Electronic transaction processing systems and methods

A computer-implemented method of processing transactions involving a payment instrument, comprising:

• receiving, at a router, transaction data from at least one payment initiating device;
• converting, via a conversion module, the transaction data into a suitable format for controlling one or more payment instrument reading devices, wherein the converted transaction data includes instructions to the one or more payment instrument reading devices to initiate a payment taking process, and wherein the conversion of the transaction data is based on identity of the one or more payment instrument reading devices;
• receiving, via the router, a unique identifier with a mapping table update request for storage in a mapping table from a pairing module, wherein the pairing module communicate with at least one payment instrument reading device via a Radio-Frequency Identification-based (RFID) communication protocol to receive the unique identifier;
• updating, via the router, the mapping table to pair the at least one payment initiating device with the at least one payment instrument reading device, wherein the pairing module is configured to manage dynamic pairing between the at least one payment initiating device and the at least one payment instrument reading device;
• and
• transmitting, via the router, the converted transaction data to the at least one payment instrument reading device based on mapping information in the mapping table, wherein the mapping information includes the unique identifier to associate the at least one payment initiating device with the at least one payment instrument reading device.

A system for processing transactions involving a payment instrument, comprising:

• a router communicatively coupled to one or more payment initiating devices, one or more payment instrument reading devices, a mapping table, and a pairing module, wherein the router is configured to:
• receive transaction data from at least one payment initiating device;
• convert the transaction data into a suitable format for controlling the one or more payment instrument reading devices, wherein the converted transaction data includes instructions to the one or more payment instrument reading devices to initiate a payment taking process, and wherein the conversion of the transaction data is based on identity of the one or more payment instrument reading devices;
• receive a unique identifier with a mapping table update request for storage in the mapping table from the pairing module, wherein the pairing module communicate with at least one payment instrument reading device via a Radio-Frequency Identification-based (RFID) communication protocol to receive the unique identifier;
• update the mapping table to pair the at least one payment initiating device with the at least one payment instrument reading device, wherein the pairing module is configured to manage dynamic pairing between the at least one payment initiating device and the at least one payment instrument reading device;
• and
• transmit the converted transaction data to the at least one payment instrument reading device based on mapping information in the mapping table, wherein the mapping information includes the unique identifier to associate the at least one payment initiating device with the at least one payment instrument reading device.