TRANSACTIONS

FIELD OF THE INVENTION

[001] The present disclosure relates to transactions involving personal electronic cards (PECs) device. In particular, the present disclosure pertains to a PEC device for conducting transactions and further provides a system and method for executing transactions associated with one or more bank accounts of a user.

BACKGROUND OF THE INVENTION

[002] The background description includes information that may be useful in understanding the present invention. It is not an admission that any of the information provided herein is prior art or relevant to the presently claimed invention, or that any publication specifically or implicitly referenced is prior art.

[003] The most common type of credit and debit cards in use today are magnetic stripe type cards. A standardized format used for such magnetic stripe type cards includes a number of imprinted details on a front side of the card. Such imprinted details relate to information such as, a card user, an account number, a card type, a card issuer, an expiration date, etc. Rear side of such a card has a magnetic stripe supported thereon. The magnetic stripe includes several tracks of coded information. This coded information is representative of the details found on the front side of the card as well as other information that is used in processing transactions electronically. Such cards are used for transactions involving any of an Automatic Teller machine (ATM) transaction, a Point-of-Sale (PoS) transaction and an online transaction.

[004] When such a magnetic stripe type card is used for an ATM transaction, the card is inserted into a card reader of an ATM machine which reads coded account information and security code of the card. The card user then manually enters a security code, also typically referred to as a Personal Identification Number (PIN). If the security code is entered by the card user matches with the security code read by the ATM machine, the card user is then able to perform a banking transaction in which he/she may either deposit money, withdraw money, or check account balances. [005] People often carry multiple credit or debit cards to avail various offers and discounts offered by various card issuers, such as, banks, corporations, investment trusts, domestic or foreign governments, etc. This provides the card users with an opportunity to take advantage of premiums such as frequent flyer miles and rebates offered by the card issuers. Carrying multiple cards leads to problems such as hassle of maintaining multiple cards and respective account numbers and increase risk of fraudulent activities. Further, while having many credit and debit cards is a benefit to card users, it also requires them to carry several cards, and exposes the card users to a greater risk in case when one or more such cards are lost or stolen. In addition, the card users have to bear annual fees associated with each card in order to use various services offered by the card issuers.

[006] There is therefore a need for a system, device and method for executing financial transactions associated with one or more bank accounts of a user through a Personal electronic device in order to eliminate the need for carrying multiple transaction cards by the user and further to eliminate excessive manufacturing of such transaction cards.

OBJECTS OF THE INVENTION

[007] An object of the present disclosure is to overcome one or more disadvantages associated with conventional financial systems.

[008] Another object of the present disclosure is to provide a personal electronic card (PEC) device to execute transactions associated with one or more bank accounts of a user.

[009] Another object of the present disclosure is to provide a personal electronic card (PEC) device to enable seamless transactions without compromising security of the user.

[0010] Another object of the present disclosure is to provide a personal electronic card (PEC) device to secure financial payments of the user by enabling cipher text and biometric authentication techniques.

[0011] Another object of the present disclosure is to provide a personal electronic card (PEC) device that enables card-less transaction pertaining to multiple bank accounts of the user.

[0012] Another object of the present disclosure is to provide a personal electronic card (PEC) device that eliminates the need to carry multiple payment cards. [0013] Yet another object of the present disclosure is to provide a system and method to execute transactions associated with one or more bank accounts of a user.

[0014] Still another object of the present disclosure is to provide a personal electronic card (PEC) device, system and method to provide the user with a convenience to make card less payments from multiple bank accounts thereby enabling seamless and secure transactions.

SUMMARY

[0015] The present disclosure relates to transactions involving personal electronic cards (PECs) device. In particular, the present disclosure pertains to a PEC device for conducting transactions and further provides a system and method for executing transactions associated with one or more bank accounts of a user.

[0016] An aspect of the present disclosure relates to a system to facilitate execution of one or more transactions by a user. The system can include a processor coupled with a memory, the memory storing instructions executable by the processor to: retrieve an information associated with any or a combination of a payment card issued by a financial institution and one or more accounts of a user associated with the financial institution; store the information associated with any or a combination of the payment card and the one or more accounts on a server; validate the information stored on the server based on matching of the information stored on the server with a pre-stored information associated with the payment card or the one or more accounts of the user; authenticate the user using a personal electronic card (PEC) device associated with the user, wherein the PEC device enables authentication of the user by any or a combination of a biometric authentication and a cipher code authentication, and wherein based on the authentication of the user, one or more transactions are executed.

[0017] In an embodiment, the processor adapted to copy the information stored on the server to any or a combination of a magnetic strip, a set of sensors and a memory unit of the PEC device.

[0018] In an embodiment, the information associated with the payment card comprises any or a combination of user card details, account number details, card type details, card issuer details and card expiration details. [0019] In an embodiment, the payment card is selected from a group of transaction enabled cards, such as, any of a credit card, a debit card, coupon card, a smart card, a business card, a metro card and retail card.

[0020] In an embodiment, the financial institution comprises any or a combination of a bank, a corporation, a payment gateway and an investment trust.

[0021] In an embodiment, the biometric authentication comprises a facial pattern authentication, a finger-print authentication and an iris pattern authentication.

[0022] In an embodiment, the processor configured to monitor the executed one or more transactions and generate an event, and wherein the event comprises any or a combination of information about transactions executed, optimized investment plan and information associated with provisioning of the one or more transactions.

[0023] Another aspect of the present disclosure relates to a method for executing transactions. The method can include steps of: retrieving, by a processor, an information associated with any or a combination of a payment card issued by a financial institution and one or more accounts of a user associated with the financial institution; storing, by a processor, the information associated with any or a combination of the payment card and the one or more accounts on a server; validating, by a processor, the information stored on the server based on matching of the information stored on the server with a pre-stored information associated with the payment card or the one or more accounts of the user; authenticating, by a processor, the user using a personal electronic card (PEC) device associated with the user, wherein the PEC device enables authentication of the user by any or a combination of a biometric authentication and a cipher code authentication, wherein based on the authentication of the user, one or more transactions are executed.

[0024] In an embodiment, the method comprises splitting transaction amount between at least two bank accounts of the user based on validation of each of the bank accounts and authentication of the user.

[0025] In an embodiment, the method comprises copying the information stored on the server to any or a combination of a magnetic strip, a set of sensors and a memory unit of the PEC device.

[0026] Yet another aspect of the present disclosure relates to a personal electronic card (PEC) device to facilitate one or more transactions. The PEC device includes: a touch enabled display screen configured to receive an input from a user, wherein the received input is used to initiate a transaction; an optical sensor configured to sense an identifier associated with the transaction, wherein the identifier is used to validate the initiated transaction, and wherein the identifier comprises a QR code or a bar code; and a biometric sensor configured to sense an attribute associated with the user, wherein the sensed attribute is used to authenticate the user, and wherein based on positive authentication of the user the one or more transactions are executed.

[0027] In an embodiment, the PEC device comprises a transceiver unit to receive and transmit information to and from a server, and a memory unit to store an information associated with any or a combination of a payment card issued by a financial institution and one or more accounts of a user associated with the financial institution.

BRIEF DESCRIPTION OF DRAWINGS

[0028] The diagrams are for illustration only, which thus is not a limitation of the present disclosure, and wherein:

[0029] FIG. 1 illustrates an exemplary architectural representation of proposed system to facilitate execution of one or more transactions by a user in accordance to an embodiment of the present disclosure.

[0030] FIG. 2 illustrates an exemplary representation of functional modules of the proposed system in accordance to an embodiment of the present disclosure.

[0031] FIGs. 3A through 3C illustrate exemplary representations of proposed PEC device to facilitate execution of the one or more transactions by the user in accordance to an embodiment of the present disclosure.

[0032] FIGs. 4A through 4C illustrate exemplary interface of the proposed PEC device in accordance to an embodiment of the present disclosure.

[0033] FIG. 5 illustrates an exemplary representation of proposed method for facilitating execution of the one or more transactions by the user in accordance to an embodiment of the present disclosure.

[0034] FIG. 6 illustrates an exemplary representation of proposed distribution method for PEC device in accordance with an embodiment of the present disclosure. [0035] FIG. 7 A illustrates an exemplary representation of proposed method for registration of PEC device in accordance with an embodiment of the present disclosure.

[0036] FIG. 7B illustrates an exemplary representation of association of a unique identifier with PEC device in accordance with an embodiment of the present disclosure.

[0037] FIG. 8 illustrates an exemplary representation of proposed method for cash withdrawal from an ATM in accordance with an embodiment of the present disclosure.

[0038] FIG. 9 illustrates an exemplary representation of proposed method for allocating PEC device in accordance with an embodiment of the present disclosure.

[0039] FIG. 10 illustrates an exemplary computer system in which or with which embodiments of the present invention may be utilized in accordance with embodiments of the present disclosure.

DETAILED DESCRIPTION OF DRAWINGS

[0040] In the following description, numerous specific details are set forth in order to provide a thorough understanding of embodiments of the present invention. It will be apparent to one skilled in the art that embodiments of the present invention may be practiced without some of these specific details.

[0041] All publications herein are incorporated by reference to the same extent as if each individual publication or patent application were specifically and individually indicated to be incorporated by reference. Where a definition or use of a term in an incorporated reference is inconsistent or contrary to the definition of that term provided herein, the definition of that term provided herein applies and the definition of that term in the reference does not apply.

[0042] In some embodiments, the numbers expressing quantities or dimensions of items, and so forth, used to describe and claim certain embodiments of the invention are to be understood as being modified in some instances by the term“about.” Accordingly, in some embodiments, the numerical parameters set forth in the written description and attached claims are approximations that can vary depending upon the desired properties sought to be obtained by a particular embodiment. In some embodiments, the numerical parameters should be construed in light of the number of reported significant digits and by applying ordinary rounding techniques. Notwithstanding that the numerical ranges and parameters setting forth the broad scope of some embodiments of the invention are approximations, the numerical values set forth in the specific examples are reported as precisely as practicable. The numerical values presented in some embodiments of the invention may contain certain errors necessarily resulting from the standard deviation found in their respective testing measurements.

[0043] As used in the description herein and throughout the claims that follow, the meaning of“a,”“an,” and“the” includes plural reference unless the context clearly dictates otherwise. Also, as used in the description herein, the meaning of“in” includes“in” and“on” unless the context clearly dictates otherwise.

[0044] The recitation of ranges of values herein is merely intended to serve as a shorthand method of referring individually to each separate value falling within the range. Unless otherwise indicated herein, each individual value is incorporated into the specification as if it were individually recited herein. All methods described herein can be performed in any suitable order unless otherwise indicated herein or otherwise clearly contradicted by context. The use of any and all examples, or exemplary language (e.g.“such as”) provided with respect to certain embodiments herein is intended merely to better illuminate the invention and does not pose a limitation on the scope of the invention otherwise claimed. No language in the specification should be construed as indicating any non-claimed element essential to the practice of the invention.

[0045] Groupings of alternative elements or embodiments of the invention disclosed herein are not to be construed as limitations. Each group member can be referred to and claimed individually or in any combination with other members of the group or other elements found herein. One or more members of a group can be included in, or deleted from, a group for reasons of convenience and/or patentability. When any such inclusion or deletion occurs, the specification is herein deemed to contain the group as modified thus fulfilling the written description of all groups used in the appended claims.

[0046] Embodiments of the present invention include various steps, which will be described below. The steps may be performed by hardware components or may be embodied in machine-executable instructions, which may be used to cause a general-purpose or special- purpose processor programmed with the instructions to perform the steps. Alternatively, steps may be performed by a combination of hardware, software, and firmware and/or by human operators.

[0047] Embodiments of the present invention may be provided as a computer program product, which may include a machine-readable storage medium tangibly embodying thereon instructions, which may be used to program a computer (or other electronic devices) to perform a process. The machine -readable medium may include, but is not limited to, fixed (hard) drives, magnetic tape, floppy diskettes, optical disks, compact disc read-only memories (CD-ROMs), and magneto-optical disks, semiconductor memories, such as ROMs, PROMs, random access memories (RAMs), programmable read-only memories (PROMs), erasable PROMs (EPROMs), electrically erasable PROMs (EEPROMs), flash memory, magnetic or optical cards, or other type of media/machine-readable medium suitable for storing electronic instructions (e.g., computer programming code, such as software or firmware).

[0048] V arious methods described herein may be practiced by combining one or more machine-readable storage media containing the code according to the present invention with appropriate standard computer hardware to execute the code contained therein. An apparatus for practicing various embodiments of the present invention may involve one or more computers (or one or more processors within a single computer) and storage systems containing or having network access to computer program(s) coded in accordance with various methods described herein, and the method steps of the invention could be accomplished by modules, routines, subroutines, or subparts of a computer program product.

[0049] If the specification states a component or feature“may”,“can”,“could”, or

“might” be included or have a characteristic, that particular component or feature is not required to be included or have the characteristic.

[0050] The present disclosure relates to transactions involving personal electronic cards (PECs) device. In particular, the present disclosure pertains to a PEC device for conducting transactions and further provides a system and method for executing transactions associated with one or more bank accounts of a user.

[0051] An aspect of the present disclosure relates to a system to facilitate execution of one or more transactions by a user. The system can include a processor coupled with a memory, the memory storing instructions executable by the processor to: retrieve an information associated with any or a combination of a payment card issued by a financial institution and one or more accounts of a user associated with the financial institution; store the information associated with any or a combination of the payment card and the one or more accounts on a server; validate the information stored on the server based on matching of the information stored on the server with a pre-stored information associated with the payment card or the one or more accounts of the user; authenticate the user using a personal electronic card (PEC) device associated with the user, wherein the PEC device enables authentication of the user by any or a combination of a biometric authentication and a cipher code authentication, and wherein based on the authentication of the user, one or more transactions are executed.

[0052] In an embodiment, the processor adapted to copy the information stored on the server to any or a combination of a magnetic strip, a set of sensors and a memory unit of the PEC device.

[0053] In an embodiment, the information associated with the payment card comprises any or a combination of user card details, account number details, card type details, card issuer details and card expiration details.

[0054] In an embodiment, the payment card is selected from a group of transaction enabled cards, such as, any of a credit card, a debit card, coupon card, a smart card, a business card, a metro card and retail card.

[0055] In an embodiment, the financial institution comprises any or a combination of a bank, a corporation, a payment gateway and an investment trust.

[0056] In an embodiment, the biometric authentication comprises a facial pattern authentication, a finger-print authentication and an iris pattern authentication.

[0057] In an embodiment, the processor configured to monitor the executed one or more transactions and generate an event, and wherein the event comprises any or a combination of information about transactions executed, optimized investment plan and information associated with provisioning of the one or more transactions.

[0058] Another aspect of the present disclosure relates to a method for executing transactions. The method can include steps of: retrieving, by a processor, an information associated with any or a combination of a payment card issued by a financial institution and one or more accounts of a user associated with the financial institution; storing, by a processor, the information associated with any or a combination of the payment card and the one or more accounts on a server; validating, by a processor, the information stored on the server based on matching of the information stored on the server with a pre-stored information associated with the payment card or the one or more accounts of the user; authenticating, by a processor, the user using a personal electronic card (PEC) device associated with the user, wherein the PEC device enables authentication of the user by any or a combination of a biometric authentication and a cipher code authentication, wherein based on the authentication of the user, one or more transactions are executed.

[0059] In an embodiment, the method comprises splitting transaction amount between at least two bank accounts of the user based on validation of each of the bank accounts and authentication of the user.

[0060] In an embodiment, the method comprises copying the information stored on the server to any or a combination of a magnetic strip, a set of sensors and a memory unit of the PEC device.

[0061] Yet another aspect of the present disclosure relates to a personal electronic card (PEC) device to facilitate one or more transactions. The PEC device includes: a touch enabled display screen configured to receive an input from a user, wherein the received input is used to initiate a transaction; an optical sensor configured to sense an identifier associated with the transaction, wherein the identifier is used to validate the initiated transaction, and wherein the identifier comprises a QR code or a bar code; and a biometric sensor configured to sense an attribute associated with the user, wherein the sensed attribute is used to authenticate the user, and wherein based on positive authentication of the user the one or more transactions are executed.

[0062] In an embodiment, the PEC device comprises a transceiver unit to receive and transmit information to and from a server, and a memory unit to store an information associated with any or a combination of a payment card issued by a financial institution and one or more accounts of a user associated with the financial institution.

[0063] FIG. 1 illustrates an exemplary architectural representation of proposed system to facilitate execution of one or more transactions by a user in accordance to an embodiment of the present disclosure. The proposed system 102 (also referred to the system 102 hereinafter) can be communicatively coupled with one or more computing devices through a network 114. In an embodiment, the system can enable a transaction between merchants 110 and users 106. Computing devices 108-1, 108-2, 108-3,... ., 108-N (individually referred to as computing device 108 and collectively referred to as computing devices 108 hereinafter) can be configured with usersl06-l, 106-2, 106-3,... ., 106-N (individually referred to as userl06 and collectively referred to as the users 106 hereinafter). Computing devices 112-1, 112-2, 112-3,... ., 112-N (individually referred to as computing device 112 and collectively referred to as computing devices 112 hereinafter) can be configured with merchants 110-1, 110-2, 110- 3,... ., 110-N (individually referred to as merchant 110 and collectively referred to as the merchants HOhereinafter). The merchant 110 can be any or a combination of an online shopping website, an apparel shop, a vendor, a corporation and the likes. The user 106 can be associated with a financial institution through at least one payment card issued by the financial institution. The financial institution can be any or a combination of a bank, a corporation, a payment gateway, an investment trust and the likes. In an embodiment, the payment card can be a credit card, a debit card, a coupon card, a smart card, a business card, a metro card and the likes.

[0064] In an embodiment, the system 102 can be implemented using any or a combination of hardware components and software components such as a cloud, a server, a computing system, a computing device, a network device and the like. In an embodiment, the system 102 can reside at the server 104. Further, the system 102 can interact with computing devices 108 and 112 through a website or an application that can reside in the computing devices 108 and 112. In an implementation, the system 102 can be accessed by a website or an application that can be configured with any operating system, including but not limited to, Android™, iOS™, and the like. In an implementation, the computing device 108 can be a device capable of enabling the transaction, including, a laptop, a desktop, a mobile phone, a personal digital assistant (PDA), an Automatic Teller Machine (ATM), a Point-of-Sale (PoS) device and the like devices capable of enabling the transaction.

[0065] The network 114 may be a wireless network, wired network or a combination thereof. The network 114 can be implemented as one of the different types of networks, such as intranet, local area network (LAN), wide area network (WAN), the internet, and such. The network 114 may either be a dedicated network or a shared network, which represents an association of the different types of networks that use a variety of protocols, for example, Hypertext Transfer Protocol (HTTP), Transmission Control Protocol/Internet Protocol (TCP/IP), Wireless Application Protocol (WAP), etc., to communicate with each other. Further, the network 114 may include a variety of network devices, including routers, bridges, servers, computing devices, storage devices, etc.

[0066] In an aspect, the system 102 can retrieve/acquire information associated with a payment card issued by the financial institution. The information associated with the payment card can include any or a combination of information such as, card user details, account number details, card type details, card issuer details, expiration date details, and the like. The system 102 can read the information stored on a magnetic strip of the payment card with the help of a plurality of sensors. In an embodiment, the system 102 can acquire information associated with multiple payment cards of the user, upon such a request by the user.

[0067] In an aspect, the system 102 can retrieve information associated with one or more accounts of the user associated with the financial institution. The information associated with the one or more accounts of the user can include any or a combination of information such as, user credentials, account details, account security details and the likes. The system 102 can retrieve the information associated with the one or more accounts of the user and can store the information on a cloud server/database 104. The system 102 can further copy the information stored on the cloud server 104 on a Personal Electronic Card (PEC) Device (interchangeably referred to as PEC device hereinafter). The information stored on the cloud server 104 can be copied to any or a combination of a magnetic strip, a set of sensors and a memory device of the PEC device.

[0068] In an aspect, the system 102 can temporarily store the information associated with the payment card on the cloud server 104. The system 102 can further copy the information stored on the cloud server 104 on the PEC device. The information stored on the cloud server 104 is copied to any or a combination of a magnetic strip, a set of sensors and a memory device of the PEC device. In an embodiment, the system 102 can display the information stored on any or a combination of the magnetic strip, the set of sensors and the memory device of the PEC device to the user.

[0069] In an embodiment, the system 102 can further copy the information stored on any or a combination of the magnetic strip, the set of sensors and the memory device of the PEC device to a universal card (interchangeably referred to as PEC card hereinafter). For example, the system 102 can copy the information stored on the memory device of the PEC device to a magnetic strip of the universal card.

[0070] In an aspect, the system 102 can validate the information stored on the cloud server l04by transmitting the information, through the network 114, to the financial institution, and then, verifying the information stored on the cloud server 104. In an embodiment, the system 102 can transmit the information stored on the cloud server 104 to a computing device associated with the financial institution. In an embodiment, the system 102 can validate a unique identifier provided by the user by matching the unique identifier with a pre-configured unique identifier associated with the payment card by accessing the pre configured unique identifier stored on a database configured with a computing device of the financial institution.

[0071] In an aspect, the system 102 can authenticate the user by implementing any or a combination of biometric and encrypted/cipher code-based authentication techniques. In an embodiment, the system 102 can perform the authentication based on the unique identifier associated with the payment card, for instance, the authentication can be based on a Personal Identification Number (PIN) associated with the payment card to verify the integrity of the card and to authenticate the user so as to prevent any fraudulent activity. In another embodiment, the system 102 can authenticate the user by using biometric data of the user to authenticate the integrity of the biometric data based on a pre-stored biometric data of an authenticated user. The biometric data can be stored on the cloud server 104 or can be stored on a memory device. The system 102 can also authenticate the user by assigning a cipher code to the user and matching the cipher code with a pre-stored cipher code each time the user performs a transaction.

[0072] In an embodiment, the cipher code can be used to authenticate the user each time the user tries to access the system 102. The cipher code can be an alphanumeric code that the system uses to authenticate integrity of the user.

[0073] In an implementation, the system 102 can further perform authentication of the user associated with the payment card based on AADHAR authentication. The system 102 can accept AADHAR number of the user and can authenticate the user by verifying a one time password (OTP) sent to a verified mobile number of the user. The AADHAR based authentication can be used in conjunction with the biometric authentication of the user to enhance security and integrity of the system 102.

[0074] In an embodiment, the system 102 can retrieve a list of bank accounts of the user associated with the AADHAR number of the user to complement the user with all the bank accounts associated with his/her AADHAR number. Each of the bank account can be validated and details of each of the bank accounts can be acquired directly from the hanks based on authentication of the user to enable seamless transactions. Upon validation of the bank accounts, the user can access the bank accounts of the user through the system 102 in order to execute transactions from the bank accounts. Accessing of the bank accounts by the system 102 can be secured by implementing a cipher code based securing technique to only allow an authenticated user to access the bank accounts through the system 102.

[0075] In an embodiment, the authentication can further be based on storing, transmitting and receiving information of the user to any or a combination of financial institutions and government bodies to authenticate the information of the user. The information of the user can include any or a combination of personal information, Social Security Number (SSN) of the user, account details of the user, name of financial institutions associated with the accounts of the user and the likes.

[0076] In an embodiment, both user and financial institution (interchangeably referred as bank) can be registered with the system 102 to avail services of the system 102. In an embodiment, the system 102 can perform third party verification against the bank that wishes for registration and based on verification, the bank can be registered with the system 102. Once the user and the bank get registered, both can interact with each other through the system 102 to execute transactions.

[0077] In an embodiment, the system 102 can initiate copying of the information stored on the cloud server to a magnetic strip of the PEC device based on the validation of the information associated with the payment card and further based on the authentication of the user associated with the payment card.

[0078] In an embodiment, the system 102 can enable communication, through a PEC platform, between the users, the merchants and the financial institutions. The PEC platform can allow registration of various entities such as users, merchants and financial institutions such that once the entities are registered and authenticated on the PEC platform, transactions between them can be enabled, where the transactions can be of any form including online transactions, fund transfer, ATM withdrawals, NFC enabled transactions, PoS enabled transactions, and the likes. The entities can register on the PEC platform by authenticating any or a combination of phone numbers, AADHAR numbers, SSN numbers, Tax Information Network (TIN) numbers, and the like.

[0079] In an embodiment, the PEC card can include imprinted details on a front side and a magnetic strip on a rear side to allow either transitory or non-transitory storage of the information associated with a payment card. The information associated with the payment card can be directly copied to the magnetic strip of the PEC card, or the information associated with a payment card can be copied to a memory of the PEC device and then, copied to the magnetic strip of the PEC card.

[0080] In an aspect, the system 102 can execute the one or more transactions based on the authentication of the user. The one or more transactions can be any or a combination of an ATM transaction, an online transaction, a PoS transaction, a Near Field Communication (NFC) based transaction, and the likes.

[0081] In an embodiment, the system 102 can complete a transaction by splitting the transaction amount between multiple bank accounts of the user based on validation of the bank accounts and authentication of the user.

[0082] In an embodiment, the system 102 can enable online transactions based on the validation of the payment card and authentication of the user. The system 102 can further be utilized to execute recharges, bill payments, hotel bookings, monthly EMIs, insurance, file income tax return, and for executing high end transactions such as high frequency trading in stock markets, commodity markets and crypto-currency markets.

[0083] In an embodiment, the PEC device can directly be used in place of the payment cards while assisting the user to avail various offers and benefits associated with the payment cards such as, coupons and discounts associated with the payment cards. For example, the PEC device can be directly used as a metro card to allow the user to enter and exit platform of metro stations without carrying a metro card.

[0084] FIG. 2 illustrates an exemplary representation of functional modules of the proposed system in accordance to an embodiment of the present disclosure. The system 102 can include a processor(s) 202, a memory 204 coupled to the processor(s) 202 and an interface(s) 206. The processor(s) 202 may be implemented as one or more microprocessors, microcomputers, microcontrollers, digital signal processors, central processing units, state machines, logic circuitries, and/or any devices that manipulate signals based on operational instructions. Among other capabilities, the processor(s) 202 may be configured to fetch and execute computer-readable instructions stored in the memory 204. The memory 204 can include any non-transitory computer-readable medium known in the art including, for example, volatile memory (e.g., RAM), and/or non-volatile memory (e.g., EPROM, flash memory, etc.).

[0085] The interface(s) 206 may include a variety of software and hardware interfaces, for example, a web interface, a graphical user interface, etc., allowing the system 102 to interact with computing devices 108. The interface(s) 206 can facilitate multiple communications within a wide variety of networks and protocol types, including wired networks, for example LAN, cable, etc., and wireless networks such as WLAN, cellular, or satellite. The interface(s) 206 may include one or more ports for connecting a number of devices to each other or to another server.

[0086] In an implementation, the system 102 can include modules 208 and data 210.

In one embodiment, the modules 208 and the data 210 may be stored within the memory 204. In one example, the modules 208, amongst other things, can include routines, programs, objects, components, and data structures, which perform particular tasks or implement particular abstract data types. The modules 208 may also be implemented as signal processor(s), state machine(s), logic circuitries, and/or any other device or component that manipulate signals based on operational instructions. Lurther, the modules 208 can be implemented by one or more hardware components, by computer-readable instructions executed by a processing unit, or by a combination thereof. The data 210 can serve, amongst other things, as a repository for storing data fetched, processed, received and generated by one or more of the modules 208.

[0087] In an embodiment, the modules 208 can further include an information retrieval module 212, a payment card information copying module 214, a payment card information validation module 216, a user authentication module 218, a transaction execution module 218 and other modules 222. The other modules 222 may perform various miscellaneous functionalities of the system 102. It would be appreciated that such aforementioned modules may be represented as a single module or a combination of different modules.

[0088] In an aspect, the information retrieval module 212 can be configured to retrieve/obtain information associated with any or a combination of a payment card issued by a financial institution and on or more accounts of the user associated with the financial institution. The information associated with the payment card can include any or a combination of information such as, card user details, account number details, card type details, card issuer details, expiration date details, and the like. The information associated with the one or more accounts of the user can include any or a combination of information such as, user credentials, account details, account security details and the likes.

[0089] In an embodiment, the information retrieval module 212 can read the information stored on a magnetic strip of the payment card with the help of a plurality of sensors. In an embodiment, the information retrieval module 212 can retrieve the information associated with the one or more accounts of the user by accessing a database configured with the financial institution to validate the information associated with the one or more accounts of the user.

[0090] In an aspect, the payment card information copying module 214 is configured to temporarily store any or a combination of the information associated with the payment card and the information associated with the one or more accounts of the user on a cloud server/database.The payment card information copying module 214 is further configured to copy the information stored on the cloud server on any or a combination of a magnetic strip, a set of sensors and a memory device of a PEC device.

[0091] In an embodiment, the PEC device can store information pertaining to one or more payment cards. In another embodiment, the PEC device can store information pertaining to one or more accounts associated with multiple financial institutions. For example, the PEC device can store information of one or more bank accounts of various banks so as to enable the user to execute a desired transaction based on a specific bank account out of the one or more bank accounts.

[0092] In an aspect, the payment card information validation module 216 is configured to validate the information stored on the server by transmitting the information to the financial institution, and then, verifying the information stored on the server. In an embodiment, the payment card information validation module 216 transmits the information stored on the server to a computing device associated with the financial institution.

[0093] In an embodiment, the payment card information validation module 216 can validate a unique identifier provided by the user by matching the unique identifier with a pre- configured unique identifier associated with the payment card by accessing the pre configured unique identifier stored on a database configured with a computing device of the financial institution.

[0094] In an aspect, the user authentication module 218 is configured to authenticate the user by implementing any or a combination of biometric and cipher code-based authentication techniques. In an embodiment, the user authentication module 218 can perform the authentication based on the unique identifier associated with the payment card, for instance, the authentication can be based on a unique identifier associated with the payment card to verify the integrity of the card and to authenticate the user so as to prevent any fraudulent activity. In another embodiment, the user authentication module 218 can authenticate the user by using biometric data of the user to authenticate the integrity of the biometric data based on a pre-stored biometric data of an authenticated user. The biometric data can be stored on the server or can be stored on a memory device. The user authentication module 218 can also authenticate the user by assigning a cipher code to the user and matching the cipher code with a pre-stored cipher code each time the user performs a transaction.

[0095] In an implementation, the user authentication module 218 can further perform authentication of the user associated with any of the payment card and the one or more accounts based on AADHAR authentication. The user authentication module 216 can accept AADHAR number of the user and can authenticate the user by verifying a one-time password (OTP) sent to a verified mobile number of the user. The AADHAR based authentication can be used along with the biometric authentication of the user to enhance security and integrity of the proposed system 102.

[0096] In an embodiment, the authentication can further be based on storing, transmitting and receiving information of the user to any or a combination of financial institutions and government bodies to authenticate the information of the user. The information of the user can include any or a combination of personal information, PAN/SSN details of the user, account details of the user, name of financial institutions associated with the accounts of the user and the likes.

[0097] In an embodiment, the payment card information copying module 214 can initiate copying of the information stored on the server to a magnetic strip of the PEC device based on the validation of the information associated with the payment card and further based on the authentication of the user associated with the payment card.

[0098] In an aspect, the transaction execution module 220 is configured to execute the one or more transactions based on the authentication of the user. The one or more transactions can be any or a combination of an ATM transaction, an online transaction, a PoS transaction, a Near Field Communication (NFC) based transaction, and the likes.

[0099] In an embodiment, any of the PEC device or a universal card configured with the PEC device can be used to execute the desired transaction.

[00100] FIG. 3A illustrates an exemplary top view representation of the PEC device 300 in accordance to an embodiment of the present disclosure. FIG. 3B illustrates an exemplary rear-view representation of the PEC device 300 in accordance to an embodiment of the present disclosure. FIG. 3C illustrates an exemplary side view representation of the PEC device 300 in accordance to an embodiment of the present disclosure. In an aspect, the proposed PEC device 300 can enable a transaction between the user and the merchant. The proposed PEC device 300 can include a touch enabled display screen 302 to allow the user to process the desired transaction by interacting with the graphic user interface (GUI) of the display screen 302. The display screen can be configured with a touch sensor array to enable the interaction between the user and the interface based on sensing of various touch patterns derived by movement of fingers of the user on the display screen 502. As illustrated, a back side of the PEC device 300 can include a biometric sensing array 308. For instance, a fingerprint sensor array, to enable biometric authentication of the user. The back side of the PEC device 300 can also include a camera sensor 306to enable transactions involving capturing of a QR code, a barcode and other such identifiers in order to validate the transaction. For example, the PEC device 300 can be used to capture an image of a QR code at a PoS machine or at an online website to validate the desired transaction. In an embodiment, the camera sensor 306 can be used for facial scan and/or retina scan of the user to provide an additional level of authentication of the user to enhance security of the PEC device 300. The PEC device 300 can be of a size similar to that of the PEC card 304 or can include a housing that can allow insertion of the PEC card 304 and other payment cards to validate information associated with the payment card and to further copy the information associated with the payment cards to the PEC card 304.

[00101] In an embodiment, the PEC device 300 can include a casing including a front casing and a rear casing to accommodate all the components of the PEC device 300. The casing can be designed such that the PEC device 300 can fit into a pocket/purse and is easy to carry. Such casing can be implemented with or without the screws and/or fasteners. For example, the front casing and the rear casing can be coupled to each other by a suitable locking mechanism, such as, a snap and fit mechanism, a slide and fit mechanism, a press fit mechanism and the likes.

[00102] In an exemplary embodiment, the PEC device 300 can either require the PEC card 304 for executing transactions or the PEC device 300 can be used to execute the transactions without the need of the PEC card 304. In an embodiment, the PEC device 300 can include a SIM for connecting to internet, server and the like for executing the transaction.

[00103] In another embodiment, screws and fasteners can be used to couple the front casing and the rear casing so as to provide a partially enclosed PEC device 300. For example, the front casing and the rear casing can be coupled to each other with the help of threaded bolts to enable insertion and removal of the bolts from a plurality of threaded holes of the front casing and the rear casing.

[00104] In an embodiment, the PEC device 300 can further include a chipset that can include processor, a memory (RAM and ROM), a display controller to control the display screen 302, a power circuit, a location detection unit, a transceiver unit to communicate with the host server, a bank server and/or other devices, other sensors such as, but not limited to, proximity, accelerometer, magnetometer, an optical sensor array, a motion detection unit, a near field communication (NFC) means, a radio frequency identification (RFID) means, a cryptographic processor, a graphics processing unit (GPU), an LED, a magnetometer, and a magnetic sensor that can be adapted to work as a magnetic strip.

[00105] In an embodiment, the location detection unit of the chipset can periodically store instantaneous locations of the PEC device 300 on the server to enable determination of loss or theft of the PEC device 300. The location detection unit can utilize location determination techniques such as, Global Positioning System (GPS), Global Navigation Satellite System (GLONASS) and the likes to log latitude and longitudes of instantaneous geographical locations of the PEC device 300 periodically, say, in period of 30 minutes.

[00106] In an embodiment, when the PEC device 300 is to be used to transact a required amount using an ATM machine or a swipe machine, the magnetic sensor embedded in the chipset can be used to communicate to the machine in a same as magnetic strip of the payment card communicates with the machine.

[00107] In an embodiment, the processor can be operatively coupled with other components of the PEC device 300 such as the memory, wherein the memory can store any or a combination of an operating system, such as, Android, Windows, iOS, Linux, and the likes, a unique identifier, bank account details, previous transaction history. The processor can also be operatively coupled with the motion detection unit and the optical sensor array. A user input can be performed on the touch sensor array that may include a touch screen panel, a keypad, or a combination thereof. The display controller enables display of a media file, such as, a bank logo, a user profile image, a payment gateway logo, and other images, an alphanumeric sequence and any other information on the display screen. A power circuit/battery can provide power to various components of the PEC device 300. In case, the PEC device 300 is misplaced/lost, the location detection unit can be used to locate the PEC device 300. In an embodiment, the PEC device 300 can be configured at a wearable device to allow a user to conveniently carry the PEC device 300.

[00108] In an embodiment, the PEC device 300 can complete a transaction by splitting the transaction amount between multiple bank accounts of the user based on validation of the bank accounts and authentication of the user.

[00109] In an embodiment, the PEC card 304 can include imprinted details on a front side and a magnetic strip on a rear side to allow either transitory or non -transitory storage of the information associated with a payment card. The information associated with the payment card can be directly copied to the magnetic strip of the PEC card 304, or the information associated with a payment card can be copied to a memory of the PEC device 300 and then, copied to the magnetic strip of the PEC card 304. In an embodiment, the PEC card 304 can also include a set of sensing devices that can include any or a combination of magnetic sensors, barcode scanners, contactless communication sensors and the likes. The contactless communication sensors can enable any of Magnetic Secure Transmission (MST) transaction and Near Field Communication (NFC) transaction.

[00110] FIGs. 4A through 4C illustrate exemplary interface of the proposed PEC device in accordance to an embodiment of the present disclosure. The display screen of the PEC device can provide a touch enabled interface to allow the user to interact with the system in order to execute a desired transaction. In an embodiment, the interface can include a plurality of selection menus to provide the user with a number of options to choose from various transaction means. As illustrated in FIG. 4A, interface 400 can include GUI based buttons that the use can tap to enable execution of the desired transaction. The interface can include a“Pay” button and a“Receive” button to enable the user to either pay a required amount to a merchant or receive a required amount of money from another user. Transfer of the required amount can be enabled via various payment techniques such as wire transfer, National Electronic Fund Transfer (NEFT), Immediate Payment Service (IMPS), Real-Time Gross Settlement (RTGS), Unified Payments Interface (UPI) and the like payment techniques.

[00111] Referring now to FIG. 4B, interface 430 can display a drag bar on the display screen to enable the user to choose from either the“Pay” button or the“Receive” button based on dragging of the drag bar in a required direction. In an embodiment, the“Pay” and the“Receive” buttons can be used to execute any or a combination of an interbank fund transfer and transfer of funds to another user.

[00112] In an embodiment, the interface can further include an“ATM” button to allow the user to execute a desired ATM transaction. For example, the user can use the PEC device for executing withdrawal of a required amount from an ATM. The interface can also include a “Passbook” button, which when tapped by the user, can view expenditure statements and available balance in different bank accounts of the user. The“Passbook” button can also be used to acquire bank statements and/or ATM withdrawal statements.

[00113] In an embodiment, when a payment card, such as a credit card, a debit card, a metro card, a coupon card, a smart card and the like is inserted into the PEC device, the display screen of the PEC device can show various details associated with the payment card based on authentication and validation of the user and the payment card. Once, the payment card is validated and the user is authenticated, the display screen can show account balance of the bank account associated with the payment card.

[00114] In an embodiment, the interface can display information stored on any or a combination of the magnetic strip, the set of sensors and the memory device of the PEC device to the user. In an embodiment, the transceiver unit of the PEC device can use soft SIM technology for connectivity to various host servers.

[00115] In an embodiment, the interface can also show battery status of the PEC device to indicate remaining battery capacity of the power circuit of the PEC device. The interface can also show various notifications such as transaction messages and reminders to allow the user to keep track of various transactions. The PEC device can also incorporate a register to maintain a record of every transaction of each bank account registered with the PEC platform.

[00116] In an embodiment, when a PoS enabled transaction is to be executed, the

“Pay” button can be selected by the user. The display screen then shows the user a list of banks and the user selects one or more banks to process the transaction. In an embodiment, the user can pay the required amount by splitting the required amount into a number of individual amounts that can be transacted form each of the banks. The user can then long press an“Eject PEC device Card” button (as shown in interface 460 of FIG. 4C) to eject the PEC card and swipe the PEC card through the PoS machine and enter the cipher code into the PoS machine using any of a touch enabled screen or a keyboard of the PoS machine to execute the PoS transaction. In another embodiment, the PEC device can directly be used to execute the PoS transaction by selecting one or more banks to move forward with the transaction and using any of MST or NFC payment method by bringing the PEC device closer to the PoS machine, or scanning a QR code displayed on a display screen of the PoS machine by the camera sensor coupled with the PEC device. The user can then enter the cipher code into the PoS machine using any of a touch enabled screen or a keyboard of the PoS machine to execute the transaction.

[00117] In an embodiment, when an ATM withdrawal transaction is to be processed, the user can enter an amount to be withdrawn from the ATM machine and upon confirmation of the required amount from the bank, the universal card can be ejected from the PEC device and can be inserted into a card insertion slot of the ATM machine. The user can then enter the cipher code into the ATM machine using any of a touch enabled screen or a keyboard of the ATM machine to execute the ATM withdrawal transaction. In another embodiment, the PEC device can directly be used to withdraw a certain amount from a bank account of the user by scanning a QR code displayed by display screen of the ATM machine by a camera sensor coupled with the PEC device. The user can then enter the cipher code into the ATM machine using any of a touch enabled screen or a keyboard of the ATM machine to execute the ATM withdrawal transaction.

[00118] In an embodiment, when an online transaction is to be processed by the PEC device, the PEC device can be used to scan a QR code displayed on a website or an application by the camera sensor coupled with the PEC device. The user can then enter the cipher code, or can use the biometric array to authenticate himself/herself to process the transaction. In case the PEC device is not available, the user can execute the online payment by logging into the PEC platform and selecting a desired bank to process the transaction using the cipher code to authenticate the transaction.

[00119] FIG. 5 illustrates an exemplary representation of proposed method for facilitating execution of the one or more transactions by the user in accordance to an embodiment of the present disclosure.

[00120] In an aspect, the proposed method 500 for facilitating execution of the one or more transactions by the user can include, at step 502, retrieving information associated with any or a combination of a payment card issued by the financial institution and one or more accounts of the user associated with the financial institution. The information associated with the payment card can include any or a combination of information such as, card user details, account number details, card type details, card issuer details, expiration date details, and the like. The information associated with the one or more accounts of the user can include any or a combination of information such as, user credentials, account details, account security details and the like.

[00121] In an aspect, the method can include, at step 504, storing the information associated with any or a combination of the payment card and the one or more accounts of the user on a server. The information associated with the payment card is temporarily stored on the server.

[00122] In an aspect, the method can include, at step 506, validating the information stored on the server. The information stored on the server is validated by transmitting the stored information, through a network, to the financial institution, and then, verifying integrity of the information stored on the server. In an embodiment, the information stored on the server is transmitted to a computing device associated with the financial institution. In an embodiment, the validation can be based on a unique identifier provided by the user by matching the unique identifier with a pre-configured unique identifier associated with the payment card by accessing the pre-configured unique identifier stored on a database configured with a computing device of the financial institution.

[00123] In an aspect, the method can include, at step 508, authenticating the user by implementing any or a combination of biometric and cipher code -based authentication techniques. In an embodiment, the authentication is based on the unique identifier associated with the payment card. For example, the authentication can be based on a Personal Identification Number (PIN) associated with the payment card to verify the integrity of the card and to authenticate the user so as to prevent any fraudulent activity. In another embodiment, the authentication can be based on biometric data of the user to authenticate the integrity of the biometric data based on a pre-stored biometric data of an authenticated user. The biometric data can be stored on the server or can be stored on a memory device. In yet another embodiment, the authentication can be based on assigning the user with a cipher code and matching the cipher code with a pre-stored cipher code each time the user performs a transaction.

[00124] In an embodiment, the authentication can be based on AADHAR authentication. For example, AADHAR number of the user can be used to authenticate the user by verifying a one-time password (OTP) sent to a verified mobile number of the user. The AADHAR based authentication can be used in conjunction with the biometric authentication of the user to enhance security and integrity of the transactions involved therein and executing the one or more transactions based on the authentication of the user and further based on validation of the information stored on the server. The one or more transactions can be any or a combination of an ATM transaction, an online transaction, a PoS transaction, a Near Field Communication (NFC) based transaction, and the like.

[00125] FIG. 6 illustrates an exemplary representation of proposed distribution method for PEC device in accordance with an embodiment of the present disclosure. [00126] In an exemplary embodiment, the disclosed method for distribution of PEC device can be initiated by filling out an application form 602 by the applicant/user for requesting a PEC device. The application for requesting PEC device can require the user/applicant to enter details such as unique ID cards such as Aadhar number, mobile phone number, email address, bank account details and the like. The application form 602 with filled out details can be submitted with a financial institution such as bank 604. After successfully authenticating and/or verifying the details entered by the user, the bank 604 can generate a request for issuing/allotting the PEC device for the user with a distribution partner 606.

[00127] The distribution partner 606 can include but not limited to the financial institution such as bank and an institution or organization for manufacturing and/or distributing. The distribution partner 606 can issue the PEC device to the user based on the request raised by the bank 604. In an embodiment, the user’s details can be associated with a device ID. In an embodiment, the PEC device can be associated with a unique identifier or the device ID and such details can be stored on a server 608.

[00128] In an embodiment, the server 608 can include any or a combination of a PEC server, a bank server. The server 608 can be used for the purpose of authentication of the user, activation of the PEC device, validation of biometric details and the like. After the association of the PEC device with the details associated with the user account, the distribution partner 606 can send the PEC device to the user using a courier service 610. Thus, the PEC device of the respective user is received by the user at his/her respective mailing address.

[00129] FIG. 7A and 7B illustrates an exemplary representation of proposed method for registration of PEC device in accordance with an embodiment of the present disclosure.

[00130] In an exemplary embodiment, the PEC device 702 needs to be registered to be able to initiate transactions using the PEC device 702. The PEC device 702 can be connected with internet using Wifi network, mobile network and the like. In an embodiment, the PEC device 702 can send an SMS or an MMS to initiate the registration process. Once the PEC device 702 is connected with the internet, the PEC device 702 can open a registration page that can require the user to enter details related to the user and/or the account of the user.

[00131] Once the details are entered the PEC device can request generation of an OTP for the request. The generated OTP can be communicated to the user by any or a combination of the SMS, the MMS, a voice call, a data call, the email address. In an embodiment, the OTP can be sent to the computing device (such as mobile phone) 706 associated the user. Further, the user can be required to enter the received OTP on the PEC device 702. In an embodiment, once the PEC device receives OTP from the user. The PEC device can initiate a request for authentication of the entered OTP with the server 704. Once the OTP is verified, the PEC device 702 can be activated by the server for executing transactions.

[00132] As disclosed in FIG. 7B, each PEC device 752 can be associated with a unique identifier such that each PEC device 752 can be unique to single user. In an exemplary embodiment, the unique identifier can be transmitted to the PEC device 752 using a Diffie Hellman algorithm.

[00133] FIG. 8 illustrates an exemplary representation of proposed method for cash withdrawal from an ATM in accordance with an embodiment of the present disclosure.

[00134] In an exemplary embodiment, the PEC device 802 can be used to enable withdrawal of cash from an ATM machine with enhanced security without the need of the card for executing the transaction.

[00135] In an embodiment, the user can use the PEC device 802 to securely initiate the transaction. The user can select the options such as the bank with which the user holds an account, the account number from which he/she wish to withdraw cash and the like. After selecting the option, the user can be required to enter the amount that the user wish to withdraw.

[00136] Further, the user can access the ATM machine 804 and can select the option to initiate the transaction with the PEC device 802. Based on selection of the option for withdrawal using the PEC device 802.

[00137] Now, based on the option selected a transaction for withdrawal of cash is initiated and a request is generated that can be sent to the server 808 through a network 810. The network 810 may be a wireless network, wired network or a combination thereof. The network 810 can be implemented as one of the different types of networks, such as intranet, local area network (LAN), wide area network (WAN), the internet, and such. The network 810 may either be a dedicated network or a shared network, which represents an association of the different types of networks that use a variety of protocols, for example, Hypertext Transfer Protocol (HTTP), Transmission Control Protocol/Internet Protocol (TCP/IP), Wireless Application Protocol (WAP), etc., to communicate with each other. Further, the network 810 may include a variety of network devices, including routers, bridges, servers, computing devices, storage devices, etc.

[00138] Now, the server 808 can require authentication of the user. The authentication can include any or a combination of biometric authentication or an unlock PIN at the PEC device 802. Now based on authentication of the user, the details of the initiated transaction can be verified by the bank 806. Further, account details of the user can be verified at the server or the target bank. Now based on the successful verification of account details of the user the ATM machine can generate any or a combination of, the OTP, the QR code and the like 804. The generated QR code 804 can be scanned using the PEC device 802 and further based on the scanner code, the user can be required to enter a valid PIN 806 in the ATM machine. Now, after successful authentication of PIN the ATM machine can disburse the cash to the user.

[00139] FIG. 9 illustrates an exemplary representation of proposed method for allocating PEC device in accordance with an embodiment of the present disclosure.

[00140] In an exemplary embodiment, the request for raising a request for allocation the PEC device can be initiated at step 902, that pertains to a request raised by the user for requesting a PEC device. Further, step 904 pertains to raising a request can include the financial institution such as the bank or online on a web-page. Further, step 906 pertains to providing details required in the application form for requesting the PEC device.

[00141] Further, step 908 pertains to acknowledgement by the bank to the request raised by the user. Once the details of the application form are completed and the application form is submitted to the bank. The details provided are verified by the bank. In an embodiment, the user can only request for one PEC device. Therefore, the details provided by the user can also be used to check if the user has already been assigned the PEC device earlier. Now, based on the varication of the details by the bank. The bank can initiate a request for issuing the PEC device. Further, step 910 pertains to transport/courier/mail the PEC device to home/office address of the user.

[00142] FIG. 10 illustrates an exemplary computer system in which or with which embodiments of the present invention can be utilized in accordance with embodiments of the present disclosure. As shown in FIG. 10, computer system includes an external storage device 1010, a bus 1020, a main memory 1030, a read only memory 1040, a mass storage device 1050, communication port 1060, and a processor 1070. A person skilled in the art will appreciate that computer system may include more than one processor and communication ports. Examples of processor 1070 include, but are not limited to, an Intel® Itanium® or Itanium 2 processor(s), or AMD® Opteron® or Athlon MP® processor(s), Motorola® lines of processors, FortiSOC™ system on a chip processors or other future processors. Processor 1070 may include various modules associated with embodiments of the present invention. Communication port 1060 can be any of an RS-232 port for use with a modem-based dialup connection, a 10/100 Ethernet port, a Gigabit or 10 Gigabit port using copper or fiber, a serial port, a parallel port, or other existing or future ports. Communication port 1060 may be chosen depending on a network, such a Local Area Network (LAN), Wide Area Network (WAN), or any network to which computer system connects.

[00143] Memory 1030 can be Random Access Memory (RAM), or any other dynamic storage device commonly known in the art. Read only memory 1040 can be any static storage device(s) e.g., but not limited to, a Programmable Read Only Memory (PROM) chips for storing static information e.g., start-up or BIOS instructions for processor 1070. Mass storage 1050 may be any current or future mass storage solution, which can be used to store information and/or instructions. Exemplary mass storage solutions include, but are not limited to, Parallel Advanced Technology Attachment (PATA) or Serial Advanced Technology Attachment (SATA) hard disk drives or solid-state drives (internal or external, e.g., having Universal Serial Bus (USB) and/or Firewire interfaces), e.g. those available from Seagate (e.g., the Seagate Barracuda 7102 family) or Hitachi (e.g., the Hitachi Deskstar 7K1000), one or more optical discs, Redundant Array of Independent Disks (RAID) storage, e.g. an array of disks (e.g., SATA arrays), available from various vendors including Dot Hill Systems Corp., LaCie, Nexsan Technologies, Inc. and Enhance Technology, Inc.

[00144] Bus 1020 communicatively couples processor(s) 1070 with the other memory, storage and communication blocks. Bus 1020 can be, e.g. a Peripheral Component Interconnect (PCI) / PCI Extended (PCI-X) bus, Small Computer System Interface (SCSI), USB or the like, for connecting expansion cards, drives and other subsystems as well as other buses, such a front side bus (FSB), which connects processor 1070 to software system.

[00145] Optionally, operator and administrative interfaces, e.g. a display, keyboard, and a cursor control device, may also be coupled to bus 1020 to support direct operator interaction with computer system. Other operator and administrative interfaces can be provided through network connections connected through communication port 1060. External storage device 1010 can be any kind of external hard-drives, floppy drives, IOMEGA® Zip Drives, Compact Disc - Read Only Memory (CD-ROM), Compact Disc - Re -Writable (CD- RW), Digital Video Disk - Read Only Memory (DVD-ROM). Components described above are meant only to exemplify various possibilities. In no way should the aforementioned exemplary computer system limit the scope of the present disclosure.

[00146] As used herein, and unless the context dictates otherwise, the term "coupled to" is intended to include both direct coupling (in which two elements that are coupled to each other contact each other) and indirect coupling (in which at least one additional element is located between the two elements). Therefore, the terms "coupled to" and "coupled with" are used synonymously. Within the context of this document terms "coupled to" and "coupled with" are also used euphemistically to mean“communicatively coupled with” over a network, where two or more devices are able to exchange data with each other over the network, possibly via one or more intermediary device.

[00147] It should be apparent to those skilled in the art that many more modifications besides those already described are possible without departing from the inventive concepts herein. The inventive subject matter, therefore, is not to be restricted except in the spirit of the appended claims. Moreover, in interpreting both the specification and the claims, all terms should be interpreted in the broadest possible manner consistent with the context. In particular, the terms“comprises” and“comprising” should be interpreted as referring to elements, components, or steps in a non-exclusive manner, indicating that the referenced elements, components, or steps may be present, or utilized, or combined with other elements, components, or steps that are not expressly referenced. Where the specification claims refers to at least one of something selected from the group consisting of A, B, C ... .and N, the text should be interpreted as requiring only one element from the group, not A plus N, or B plus N, etc.

[00148] While embodiments of the present invention have been illustrated and described, it will be clear that the invention is not limited to these embodiments only. Numerous modifications, changes, variations, substitutions, and equivalents will be apparent to those skilled in the art, without departing from the spirit and scope of the invention, as described in the claim.

[00149] In the foregoing description, numerous details are set forth. It will be apparent, however, to one of ordinary skill in the art having the benefit of this disclosure, that the present invention may be practiced without these specific details. In some instances, well- known structures and devices are shown in block diagram form, rather than in detail, to avoid obscuring the present invention.

[00150] Some portions of the detailed description have been presented in terms of algorithms and symbolic representations of operations on data bits within a computer memory. An algorithm is here, and generally, conceived to be a self-consistent sequence of steps leading to a desired result. The steps are those requiring physical manipulations of physical quantities. Usually, though not necessarily, these quantities take the form of electrical or magnetic signals capable of being stored, transferred, combined, compared, and otherwise manipulated. It has proven convenient at times, for reasons of common usage, to refer to these signals as bits, values, elements, symbols, characters, terms, numbers, or the like.

[00151] It should be borne in mind, however, that all of these and similar terms are to be associated with the appropriate physical quantities and are merely convenient labels applied to these quantities. Unless specifically stated otherwise as apparent from the following discussion, it is appreciated that throughout the description, discussions utilizing terms such as“computing”,“comparing”,“determining”,“adjus ting”,“applying”,“creating”, “ranking,”“classifying,” or the like, refer to the actions and processes of a computer system, or similar electronic computing device, that manipulates and transforms data represented as physical (e.g., electronic) quantities within the computer system's registers and memories into other data similarly represented as physical quantities within the computer system memories or registers or other such information storage, transmission or display devices.

[00152] Certain embodiments of the present invention also relate to an apparatus for performing the operations herein. This apparatus may be constructed for the intended purposes, or it may comprise a general-purpose computer selectively activated or reconfigured by a computer program stored in the computer. Such a computer program may be stored in a computer readable storage medium, such as, but not limited to, any type of disk including floppy disks, optical disks, CD-ROMs, and magnetic-optical disks, read-only memories (ROMs), random access memories (RAMs), EPROMs, EEPROMs, magnetic or optical cards, or any type of media suitable for storing electronic instructions.

[00153] It is to be understood that the above description is intended to be illustrative, and not restrictive. Many other embodiments will be apparent to those of skill in the art upon reading and understanding the above description. The scope of the invention should therefore be determined with reference to the appended claims, along with the full scope of equivalents to which such claims are entitled.

ADVANTAGES OF THE INVENTION

[00154] The present disclosure provides a system, device and method to execute transactions associated with one or more bank accounts of a user through a single card.

[00155] The present disclosure provides a system, device and method to enable seamless transactions without compromising financial security of the user.

[00156] The present disclosure provides a system, device and method to secure financial payments of the user by enabling cipher text and biometric authentication techniques.

[00157] The present disclosure provides a system, device and method that utilizes a single card to make any transaction pertaining to multiple bank accounts of the user.

[00158] The present disclosure provides a system, device and method that eliminates the need to carry multiple payment cards.

[00159] The present disclosure provides a system, device and method to provide the user with a convenience to use a single card for making payments from multiple bank accounts thereby enabling seamless and secure transactions.