Method and system for facilitating scheduled transactions

A system for facilitating payment transactions, the system comprising:

• a server configured to:
• receive, from a first user device at a first time instance, a transaction scheduling request for scheduling a payment transaction from a first payment account associated with a first user to a second payment account associated with a second user, wherein the payment transaction is scheduled for a second time instance, wherein the second time instance occurs at a later time than the first time instance, and wherein, based on successful processing of the transaction scheduling request, a first one-time password for initiating the scheduled payment transaction is communicated to the first user;
• receive, at the second time instance, a payment transaction request corresponding to the scheduled payment transaction from a second user device associated with the second user, wherein the payment transaction request includes at least the first one-time password;
• communicate, to an issuer, a verification request for verifying the first one-time password;
• and
• process the payment transaction request based on successful verification of the first one-time password.

A method for facilitating payment transactions, the method at a server comprising:

• receiving, from a first user device at a first time instance, a transaction scheduling request for scheduling a payment transaction from a first payment account associated with a first user to a second payment account, wherein the payment transaction is scheduled for a second time instance, wherein the second time instance occurs at a later time than the first time instance, and wherein the second payment account is associated with a second user and a second user device;
• scheduling the payment transaction from the first payment account to the second payment account based on successful authentication of the first user, wherein the successful authentication of the first user is performed using a first authentication method;
• generating a first one-time password for authenticating the scheduled payment transaction upon successfully scheduling the payment transaction from the first payment account to the second payment account;
• communicating the first one-time password for the scheduled payment transaction to the first user device;
• receiving, from the second user device at the second time instance, a payment transaction request to approve the scheduled payment transaction;
• and
• approving the scheduled payment transaction upon successfully receiving the first one-time password from the second user device.