Methods and systems for facilitating payment transactions at point of sale terminals

A server system for facilitating a payment transaction, the server system comprising:

• a memory comprising stored instructions;
• and
• a processor configured to execute the stored instruction and thereby cause the server system to perform:
• receiving, from a customer device, a machine-readable code comprising at least information corresponding to a merchant and a dynamic token, the machine-readable code being valid for a pre-defined duration;
• sending a notification associated with the machine-readable code received from the customer device, to a merchant device for approval of the payment transaction;
• receiving a merchant defined transaction code from the merchant device in response to receipt of the notification at the merchant device, the merchant defined transaction code indicating a nature of the payment transaction;
• and
• facilitating the payment transaction upon receipt of the merchant defined transaction code from the merchant device.

A merchant terminal comprising:

• a memory comprising stored instructions;
• and
• a processor executing the stored instructions and thereby causing the merchant terminal to perform:
• displaying a machine-readable code for a customer to scan the machine-readable code using an application present in a customer device, the machine-readable code comprising information corresponding to a merchant and a dynamic token, the machine-readable code being valid for a pre-defined duration;
• receiving a notification associated with the machine-readable code from a server system associated with a payment network, wherein the server system sends the notification in response to receipt of the machine-readable code at the server system from the customer device upon scanning the machine-readable code by the customer device;
• receiving from an agent associated with the merchant, a merchant defined transaction code indicating a nature of a payment transaction intended at the merchant terminal;
• and
• sending a payment transaction request associated with the payment transaction intended at the merchant terminal to the server system through a payment network for processing of the payment transaction.