CROSS-REFERENCETO RELATED APPLICATION

[0001] The embodiments herein claims the priority of the Indian Provisional Patent Application with the serial number 201641044330 and entitled, "System and Method for Making Secure Digital Payments using Sub-Domain in Digital Virtual Address" filed on December 26, 2016 and subsequently postdated to February 26, 2017 and the contents of which are included entirely as reference herein.

BACKGROUND

Technical Field

[0002] The embodiments herein are generally related to digital payment systems. The embodiments herein are particularly related to a secure digital payment system and method. The embodiments herein are more particularly related to a system and method for digital payments implementing sub-domain in any digital virtual address without disclosing personal and financial details of the user.

Description of the Related Art

[0003] Electronic/digital/mobile payments are the most convenient way of making payments. As far as digital payments are concerned, the user does not need to write a cheque or handle any paper money. The user just has to enter some information such as bank/card details into the system and make payments. Thus, in recent times, more and more people have opted to choose the digital payments option over any other method of making payments.

[0004] Currently, the users are required to know IFSC code, bank account number or UPI address and a lot of other details to make digital payments through the mobile banking portal using bank applications. This makes the use of these applications little tricky and difficult for common users to execute. The application, as a result, creates a lot of difficulty and trouble in using the applications, thereby discouraging many users from using these applications for making digital payments. Since the people are quite wary about sharing personal banking details, the bank applications are not popular among common public and are not used extensively.

[0005] A stored card with personal details is another way of making digital payments and the user is able to use such stored cards only with one particular shop chain or group of shops. Like a credit/debit card, the user is enabled to use the store card to buy things and settle the amount at the end of the billing cycle. The store card offers the convenience but due to its limited usage or option, the stored card is used mostly like a gift card or by the employee of an organization for official expenditure. Thus, the users are forced to keep and manage multiple cards for different usages.

[0006] Hence there is a need for a system and method for making digital financial transactions without disclosing user personal information like bank name or even which bank they are associated with, bank account details and the like. There is also a need for a system and method for providing more secure mode of digital financial transactions and avoiding skimming attack at point of sale or stealing financial identity of the user. Further, there is a need for a system and method for providing a mechanism to enable usage of Stored Value card payment and collection from establishments outside an organization.

[0007] For repeated or subscription based payments user needs to set up instructions per bank for each payment. This adds the overhead to the User to ensure the required balance is available in that account particular account although she has sufficient balance in other accounts. This generates a necessity to ensure the subscription based payment can be done automatically & with ease across bank accounts the User has identified to avoid payment failure. [0008] The above mentioned shortcomings, disadvantages and problems are addressed herein and which will be understood by reading and studying the following specification.

OBJECTIVES OF THE EMBODIMENTS HEREIN

[0009] The primary object of the embodiments herein is to provide a system and method using sub-domains in the digital virtual payment address for making digital financial transactions without disclosing user personal information such as associated bank name(s), bank account details and the like.

[0010] Yet another object of the embodiments herein is to provide a system and method for providing a more secure mode of digital financial transactions by avoiding skimming attack at the point of sale terminal or stealing the financial identity of the user.

[0011] Another object of the embodiments herein is to provide a system and method for providing a mechanism for using Stored Value card for payment and collection outside the organization.

[0012] Yet another object of the embodiments herein is to provide a system and method for providing flexibility to the payee for receiving the amount in the preferred mode like Net transfer, cash, bitcoin or UPI.

[0013] Yet another object of the embodiments herein is to provide a system and method for providing a means of transferring amount without hassle of adding the beneficiary user/payee in the network.

[0014] Yet another object of the embodiments herein is to provide a system and method for generating a digital virtual address to provide multi-layer abstraction over personal and financial details. [0015] Yet another object of the embodiments herein is to provide a system and method that facilitates users to configure and switch the bank account details for making or receiving payments as per user convenience.

[0016] Yet another object of the embodiments herein is to provide a system and method for notifying payer about any payment request from merchant/payee in near real time.

[0017] Yet another object of the embodiments herein is to provide a system and method for notifying payee about any successful payment transaction in near real time.

[0018] Yet another object of the embodiments herein is to provide a system and method for allowing the user to configure and choose one or more preferred modes of intimation such as SMS, email, application notification, personal call and the like.

[0019] Yet another object of the embodiments herein is to provide a system and method for allowing a digital virtual address (DVA) to perform a specific set of instructions for executing an action based on instructions provided by the payer.

[0020] Yet another object of the embodiments herein is to provide a system and method with enhanced security measure by classifying the specific DVA as for one time use only. This will be particularly helpful when making payments for large amounts to avoid fraud.

[0021] Yet another object of the embodiments herein is to provide a system and method for performing the digital financial transactions without using any card or carrying physical cash.

[0022] Yet another object of the embodiments herein is to provide a system and method for facilitating the payee to make digital payments by combining multiple sources of payments such as card, bank, mobile wallet and the like. [0023] These and other objects and advantages of the embodiments herein will become readily apparent from the following detailed description taken in conjunction with the accompanying drawings.

SUMMARY

[0024] These and other aspects of the embodiments herein will be better appreciated and understood when considered in conjunction with the following description and the accompanying drawings. It should be understood, however, that the following descriptions, while indicating preferred embodiments and numerous specific details thereof, are given by way of illustration and not of limitation. Many changes and modifications may be made within the scope of the embodiments herein without departing from the spirit thereof, and the embodiments herein include all such modifications.

[0025] The embodiments herein provide a system for making secure digital payments using a digital virtual address (DVA). The system comprises a computing device of the user. The user registers with the system by downloading a software application hosted on the computing device of the user. The user is enabled to initiate one or more secure digital financial transactions using the software application. The system also comprises one or more servers communicatively coupled with the computing device of the user. The one or more servers are configured for generating one or more DVA handles for performing the secure digital financial transactions. The one or more servers comprise a Web server configured for receiving a primary DVA handle generation request from the computing device of the user during registration of the user with the system. The one or more servers also comprises an App server configured for generating the primary DVA handle for the user during registration with the system and for generating one or more secondary DVA handles for transacting with one or more service/utility providers. The app server is further configured for raising an event to process each financial digital transaction. The system further comprises a DVA event handler coupled with the app server. The DVA event handler is configured for handling all the events raised by the app server. The DVA event handler uses the DVA associated with each event to execute one or more pre-configured payment rules defined by the user to process the financial digital transaction. The system still further comprises a PSP server communicatively coupled with the one or more servers. The PSP server is configured for initiating payment corresponding to the financial digital transaction to an external payment gateway.

[0026] According to an embodiment herein, the system further comprises a monitoring module. The monitoring module is configured for monitoring the financial digital transactions performed using the system.

[0027] According to an embodiment herein, the system further comprises a log-in module. The log-in module is configured for logging all the financial digital transactions performed using the system. The log-in module is further configured for auditing all the logged-in financial digital transactions.

[0028] According to an embodiment herein, the system further comprises a database configured for storing the one or more pre-configured payment rules defined by each user and information related to all the financial digital transactions performed by the user along with associated DVA for tracking/tallying of transactions in case of dispute.

[0029] According to an embodiment herein, the system further comprises a finger print scanning device coupled with the computing device of the user. The finger print scanning device is configured for scanning and verifying the user authenticity to secure the digital financial transaction.

[0030] According to an embodiment herein, the system is further configured for enabling the user to create a user profile during registration with the system. The user sets one or more parameters in the user profile. The one or more parameters set by the user comprises an authorization pattern of being one time or every time related to each transaction, a validity period for using the DVA and allowed transactions.

[0031] According to an embodiment herein, a DVA handle is generated during the user on-boarding as part of the registration process by the users or by a person/system authorized to generate DVA on their behalf.

[0032] According to an embodiment herein, the system is further configured for capturing one or more user details during registration with the system. The one or more user details comprises one or more bank account numbers, digital wallet details, card details, mobile number and email address.

[0033] According to an embodiment herein, system is further configured for enabling the user to make payments corresponding to the financial digital transactions by combining a plurality of payment sources. The plurality of payment sources comprises one or more bank accounts, digital wallets, value cards and payment cards.

[0034] According to an embodiment herein, the system is further configured for capturing one or more merchant/service/utility provider details during on-boarding with the system. The one or more merchant/service/utility provider details comprise bank account number in which the amount has to be credited and Customer Relationship Management (CRM) system details of a merchant/service/utility provider.

[0035] According to an embodiment herein, the system is configured for using a flexible and extensible DVA handle format for capturing/dealing with plurality of user and service/utility provider/merchant payment combinations.

[0036] According to an embodiment herein, the system is further configured for using the DVA handles for making payments to any registered service/utility providers in a payment mode as preferred by the user. The payment is made to the service/utility provider via Bitcoin, UPI or Immediate Payment Service (IMPS). [0037] According to an embodiment herein, the system is further configured for providing an option to the user to pre-approve the authorization for certain service/utility providers and avoid the manual authorization step every-time the payment request is generated.

[0038] According to an embodiment herein, the system is further configured for prompting the service/utility provider/merchant to initiate a payment request against the DVA of the user for one time bill settlement. The user authorizes the payment on receiving the payment authorization request on the computing device in a preferred mode. The preferred mode comprises a SMS, e-mail, an app based notification, a web based notification and a personal call.

[0039] According to an embodiment herein, the system is further configured for rejecting a payment request in case of an attempt to re-initiate a transaction with a DVA handle exceeding a preset use frequency or post expiry of validity period.

[0040] According to an embodiment herein, a method for making secure digital payments using a digital virtual address (DVA) is provided. The method comprises the steps of registering a user with the system to generate a primary DVA handle corresponding to each user and for capturing one or more user details during registration with the system. The one or more user details comprises one or more bank account numbers, digital wallet details, card details, mobile number and email address. The method also comprise on-boarding a service/utility provider/merchant with the system and capturing one or more service/utility provider/merchant details during on-boarding. The one or more merchant/service/utility provider details comprise bank account number in which the amount has to be credited and CRM system details. The method further comprises receiving a payment request from the user to initiate a secure financial digital transaction for a specific service/utility provider/merchant. The method still further comprises generating one or more secondary DVA handles based on user's primary DVA handle to associate the user with the service/utility provider/merchant for performing digital financial transaction. The method still further comprises registering the generated secondary DVA handles with the CRM system of the service/utility provider and receiving a request for payment from the service/utility provider against the registered user DVA. The method still further comprises enabling the user to authorize the request for payment received from the service/utility provider and executing the financial digital transaction on successful authorization by transferring the approved payment amount from the user account to the service/utility provider/merchant account and updating the CRM system with the required details.

[0041] According to an embodiment herein, the method further comprises the step of storing in a database one or more pre-configured payment rules defined by each user and information related to all the financial digital transactions performed by the user along with DVA for tracking/tallying of transactions in case of dispute.

[0042] According to an embodiment herein, the method further comprises the step of providing an option to the user to pre-approve the authorization for certain service/utility providers and avoid the manual authorization step every-time the payment request is generated.

[0043] According to an embodiment herein, the method further comprises the step of enabling the user to create a user profile during the registration process with the system. The user is further enabled for setting one or more parameters in the user profile. The one or more parameters set by the user comprises an authorization pattern of being one time or every time related to each transaction, a validity period for using the DVA and allowed transactions. [0044] According to an embodiment herein, the method further comprises the step of prompting the service/utility provider/merchant to initiate a payment request against the DVA of the user for one time bill settlement. The user is enabled for authorizing the payment on receiving the payment authorization request on the computing device in a preferred mode. The preferred mode comprises a SMS, e-mail, an app based notification, a web based notification and a personal call.

[0045] The embodiments herein provide a system and method for making digital payments using a digital virtual address without disclosing personal and financial details of the user. According to an embodiment herein, the system is configured for providing abstraction of the personal and financial details of the user. The system masks the user's actual financial details such as bank name, bank account number, account holder name etc., and in place uses a digital virtual address (DVA) which is shared without any security concerns for completing all the transactions. The DVA is generated by the servers provided in the system based on a request from the user. The payer uses DVA to make payments to the payees. On receiving a payment request for a given DVA, the system performs a specific set of instructions to execute the actions as instructed by the payer or an organization the payer belongs to. The DVA is also used to make payments outside the organization in a payment mode as preferred by the payee. For example, the payment can be made to payee as Bitcoin or UPI or IMPS from payer's stored value card.

[0046] According to an embodiment herein, the system comprises a software application hosted on a computing device of the user. The software application facilitates the user to register with the system for making payments for various utility bills or other financial transactions. The server generates an exclusive DVA handle for the plurality of bill payment actions associated with each user. The DVA handle is generated based on the registration request received from the user. Upon receiving the payment request from the utility provider, the server sends an authorization request to the user for approval of the payment. The user authorizes the payment request via the software application hosted on the computing device of the user. On receiving approval for the payment, the system transfers the amount to the payee.

[0047] According to an embodiment herein, the user has an option to pre-approve the authorization for certain utility providers and avoid the manual authorization step every-time the payment request is generated. The system further provides complete flexibility to the user in controlling all the transactions which are allowed and the authorization pattern of being one time or every time. The user sets these configurations as part of settings for the user profile. The user is enabled to set a time period for using the DVA. The DVA expires at the end of the preset period and the DVA is not valid after the preset time period.

[0048] According to an embodiment herein, a merchant is prompted to initiate a payment request against the DVA of the payer for one time bill settlement. The payer authorizes the payment on receiving the payment authorization request on the preferred mode such as via SMS, e-mail, app notification and the like. On successful authorization, the system completes the transaction by transferring the requested amount to the payee.

[0049] According to an embodiment herein, the system provides enhanced security measure by providing a feature of marking the DVA for one-time-use only. Any attempt to re-initiate a transaction with the same DVA after the elapse of preset time period or preset use frequency is rejected by the system thereby avoiding the duplicate or fraudulent transactions.

[0050] According to an embodiment herein, the user is enabled to set a preferred mode of receiving notifications for approving payment authorization requests. The various preferred mode include, via SMS, e-mail, app based notification, and web based notification, personal call or the combinations thereof. [0051] According to an embodiment herein, the payee generates the payment request through e-mail, app based request, logging into the website, system generated and the like.

[0052] According to an embodiment herein, the payer is facilitated to aggregate the payable amount from multiple sources such as one or more bank accounts, digital wallets, cards and the like, for payment of the amount requested by the payee.

[0053] According to an embodiment herein, the DVA handle is generated by the user/merchant or by the person/system authorized to generate DVA on their behalf during the user or merchant registration process. During the registration process, the system captures the required details such as one or more bank account numbers, mobile number, email address, merchant CRM system details and the like.

[0054] According to an embodiment herein, the service provider includes a service/utility provider.

[0055] According to one embodiment herein, a transaction is authenticated seamlessly based on secure or non-secure information received from end-user device by using digital signatures received from the end -user device. The digital signature is a hardware cryptographically signed signature or a device information received from the end user device. The hardware cryptographically signed signature is a digital signature provided by a Subscriber Identification Module (SIM) module in the card. The device information includes IMEI number. According to one embodiment herein, an approval limit for transaction is set respectively for hardware cryptographically signed signature and a device information received from the end user device.

[0056] The foregoing description of the specific embodiments will so fully reveal the general nature of the embodiments herein that others can, by applying current knowledge, readily modify and/or adapt for various applications such specific embodiments without departing from the generic concept, and, therefore, such adaptations and modifications should and are intended to be comprehended within the meaning and range of equivalents of the disclosed embodiments. It is to be understood that the phraseology or terminology employed herein is for the purpose of description and not of limitation. Therefore, while the embodiments herein have been described in terms of preferred embodiments, those skilled in the art will recognize that the embodiments herein can be practiced with modification within the spirit and scope of the appended claims.

BRIEF DESCRIPTION OF THE DRAWINGS

[0057] The other objects, features and advantages will occur to those skilled in the art from the following description of the preferred embodiment and the accompanying drawings in which:

[0058] FIG. 1 illustrates a functional block diagram of the digital payments ecosystem using digital virtual address, according to an embodiment herein.

[0059] FIG. 2 illustrates a flow chart explaining a method of making the digital transaction using DVA from external server, according to an embodiment herein.

[0060] FIG. 3 illustrates a flowchart explaining a method for making digital payment for mobile bill (monthly utility bill) through DVA, according to an embodiment herein.

[0061] FIG. 4 illustrates a flowchart explaining a method for digital payment for the broadband bill (monthly utility bill) through DVA, according to an embodiment herein.

[0062] Although the specific features of the present invention are shown in some drawings and not in others. This is done for convenience only as each feature may be combined with any or all of the other features in accordance with the embodiments herein.

DETAILED DESCRIPTION OF THE EMBODIMENTS

[0063] In the following detailed description, a reference is made to the accompanying drawings that form a part hereof, and in which the specific embodiments that may be practiced is shown by way of illustration. These embodiments are described in sufficient detail to enable those skilled in the art to practice the embodiments and it is to be understood that the logical, mechanical and other changes may be made without departing from the scope of the embodiments. The following detailed description is therefore not to be taken in a limiting sense.

[0064] The embodiments herein provide a system for making secure digital payments using a digital virtual address (DVA). The system comprises a computing device of the user. The user registers with the system by downloading a software application hosted on the computing device of the user. The user is enabled to initiate one or more secure digital financial transactions using the software application. The system also comprises one or more servers communicatively coupled with the computing device of the user. The one or more servers are configured for generating one or more DVA handles for performing the secure digital financial transactions. The one or more servers comprise a Web server configured for receiving a primary DVA handle generation request from the computing device of the user during registration of the user with the system. The one or more servers also comprises an App server configured for generating the primary DVA handle for the user during registration with the system and for generating one or more secondary DVA handles for transacting with one or more service/utility providers. The app server is further configured for raising an event to process each financial digital transaction. The system further comprises a DVA event handler coupled with the app server. The DVA event handler is configured for handling all the events raised by the app server. The DVA event handler uses the DVA associated with each event to execute one or more pre-configured payment rules defined by the user to process the financial digital transaction. The system still further comprises a PSP server communicatively coupled with the one or more servers. The PSP server is configured for initiating payment corresponding to the financial digital transaction to an external payment gateway. [0065] According to an embodiment herein, the system further comprises a monitoring module. The monitoring module is configured for monitoring the financial digital transactions performed using the system.

[0066] According to an embodiment herein, the system further comprises a log-in module. The log-in module is configured for logging all the financial digital transactions performed using the system. The log-in module is further configured for auditing all the logged-in financial digital transactions.

[0067] According to an embodiment herein, the system further comprises a database configured for storing the one or more pre -configured payment rules defined by each user and information related to all the financial digital transactions performed by the user along with associated DVA for tracking/tallying of transactions in case of dispute.

[0068] According to an embodiment herein, the system further comprises a finger print scanning device coupled with the computing device of the user. The finger print scanning device is configured for scanning and verifying the user authenticity to secure the digital financial transaction.

[0069] According to an embodiment herein, the system is further configured for enabling the user to create a user profile during registration with the system. The user sets one or more parameters in the user profile. The one or more parameters set by the user comprises an authorization pattern of being one time or every time related to each transaction, a validity period for using the DVA and allowed transactions.

[0070] According to an embodiment herein, a DVA handle is generated during the user on-boarding as part of the registration process by the users or by a person/system authorized to generate DVA on their behalf.

[0071] According to an embodiment herein, the system is further configured for capturing one or more user details during registration with the system. The one or more user details comprises one or more bank account numbers, digital wallet details, card details, mobile number and email address.

[0072] According to an embodiment herein, system is further configured for enabling the user to make payments corresponding to the financial digital transactions by combining a plurality of payment sources. The plurality of payment sources comprises one or more bank accounts, digital wallets, value cards and payment cards.

[0073] According to an embodiment herein, the system is further configured for capturing one or more merchant/service provider details during on-boarding with the system. The one or more merchant/service provider details comprise bank account number in which the amount has to be credited and Customer Relationship Management (CRM) system details of a merchant/service/utility provider.

[0074] According to an embodiment herein, the system is configured for using a flexible and extensible DVA handle format for capturing/dealing with plurality of user and service/utility provider/merchant payment combinations.

[0075] According to an embodiment herein, the system is further configured for using the DVA handles for making payments to any registered service/utility providers in a payment mode as preferred by the user. The payment is made to the service/utility provider via Bitcoin, UPI or Immediate Payment Service (IMPS).

[0076] According to an embodiment herein, the system is further configured for providing an option to the user to pre-approve the authorization for certain service/utility providers and avoid the manual authorization step every-time the payment request is generated. [0077] According to an embodiment herein, the system is further configured for prompting the service/utility provider/merchant to initiate a payment request against the DVA of the user for one time bill settlement. The user authorizes the payment on receiving the payment authorization request on the computing device in a preferred mode. The preferred mode comprises a SMS, e-mail, an app based notification, a web based notification and a personal call.

[0078] According to an embodiment herein, the system is further configured for rejecting a payment request in case of an attempt to re-initiate a transaction with a DVA handle exceeding a preset use frequency or post expiry of validity period.

[0079] According to an embodiment herein, a method for making secure digital payments using a digital virtual address (DVA) is provided. The method comprises the steps of registering a user with the system to generate a primary DVA handle corresponding to each user and for capturing one or more user details during registration with the system. The one or more user details comprises one or more bank account numbers, digital wallet details, card details, mobile number and email address. The method also comprise on-boarding a service/utility provider/merchant with the system and capturing one or more service/utility provider/merchant details during on-boarding. The one or more merchant/service/utility provider details comprise bank account number in which the amount has to be credited and CRM system details. The method further comprises receiving a payment request from the user to initiate a secure financial digital transaction for a specific service/utility provider/merchant. The method still further comprises generating one or more secondary DVA handles based on user's primary DVA handle to associate the user with the service/utility provider/merchant for performing digital financial transaction. The method still further comprises registering the generated secondary DVA handles with the CRM system of the service/utility provider and receiving a request for payment from the service/utilty provider against the registered user DVA. The method still further comprises enabling the user to authorize the request for payment received from the service/utility provider and executing the financial digital transaction on successful authorization by transferring the approved payment amount from the user account to the service provider/merchant account and updating the CRM system with the required details.

[0080] According to an embodiment herein, the method further comprises the step of storing in a database one or more pre-configured payment rules defined by each user and information related to all the financial digital transactions performed by the user along with DVA for tracking/tallying of transactions in case of dispute.

[0081] According to an embodiment herein, the method further comprises the step of providing an option to the user to pre-approve the authorization for certain service/utility providers and avoid the manual authorization step every-time the payment request is generated.

[0082] According to an embodiment herein, the method further comprises the step of enabling the user to create a user profile during the registration process with the system. The user is further enabled for setting one or more parameters in the user profile. The one or more parameters set by the user comprises an authorization pattern of being one time or every time related to each transaction, a validity period for using the DVA and allowed transactions.

[0083] According to an embodiment herein, the method further comprises the step of prompting the service/utility provider/merchant to initiate a payment request against the DVA of the user for one time bill settlement. The user is enabled for authorizing the payment on receiving the payment authorization request on the computing device in a preferred mode. The preferred mode comprises a SMS, e-mail, an app based notification, a web based notification and a personal call. [0084] The embodiments herein provide a system and method for making digital payments using a digital virtual address without disclosing personal and financial details of the user. According to an embodiment herein, the system is configured for providing abstraction of the personal and financial details of the user. The system masks the user's actual financial details such as bank name, bank account number, account holder name etc., and in place uses a digital virtual address (DVA) which is shared without any security concerns for completing all the transactions. The DVA is generated by the servers provided in the system based on a request from the user. The payer uses DVA to make payments to the payees. On receiving a payment request for a given DVA, the system performs a specific set of instructions to execute the actions as instructed by the payer or an organization the payer belongs to. The DVA is also used to make payments outside the organization in a payment mode as preferred by the payee. For example, the payment can be made to payee as Bitcoin or UPI or IMPS from payer's stored value card.

[0085] According to an embodiment herein, the system comprises a software application hosted on a computing device of the user. The software application facilitates the user to register with the system for making payments for various utility bills or other financial transactions. The server generates an exclusive DVA handle for the plurality of bill payment actions associated with each user. The DVA handle is generated based on the registration request received from the user. Upon receiving the payment request from the utility provider, the server sends an authorization request to the user for approval of the payment. The user authorizes the payment request via the software application hosted on the computing device of the user. On receiving approval for the payment, the system transfers the amount to the payee. [0086] According to an embodiment herein, the user has an option to pre-approve the authorization for certain utility providers and avoid the manual authorization step every-time the payment request is generated. The system further provides complete flexibility to the user in controlling all the transactions which are allowed and the authorization pattern of being one time or every time. The user sets these configurations as part of settings for the user profile. The user is enabled to set a time period for using the DVA. The DVA expires at the end of the preset period and the DVA is not valid after the preset time period.

[0087] According to an embodiment herein, a merchant is prompted to initiate a payment request against the DVA of the payer for one time bill settlement. The payer authorizes the payment on receiving the payment authorization request on the preferred mode such as via SMS, e-mail, app notification and the like. On successful authorization, the system completes the transaction by transferring the requested amount to the payee.

[0088] According to an embodiment herein, the system provides enhanced security measure by providing a feature of marking the DVA for one-time-use only. Any attempt to re-initiate a transaction with the same DVA after the elapse of preset time period or preset use frequency is rejected by the system thereby avoiding the duplicate or fraudulent transactions.

[0089] According to an embodiment herein, the user is enabled to set a preferred mode of receiving notifications for approving payment authorization requests. The various preferred mode include, via SMS, e-mail, app based notification, and web based notification, personal call or the combinations thereof.

[0090] According to an embodiment herein, the payee generates the payment request through e-mail, app based request, logging into the website, system generated and the like. [0091] According to an embodiment herein, the payer is facilitated to aggregate the payable amount from multiple sources such as one or more bank accounts, digital wallets, cards and the like, for payment of the amount requested by the payee.

[0092] According to an embodiment herein, the DVA handle is generated by the user/merchant or by the person/system authorized to generate DVA on their behalf during the user or merchant registration process. During the registration process, the system captures the required details such as one or more bank account numbers, mobile number, email address, merchant CRM system details and the like.

[0093] According to an embodiment herein, the service provider includes a service/utility provider.

[0094] According to one embodiment herein, a transaction is authenticated seamlessly based on secure or non-secure information received from end-user device by using digital signatures received from the end -user device. The digital signature is a hardware cryptographically signed signature or a device information received from the end user device. The hardware cryptographically signed signature is a digital signature provided by a Subscriber Identification Module (SIM) module in the card. The device information includes IMEI number. According to one embodiment herein, an approval limit for transaction is set respectively for hardware cryptographically signed signature and a device information received from the end user device.

[0095] FIG. 1 illustrates a functional block diagram of the digital payments ecosystem using digital virtual address, according to an embodiment herein. The ecosystem as shown in FIG. 1 comprises a computing device of the user 102, one or more servers 104, an external payment gateway 106, and an organization network 108. The one or more servers 104 further comprise a Web Server 110, an App Server 112, a Payment System Players (PSP) server 114, a DVA Event Handler 116, a Monitoring Server 118 and a Logging Server 120.

[0096] According to an embodiment herein, the computing device 102 of the user comprises a mobile phone, a PDA, a laptop, a tablet and the like. In one example embodiment, the computing device 102 of the user 102 such as a smartphone is configured for hosting a software application for interacting with the one or more servers 104.

[0097] According to an embodiment herein, the one or more servers 104 are hosted as a cloud solution or physical machines in a data centre for high availability. The one or more servers 104 are configured for generating a digital virtual address (DVA) for handling the financial transactions associated with each user. The DVA provides an abstraction and masks the user's personal as well as financial details such as bank name, bank account number, account holder name and the like. The Web Server 110 is configured for handling the http request generated from user's computing device 102 and for forwarding the authentic request to the App Server 112. The App server 112 is configured for serving the logic for generating and handling the DVA.

[0098] According to an embodiment herein, the App server 112 on receiving a payment instruction for DVA raises an event with DVA details to be handled by DVA event handler module 116. The DVA event handler module 116 uses the DVA to execute a specific set of instructions resulting in actions as instructed by the payer or an organization the payer belongs to. This allows pre-configured payment rules to be executed for each DVA. For completing the financial transaction the request is further forwarded to the PSP Server 118.

[0099] According to an embodiment herein, the PSP (Payment System Player) server 118 is a certified and trusted entity that acts on behalf of a bank. Bank in the context of this invention is treated as an entity that is authorized to hold deposits including financial institute, digital wallets and the like. The PSP server 118 initiates the amount transfer request to the external payment gateway 106. Every transaction (either failed or successful) is monitored using a monitoring module 118 and logged using a logging module 120. Similarly every transaction along with DVA details are stored in the database (not shown) in order to help tracking of transactions and tally the same in case of dispute.

[00100] According to an embodiment herein, the DVA enables making payments outside the organization network 108 in payment mode as preferred by the payee. For example, from payer's stored value card the payment can be made to payee as Bitcoin or UPI or IMPS by initiating the money transfer by specifying the DVA.

[00101] According to one embodiment of the present invention, the DVA handle is generated during the user or merchant on-boarding as part of the registration process by the user/merchant or by the person/system authorized to generate DVA on their behalf. As part of registration process the system captures the required details such as one of more bank account number, mobile number, email address, merchant CRM system details and the like.

[00102] According to an embodiment herein, the DVA handle is of the format as shown below : <labelln> <labell2xlabell 1 xseparatorxlabelr 1 ><labelr2> <labelrn>

Where:

<labelln> &<labelrn> represents Noun or Verb or Value to be processed.

<Separator> can be "@" or "#" or "II" or any identified character(s) to be processed in specific manner. In one example embodiment, a DVA generated by the system is <personname>.S alary @eze tap where the label 'Salary' indicates salary to be processed to a person (having DVA handle <personname> like jane.salary#ezetap) in a configured bank account. In another example embodiment, a DVA such as 98765543211 ©telecom resolves into an action for bank account to be debited by the telecom service provider. In another example embodiment, a DVA 9876554321 l.inv34567.retailer@bank is generated and interpreted for resolving to the bank account of the payer (based on payer's telephone number), invoice number, retailer and bank accounts to be debited and credited. The retailer initiates bill collection against a DVA handle and a link is sent to the payer for approving the request via SMS. On clicking the SMS link the payer approves the request and pays the amount using any available payment options such as online-net banking, UPI, IMPS or in cash.

[00103] As explained above the DVA ID can be generated and interpreted for different use cases. The DVA format is generic and flexible to capture/deal with different such combinations. In one example embodiment, various DVA identifiers are generated for different user's 122A-122C such as john.travel.niyo ©prime, 9876054362.telecom@ezepay respectively as shown in FIG. 1.

[00104] According to an embodiment herein, the system further comprises a finger print scanning device coupled with the computing device of the user. The finger print scanning device is configured for scanning and verifying the user authenticity to secure the digital financial transaction. The presence of finger print scanning device makes the financial transaction more secure without adding any friction to the transaction but greatly enhancing security.

[00105] FIG. 2 illustrates a flow chart explaining a method of executing digital transaction using DVA from external server according to an embodiment herein. With respect to FIG. 2, the software application (202) hosted on the computing device of the user initiates the digital financial transaction. The software application 202 sends a payment transfer request for transferring the amount in favour of payee to the external server 204. The external server 204 stores the request for transfer in its local database 206 for tracking purpose. The external server 204 initiates the amount transfer request to the one or more servers 104 along with the DVA of the payee. The one or more servers 104 forward the request to the PSP server 118 after checking the authorization and thereby completing the transaction.

[00106] FIG. 3 illustrates a flowchart explaining a method of executing a digital payment for mobile bill (monthly utility bill) through DVA, according to an embodiment herein. With respect to FIG.3, the user chooses to pay the mobile bill using DVA server (302). The server generates a DVA handle for mobile bill payment <mobilenumber>.billpay.mobile.utilityprovider@ezepay (304) based on the DVA handle of the user <mobilenumber>@ezepay. The DVA of each user is created during their respective on-boarding process with the system. The server registers the created handle with the utility provider backend system such as CRM system (306). The CRM system endpoint is identified using the mobile.billpay@utihtyprovider label in the generated DVA. The CRM system endpoints are registered during the utility provider on-boarding against the DVA handle pattern such as mobile.billpay@utilityprovider. The utility provider raises a payment request against the DVA of the user to the server (308). The server sends an authorization request to the user. The user authorizes the payment request using the software application on his smart phone (310). Upon successful authorization, the payment transfer is initiated and the server notifies the utility provider CRM system (312).

[00107] FIG. 4 illustrates a flowchart explaining a method of executing a digital payment for the broadband bill (monthly utility bill), through DVA according to an embodiment herein. With respect to FIG. 4, the user chooses to pay the broadband bill using DVA server (402). The server generates a DVA handle such as <mobilenumber>.billpay .broadband. utilityprovider@ezepay (404) based on the DVA handle of the user <mobilenumber>@ezepay. The DVA of the user is created during their respective on-boarding process with the system. The server registers the created handle with utility provider backend system such as CRM system (406). The CRM system endpoint is identified using the billpay .broadband. utilityprovider label in the generated DVA. The CRM system endpoints are registered during the utility provider on-boarding against the DVA handle pattern such as billpay .boradband.utilityprovider. The utility provider raises a payment request against the DVA of the user to the server (408). The server sends the authorization request to the user. The user authorizes the payment request using the software application on his smart phone (410). Upon successful authorization, the payment is initiated and the server notifies the utility provider CRM system (412).

[00108] Therefore, the embodiments herein disclose a method to process transactions based on sub-domain. Sub-domain is configured at organization level allowing the system to apply rules, different if required, to each leg of the transaction. The system and method enables digital financial transactions without disclosing user's personal information such as bank name, bank account details and the like. The system uses a digital virtual address to provide abstraction over personal and financial details. A more secure mode of digital financial transactions is provided by avoiding skimming attack at point of sale or stealing the financial identity of the user. The system also provides a mechanism to enable usage of Stored Value card to Pay & Collect payment to/from outside organization boundary.

[00109] The system and method further provides flexibility to the payee to receive the amount in their preferred mode like cash, Bitcoin or UPI. The system offers a means of transferring amount without hassle of adding the user/payee in the network.

[00110] The foregoing description of the specific embodiments will so fully reveal the general nature of the embodiments herein that others can, by applying current knowledge, readily modify and/or adapt for various applications such specific embodiments without departing from the generic concept, and, therefore, such adaptations and modifications should and are intended to be comprehended within the meaning and range of equivalents of the disclosed embodiments. It is to be understood that the phraseology or terminology employed herein is for the purpose of description and not of limitation. Therefore, while the embodiments herein have been described in terms of preferred embodiments, those skilled in the art will recognize that the embodiments herein can be practiced with modification within the spirit and scope of the appended claims.

[00111] Although the embodiments herein are described with various specific embodiments, it will be obvious for a person skilled in the art to practice the invention with modifications. However, all such modifications are deemed to be within the scope of the claims.

[00112] It is also to be understood that the following claims are intended to cover all of the generic and specific features of the embodiments described herein and all the statements of the scope of the embodiments which as a matter of language might be the to fall there between.