordingly, all suitable modifications and equivalents may be resorted to, falling within the scope of the invention.