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Method and System for Secure Payment Utilizing a Verification Code

IP.com Disclosure Number: IPCOM000210312D
Publication Date: 2011-Aug-29
Document File: 2 page(s) / 39K

Publishing Venue

The IP.com Prior Art Database

Abstract

A method and system for secure payment utilizing a verification code is disclosed. The method includes secure payment of bills by providing a verification code to a merchant requesting for payment of bill from a consumer and the same verification code is provided to the consumer after the payment of the bill. The verification codes are compared to indicate successful payment of the bill by the consumer.

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Method and System for Secure Payment Utilizing a Verification Code

Disclosed is a method and system for secure payment utilizing a verification code. In this method, a consumer can make online payment of merchants' bill using a computing device. The method involves sending a transaction amount of a consumer's bill to an online payment service provider and receiving a verification code. The verification code is provided to a consumer once successful payment of the bill is made by the consumer to the merchant. The merchants' verification code is compared with the verification code of the consumer after the transaction is made by the consumer. The verification code received by the consumer indicates successful payment of the bill.

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Figure

A flow diagram of the method and system is shown in the figure. A merchant sends a consumer's bill request to an online payment service provider. The online payment

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service provider can be a bank or a third party online payment service provider. The merchant gives a bill including a transaction amount to be paid to a consumer. The consumer pays the transaction amount using a computing device through an online payment service. The online payment service provider then sends the verification code to the consumer indicating payment is successful. Thereafter, the consumer gives the verification code to the merchant to confirm payment of the bill. In one embodiment,...