Electronic systems and computerized methods for processing payment of transactions at a merchant using a prefunded payment token
AssigneeMastercard International Incorporated
InventorsManu Dharmaiah Kallugudde, Saket Bhardwaj, Vijin Venugopalan
Life of this patent
Estimating the term…
Abstract
The present disclosure generally relates to an electronic system and computerized method for processing payment of transactions. In various embodiments, there is a payment network server for processing payment of transactions between a consumer and a merchant. The payment network server comprises a tokenization request module, an authorization module, a token management module, and a communication module.
Claims20
A payment network server for processing payment of transactions between a consumer and a merchant, the payment network server comprising:
- a tokenization request module configured for:
- receiving, from the merchant, a request for tokenization of a payment instrument of the consumer, the tokenization request comprising details of the consumer payment instrument and details of the merchant;
- an authorization module configured for:
- communicating, to an issuer server for the consumer payment instrument, a request for authorization of the consumer payment instrument, the authorization request comprising the consumer payment instrument details;
- and
- receiving an authorization response from the issuer server, the authorization response comprising authorization of a funds value for payment of the transactions;
- a token management module configured for:
- generating a prefunded payment token according to the tokenization request, the prefunded payment token associated with the consumer payment instrument, the merchant, and the funds value;
- and
- a communication module configured for:
- communicating, to the merchant, details of the prefunded payment token for storing on a database of the merchant and for subsequent communication to the consumer, the prefunded payment token details comprising an identifier thereof and the funds value,
- wherein the transactions are payable using the prefunded payment token by deducting, by the merchant, from a balance of the funds value.
A computerized method for processing payment of transactions between a consumer and a merchant, the method performed by a server of the merchant and comprising:
- receiving, from an electronic device of the consumer, a request for tokenization of a payment instrument of the consumer, the tokenization request comprising details of the consumer payment instrument;
- communicating the tokenization request to a payment network server, the tokenization request further comprising details of the merchant;
- receiving, from the payment network server, details of a prefunded payment token generated by the payment network server, the prefunded payment token associated with the consumer payment instrument, the merchant, and a funds value for payment of the transactions, the prefunded payment token details comprising an identifier thereof and the funds value;
- storing the prefunded payment token details on a database of the merchant;
- and
- communicating the prefunded payment token details to the consumer,
- wherein the funds value is authorized by an issuer server for the consumer payment instrument;
- and
- wherein the transactions are payable using the prefunded payment token by deducting, by the merchant, from a balance of the funds value.
A computerized method for processing payment of transactions between a consumer and a merchant, the method performed by a server of the merchant and comprising:
- receiving a request for a transaction from the consumer, the transaction request comprising details of a prefunded payment token and a transaction amount of the transaction;
- retrieving, from the merchant database, a balance of a funds value of the prefunded payment token based on the details thereof;
- deducting the transaction amount from the funds value balance for payment of the transaction in response to a determination that the transaction amount is less than or equal to the funds value balance;
- and
- updating the funds value balance of the prefunded payment token on the merchant database,
- wherein the prefunded payment token is generated by a payment network server and is associated with the merchant, a payment instrument of the consumer, and the funds value authorized by an issuer server for the consumer payment instrument.
Dependencies are inferred from the claim text.