V-Swipe (Virtual swipe for both ATM and POS transactions)

PCT Application Number                     : Will update soon
Indian Patent Application Number  : 201741033080
US Patent Application Number         : 15972244

This idea is to swipe our credit/debit card (as an image or softcopy) from the mobile banking application. See the below steps for more details

Process for CARDS:

Step-1:

ATM Card slot: This is a representation of ATM card slot which can be used to insert virtual card through swiping towards this card slot image.

Orig. Debit/Credit card Image: This is the image of our original debit/credit card captured by the bank while registering for virtual swipe option

Swiping direction indication: This image represents to direct the customers on which direction the card image should swipe

If more than one card is available for the same bank account then customers should tap on the card number showed as above. Once we swipe the card image as described above. If the card image is swiped correctly and then the image will be changed automatically as card inserted in the slot as below image

For e-cheques and DD’s:

We can also use this technology to swipe digital cheques/DD's to clear them

Step-2:

Once the card is swiped correctly then the card slot image changed to green with inserted card image and prompt user to enter the PIN number or using your bio-metric sensor to authenticate like below.

Step-3:

Once we enter the PIN number and if authentication is successful then the system will ask user to enter the amount as below figure

Step-4:

Once we enter the amount and if we have sufficient balance funds in our account then the system will be process our request and it will generate a n token number as below figure

Once we get the token number we need to go to nearest ATM centre and select the ‘Token/v-swipe Banking’ option and user need to enter the Token number which they got in the earlier section.  Once we enter the Token number it will be validate by the bank server and it process the request and it directly dispense the amount which is entered while requesting through virtual swipe.

The Token number consists the bank code so that the bank server will detect this token is belongs to which bank and it process the request accordingly.

The token number will be sent as SMS to the user’s registered mobile number.

Note: The generated token number as same as OTP which will be expired within 30 mins. So customers are requested to use this token number within 30 mins in any ATM center which supports V-swipe Token Banking.

Process for POS:

The V-swipe process is bit different from above which means first our mobile device should pair with the POS machine (at merchant counter) through wireless or wired communication and then we should install and open the generic POS app and now we do should follow the below steps to complete the transaction

Step-1:

Open the POS app and swipe the card image as shown in the below image.

How V-swipe works with general POS machine:

After completed the first step i.e. once we spired our card image to the POS image space then the POS app communicates with the actual POS machined which is paired with the mobile device. POS mobile app can capture all the details from the card and send to the POS machine. Now POS machine connects with bank server and validate the card details. Once the validation and verification is done and succeeded then the POS send instruction to the POS app to enter the PIN. Now customer should enter the PIN from his/her mobile device as shown in the below figure. We can also implement the third level of authentication i.e. to enter the OTP to complete the transaction.

Once we enter the PIN number and if authentication is successful then the system will ask user to enter the transaction amount

Once we enter the amount, we need to click on enter button/key then the request will be submitted by the POS app to the actual POS machine. Now POS machine will check for the sufficient funds in the swiped card if funds are available then it will approve the billing request and finally print the bill receipt.

How V-swipe works with integrated POS monitor:

This is another type of billing monitor which includes the actual POS machine features and functionalities. This is another kind of V-swipe feature in which we can directly swipe the card image to the merchant billing POS monitor as shown in the below image.

Customers need to drag their card image towards the POS monitor as shown in the below image

Note**: Image dragging from one screen to other screen is already exists so we are using that technology for POS banking transactions.
For more details please check the below link.

https://www.fastcodesign.com/1669697/it-exists-mit-creates-tech-for-moving-files-across-devices-with-a-swipe

Now POS monitor connects with bank server and validate the card details. Once the validation and verification is done and succeeded then the POS monitor send instruction to the POS app to enter the PIN. Now the customer should enter the PIN from his/her mobile device as shown in the below figure. We can also implement the third level of authentication i.e. to enter the OTP to complete the transaction.

Once we enter the PIN number and if authentication is successful then the system will ask user to enter the transaction amount
Once we enter the amount, we need to click on enter button/key then the request will be submitted by the POS app to the actual POS monitor. Now POS monitor will check for the sufficient funds in the swiped card if funds are available then it will approve the billing request and finally print the bill receipt.

Please provide your valuable suggestion and comments on this article

Reach me @ my.innovationconcepts@gmail.com

Note: All the above images are only for illustration purpose.

Disclaimer: Chances are there that some one may have patents on the similar innovative ideas but all these concepts are my own individual thoughts.

Thanks,
SPCS