WO2016199052A1

WO2016199052A1 - A system and method for enabling a transaction by extraction of transaction data

Info

Publication number: WO2016199052A1
Application number: PCT/IB2016/053390
Authority: WO
Inventors: Vibhav Madhusudan KELKAR
Original assignee: Individual
Current assignee: Individual
Priority date: 2015-06-11
Filing date: 2016-06-09
Publication date: 2016-12-15
Anticipated expiration: 2017-12-11

Abstract

The Invention generally relates to a system and method of executing a transaction using the said system by composing and sending a data packet by a communication channel to a transaction server or to a clearing house server. The invention in general may comprise a user device wherein various modules may be stored or installed in the memory in order to perform a fast and secure transaction. The source of information which may be required for the transaction may be in the form of means for the transaction data.

Description

TITLE

A SYSTEM AND METHOD FOR ENABLING A TRANSACTION BY EXTRACTION OF

TRANSACTION DATA

CROSS-REFERENCE TO RELATED APPLICATIONS AND PRIORITY

[001] The present application claims priority from a provisional patent application number 2256/MUM/2015 filed on 11^th day of June, 2015.

TECHNICAL FIELD

[002] The present disclosure described herein, in general relates to computer program for executing a simple yet secure transaction using a handheld user device. More particularly the invention relates to a system and method for composing and sending a data packet to transaction server or a user device using a user device wherein such data packet comprises transaction information in a particular syntax and such a data packet is sent using a particular communication channel.

BACKGROUND

[003] Billions of transactions involving data transfer, exchange of information, funds transfer etc. involving computing machines are executed every day. A completed transaction symbolizes a unit of work done. A transaction may represent an activity of commerce like transfer of money in exchange of goods or services or transfer of funds from a bank account of one person to the bank account of another person.

[004] Conventional way of executing a commercial transaction are time consuming and cumbersome. There is a need for a system and method that enables simple yet secure transaction, wherein the quantum of time required is also very less as compared to current time required for completing a transaction.

[005] The existing methods of commercial/financial transaction like physical Cash payment though is reliable but it has its own limitations. Carrying a large amount of cash for a transactions or carrying exact change for a smaller transaction are two such evident drawbacks of Cash transactions.

[006] Yet another way to process a transaction is by use of Plastic cards. However these plastic cards require internet connectivity. Also the use of cards in the commercial transactions is not fully secure and user friendly.

[007] Apart from cash and card payment, internet banking provides fast and exact amount of transaction. But internet banking inherently has a longer process for completing a transaction and it is not convenient for a user to have internet access every time while using a handheld electronic device like a mobile phone.

[008] Meanwhile, an alternative for executing cashless financial transactions was made available by NPCI (National Payment Corporation of India) to the public sometime in November 2010, this alternative is called Immediate Payment Service (IMPS). IMPS offers an instant, 24X7, interbank electronic fund transfer service through mobile phones. In order to take benefit of IMPS, a sender needs to register his bank account with Mobile Banking service of the bank in which he holds the account in. Once registered the sender receives an MMID (Mobile Money Identifier) and MPIN (Mobile Banking Personal Identification No.) from the bank. A similar registration process is also required for the receiver to be able to receive the confirmation message of having received the payment.

[009] For performing SMS based funds transfer, the respective banks have their respective syntax of the SMS to recognise the sender, receiver, amount of transaction and other supplementary details. A sender having multiple bank accounts has to remember precisely the syntax as well as his bank details, receiver bank details, authentication details and other information like amount, date, time and the like to perform a single transaction. In a scenario wherein the sender has to compose the SMS in proper syntax as suggested by the respective banks, it will take a large amount of time. In addition of being time consuming, it is inconvenient to memorize the syntax, in which the information has to be packaged for the bank server to execute further. This activity is risk prone since the details inputted by the sender may also be incorrect.

[0010] Yet another limitation with existing transaction methods is that each transaction has certain variable data which is particular to the transaction. Such variable data is usually entered manually by the user in the mobile banking or internet banking platforms to complete the transaction. It is an object of the invention disclosed in this patent application to obviate entry of such data on to such platform.

[0011] A mobile based system and method like the one suggested in this Patent application enables a hassle-free, cashless transaction from sender to receiver using clearing house like IMPS, VISA, RuPay and the like.

SUMMARY

[0012] Before the system and method of the current invention is described, it is to be understood that this application is not limited to the particular methodologies described, as there can be multiple possible embodiments which are not expressly illustrated in the present disclosure. It is also to be understood that the terminology used in the description is for the purpose of describing the particular versions or embodiments only, and is not intended to limit the scope of this invention. This summary is provided to introduce concepts for facilitating a simple yet secure application for transactions using mobile phones and data packet composed by such phones by employing clearing house and transaction server and the concepts are further described below in the detailed description. This summary is not intended to identify essential features of the disclosure nor is it intended for use in determining or limiting the scope of the disclosure.

[0013] In one implementation the invention relates to, a system which is capable of composing and sending a data packet from a user device wherein such data packet further comprises transaction information required by a transaction server to execute a transaction. The said system comprises a user device which further comprises; a processor; an input/output interface; a memory comprising; one or more module further comprising; a data handling module; a user interface module; a data packet composing and sending module; and data; the system optionally also comprises one or more transaction server and one or more clearing-house server. The system works in a manner such that the data packet is sent through a communication channel from the user device to the transaction server wherein based on the transaction information the user device is configured to compose a data packet in a syntax that can be processed by the transaction server. [0014] In another implementation the invention relates to, a method for composing and sending a data packet wherein such data packet comprises transaction information required by a transaction server to execute a transaction. The method is such that the data packet is sent through a communication channel from a user device to the transaction server, characterized in that, the user device is configured to compose the data packet on the basis of a syntax wherein such composed message can be communicated to and processed by the transaction server.

[0015] In yet another implementation the invention relates to, a non-transitory computer memory for storing instructions wherein such instructions when executed by a processor cause the processor to compose and send a data packet is disclosed. The data packet referred herein comprises transaction information required by a transaction server to execute a transaction and such that the data packet is sent through a communication channel from a user device to the transaction server, characterized in that, the user device is configured to compose the data packet on basis of a syntax, which enables wherein such composed message to be processed by the transaction server.

[0016] In yet another implementation, the invention relates to a transaction server for performing a transaction between user devices comprising a sender and a receiver wherein the transaction server is capable of receiving a data packet composed by a sender's user device that comprises transaction data in a syntax comprehensible by the transaction server and manages one or more operations to complete the transaction. This implementation is characterized in that the transaction server may or may not communicate to the clearing house server to carry out operation to complete the transaction.

[0017] In yet another implementation the invention relates to a clearing house server for performing transaction between user devices comprising a sender user device and a receiver user device wherein on receiving transaction data from the transaction server the clearing house server is capable of performing transactions by exchanging data between transaction server of the sender user device and receiver user device respectively.

[0018] In yet another implementation the invention relates to, a system to perform a transaction between users comprising a sender and a receiver, the system comprising one or more user devices further comprises: one or more of sender's user device(s) further comprising a processor; an input/output interface; a memory comprising one or more modules such as a data handling module; a user interface module; a data packet composing and sending module; a reporting module; data and zero or more of receiver's user device(s)further comprising: a processor; an input/output interface; a memory comprising one or more modules such as a data handling module; a user interface module; a data packet composing module; a reporting module; data and one or more transaction servers; zero or more clearing house server; characterized in that the receiver's user device packages transaction data in a data holder and communicates such data holder to sender's user device which then consumes such data holder in order to compose a data packet comprising transaction data and further sends such data packet through a communication channel to a transaction server wherein the data packet composed is based on a syntax of transaction data comprehensible by transaction server to execute a transaction.

[0019] In yet another implementation the invention relates to a method for performing a transaction between users comprising a sender and a receiver characterized in that the receiver's user device packages transaction data in a data holder and communicates such data holder to sender's user device which then consumes such data holder in order to compose a data packet comprising transaction data and further sends such data packet through a communication channel to a transaction server wherein the data packet composed is based on a syntax of transaction data comprehensible by transaction server to execute a transaction through communication channel.

BRIEF DESCRIPTION OF DRAWINGS

[0020] The detailed description will now be described with reference to the accompanying figures.

In the figures, the left-most digit(s) of a reference number identifies the figure in which the reference number first appears. The same numbers are used throughout the drawings to refer like features and components.

[0021] Figure 1 illustrates a system diagram in which various components of the system are shown along with their connections.

[0022] Figure 2 illustrates a sender user device in which various components of the user device are shown, in accordance with an embodiment of the present subject matter.

[0023] Figure 3 illustrates a receiver user device in which various components of the user device are shown, in accordance with an embodiment of the present subject matter. [0024] Figure 4 illustrates a method for enabling a transaction, in accordance with an embodiment of the present subject matter.

[0025] Figure 5 illustrates a method for enabling a transaction with a dynamically generated transaction data, in accordance with an embodiment of the present subject matter.

DETAILED DESCRIPTION

[0026] Some embodiments of this disclosure, illustrating all its features, will now be discussed in detail. The words "comprising," "having," "containing," and "including," and other forms thereof, are intended to be equivalent in meaning and be open ended in that an item or items following any one of these words is not meant to be an exhaustive listing of such item or items, or meant to be limited to only the listed item or items. It must also be noted that, the singular forms "a," "an," and "the" include plural references unless the context clearly dictates otherwise. Although any methods or systems similar or equivalent to those described herein can be used in the practice or testing of embodiments of the present disclosure, the exemplary methods and systems are now described. The disclosed embodiments are merely exemplary of the disclosure, which may be embodied in various forms.

[0027] Various modifications to the embodiment will be readily apparent to those skilled in the art and the generic principles herein may be applied to other embodiments. However, one of ordinary skill in the art will readily recognize that the present disclosure is not intended to be limited to the embodiments illustrated, but is to be accorded the widest scope consistent with the principles and features described herein.

[0028] The Invention generally relates to a system and method of executing a transaction using by composing and a data packet and sending such data packet by a communication channel to a transaction server. The system in general may comprise a user device wherein various computer program modules may be stored or installed in the memory of such user device in order to perform a fast and secure transaction. [0029] For the purpose of this invention "transaction" may represent an activity of commerce like transfer of money in exchange of goods or service or transfer of funds from a bank account of a sender to the bank account of receiver. The transaction however may also represent a non-commercial activity like maintenance of inventory database or any other database.

[0030] For the purpose of this invention "Identity information" may be made available to the system using means comprising input of raw data using input means, an image, QR code, voice codes, RFID means, Biometric means, gesture etc. The identification information along with/or supplementary transaction information may be fetched by the user device using scanning means, voice recognizing means, RFID sensing means, Biometric parameter sensing means and the like.

[0031] For the purpose of this invention the sender identity information and the receiver identity information may be one or more set(s) of information or numbers which may be used for identification of a person. The documents or numbers for the sender identity information or the receiver identity information may comprise: an account number and Indian Financial System Code (IFSC); or mobile number and Mobile Money Identifier (MMID); or social security number; or aadhar card number; or Permanent Account Number (PAN) card number or Tax Deduction and Collection Account Number (TAN) card number or account card number which may be associated by a card security code such as Card Verification Value (CVV), Card Verification Code (CVC) and the like.

[0032] The term MMID used in this description is a unique code issued to a person by his/her bank to enable him/her to access the clearing house like an IMPS (Immediate Payment Service) service. A person may have different MMID's for different accounts; however, all MMIDs can be linked to a single mobile number. In another aspect of the Invention, the user device held by the receiver may either have a MMID or other identifications including but not limited to Aadhaar no. or account no. etc. in order to receive money from the sender by means of the current invention.

[0033] For the purpose of this invention "User device" may be a handheld electronic telecommunication device capable of connecting to a wireless communication network through cellular transmission radio waves or satellite transmission. The user device as defined in this invention is capable of voice communication, Short Message Service (SMS), Unstructured Supplementary Service Data (USSD), General Packet Radio Services (GPRS) and the like. The user device is further referred to as 'sender's user device' and 'receiver user device' in the description.

[0034] For the purpose of this invention "Communication channel" may be a transmission medium through which the data packet may be sent by a user device. The communication channels may be a Short Message Service (SMS), Unstructured Supplementary Service Data (USSD), General Packet Radio Services (GPRS) and the like. In an exemplary embodiment in case of a direct transaction between a user device to user device the communication channel may also be a short range communication channel comprising a Bluetooth (1-100 m range), Wi-Fi, ZigBee, Bluetooth Low Energy (BLE) etc. (1-6 m range) and the like.

[0035] For the purpose of this invention "Transaction server" may be a specialized type of server that manages the operations of electronic transactions or transaction processing. It manages application and database of transactions over a network or Internet, within a standalone or distributed computing environment. It may be server of party which is a financial intermediary that executes credit, debit and settlement of transactions. A transaction server may be a server of a bank, a financial co-operative, credit union and the like.

[0036] For the purpose of this invention "Clearing house server" may refer to a server of an agency or organization which collects and validates a settlement information. It also manages application and database of transactions over a network or Internet, within a standalone or distributed computing environment. It may also act like a clearing house between two or more transaction server(s).

[0037] In an embodiment, the transaction server and the clearing house server may be coupled into one single server or it may be two different servers depending upon the architecture of the transaction system.

[0038] In an embodiment, there may be an event wherein there may be no transaction server and clearing house server. This may call for a scenario of direct user device to user device transaction. Transaction in this case may be employed by short range communication channel comprising a Bluetooth or Wi-Fi or ZigBee etc. [0039] In an embodiment, the data packet may comprise the transaction data with elements further comprising: a sender identity information; a receiver identity information and a zero or more supplementary transaction data.

[0040] For the purpose of this invention "supplementary transaction data" may be defined as data which may comprise amount of transaction, authentication code and the miscellaneous data. The authentication code may be a code like a One Time Password to authenticate a transaction. Miscellaneous data may comprise date, time and the like

[0041] In an embodiment, individual element of transaction data together and separately may be extracted by the sender's user device using means comprising: digital means further comprising: an image further comprising a Quick Response(QR) code or personal photograph with embedded data wherein the image may be scanned within or by the sender's user device; or a voice code wherein the user device recognises the frequency of the voice and its unique pattern which enables it to extract identity information; or a Radio Frequency Identifier means comprising a tag and reader wherein the RFID tag and reader help to extract receiver identity information by modulating or demodulating a radio signal ; or biometric means wherein finger prints or retina patterns may be used to recognise the sender extracts his/her respective information; or gesture means; or saved data sets in the memory of the sender's user device; which are in encrypted or unencrypted format; or means recognisable by human senses further comprising: a written or printed paper; oral communication or data conveyed by tactile senses manual options further comprising: a user interface using digital or attached keyboard; physical or virtual keyboard clicks or voice commands.

[0042] In another embodiment the elements of transaction data can be composed statically or dynamically wherein;

the statically composed transaction data may be present in means described above and solely be used to extract transaction data by the data composition and sending module; the dynamically composed transaction data may be present in means described above and may need an additional composition module which is present in the receiver's user device or external to the system. [0043] In an embodiment, the user device may be enabled to prompt the sender to select the sender identity from one or more sender entities stored in the memory of the user device or requests for input of new sender entity as a sender may have multiple bank accounts in one or more banks. The user device may prompt the sender to select the receiver entity from one or more receiver entities stored in the memory of the user device or requests for input of new receiver entity. The user device may prompt the sender to select any one of the available communication channels to send the data packet to the transaction server or the clearing house server. The above steps may be executed in any order depending upon the construction of modules.

[0044] Referring now to Figure 1, which depicts a total implementation of a system 100 for performing a transaction between a sender and receiver using said system by extracting receiver identity information and composing a data packet which comprise transaction data which further comprises elements disclosed earlier in this patent. The transaction may be performed as per the preference of the sender i.e. the preference of the communication channels like SMS, USSD, GPRS, user device to user device and the like.

[0045] Although the present subject matter is explained considering that the system is implemented using a User device, it may be understood that the system may also be implemented in a variety of computing systems, such as a laptop computer, a desktop computer, a notebook, a workstation, a mainframe computer, a transaction server, a clearing house server and the like. In one implementation, the system may be implemented in a cloud-based environment. Examples of the user devices may include, but are not limited to, a portable computer, a personal digital assistant, a mobile, a handheld device, and a workstation.

[0046] In one implementation, the user device may be connected to other components of the system over a network. The network may be a wireless network, a wired network or a combination thereof. The network can be implemented as one of the different types of networks, GPRS, GSM, 3G, 4G and the like. In the system 100, the sender's user device (101) and the receiver's user device (104) may communicate to its respective transaction server (102) by using the said one or more communication channels. The clearing house server (103) may be present between the one or more transactions server(s). In one embodiment, the transaction server (102) and the clearing house server (103) may be combined to into one single server or it may be two different servers. [0047] Referring now to Figure 2, the composition of the sender's user device (101), for composing and sending the data packet wherein receiver identity information may be obtained by extracting from the means for identification information is illustrated in accordance with an embodiment of the present subject matter. In one embodiment, the user device may include at least one processor (201), an input/output (I/O) interface (203) and a memory (204). Among other capabilities, the at least one processor (201), is configured to fetch and execute computer-readable instructions stored in the memory (204).

[0048] The I/O interface may include a variety of software and hardware interfaces, for example, a web interface, a graphical user interface, and the like. The I/O interface may allow the user device to interact with a user directly or through the user device.

[0049] The memory (204) may include any computer-readable medium known in the art including, for example, volatile memory, such as static random access memory (SRAM) and dynamic random access memory (DRAM), and/or non-volatile memory, such as read only memory (ROM), erasable programmable ROM, flash memories, hard disks, optical disks, and magnetic tapes. The memory (204) may include modules and data.

[0050] The modules include routines, programs, objects, components, data structures, etc., which perform particular tasks, functions or implement particular abstract data types. In one implementation, the modules may include a data handling module (205), a user interface module (206), a data packet composing and sending module (207) and other modules not shown in figure. The other modules may include programs or coded instructions that supplement applications and functions of the user device.

[0051] The data (208), amongst other things, serves as a repository (209) for storing data processed, received, and generated by one or more of the modules. The data may also include a repository (209), and other data (210). In one embodiment, the repository (209) may be configured to store information provided by the user. Further, the other data may (210) include data generated as a result of the execution of one or more modules in the other module.

[0052] Referring now to Figure 3, the composition of the receiver's user device (104), for composing dynamic transaction data is illustrated in accordance with an embodiment of the present subject matter. In line with the description of the sender's user device (101), as mentioned in the previous paragraphs, the receiver's user device (104) also has similar processor (301), I/O Interfaces (302), memory (303), modules (304) and data (307) with a notable difference of not having the data composition and sending module.

[0053] Referring to Figure 4, wherein a method for composing and sending a data packet by the sender's user device (101), by extracting receiver identity information from means described earlier in this patent is illustrated in accordance with the embodiment of present subject matter.

[0054] At block 401, a collection of modules in a form of application or software or any other executable format may be stored in the both user devices which may be made available by application providers such as Playstore™. In an embodiment the sender's user device (101) may be enabled by the modules of the system to receive (by any means or medium) the transaction data along with the elements of the data. Upon receipt of the data the composing and sending module initiate the composition of the data packet.

[0055] At block 402, the receiver identity information may be extracted in multiple ways through the means listed before in this patent. The initiation of the composition of the data packet may be performed by primarily clicking the icon on the user interface. The composition of the data packet may start as soon the receiver identity information is extracted.

[0056] At block 403, in case the sender does not want to use the default sender identity information previously designated in the memory (204) of the sender's user device (101), the sender upon a prompt by the user device on the display means using the input/output interface may select his/her other sender identity in the user device.

[0057] At block 404, the system may check for compatibility and in case the transaction is not supported by the user device, the user device looks for other sender entity stored in the memory (204), if another sender identity information exists in the memory (204) the compatibility may be tested again or else the transaction may be declined altogether.

[0058] At block 405, once the compatibility of the transaction is established the data handling module from the memory (204) of the sender user device may request for an authentication code like a One Time Password (OTP) from the transaction server through a communication channel (if applicable in case of sender's bank), or otherwise it may prompt the sender to confirm for sending the data packet. In case where authentication code is applicable, the user device may be programmed by the modules to auto-populate the authentication code in the user device input/output interface upon receipt of such authentication code by the sender user device.

[0059] Further at block 406, the sender may be prompted to enter MPIN and remarks (optional) in the user device input/output interface. As soon as the remitter fills the transaction information in the input/output interface and confirms a data packet is constructed automatically by the data packet composing and sending module.

[0060] At block 407, the data packet may be checked for errors by the user device and in case of multiple SIM cards (in sender's user device (101)) a user input for selecting the desired SIM may be provided before such data packet is sent.

[0061] At block 408, the sender's transaction server receives the data packet and may initiate the IMPS transaction protocol or another protocol so applicable for the transfer. The clearing house server of the IMPS then may carry further the transaction. The transaction servers and the clearing house server may together execute the transaction by combining into one single transaction server or as different servers. The server may then report the user devices (both) via the communication channel.

[0062] In an exemplary embodiment, a best mode of carrying out the invention is further explained using figure 5. Consider a sender who wants to travel from location A to location B by a taxi/rickshaw or any paid travel services. In this scenario, the amount of the money to be paid to the receiver may not be previously defined as the credits or amount to be paid to the receiver depends on the distance the taxi/rickshaw has travelled from location A to location B. In this case, the system may work best by a dynamically generated transaction data with its elements. The receiver's user device may solely or in connection to an external device which may further use an data handling module and may generate transaction data which may include receiver identity and supplementary transaction data in it. Such dynamically generated transaction data along with its elements may be composed to form a data holder which may be sent from receiver's device to sender's device by means described in paragraph 40. The composition of dynamic transaction data will help in extracting the receiver identity information along with amount and other miscellaneous data. The receiver's user device may be connected to a sensor so as to keep the track of how much distance the taxi/rickshaw has travelled. The composition module may use the data from such sensor to calculate the amount using the data handling module with the scheduled charges. After receiving the dynamic transaction data the sender's user device may auto populate all the dialog box and may check for the compatibility of the transaction. The sender's user device after confirmation may request the transaction server for the authentication code wherein on receiving such authentication code in the form of a data from the transaction server, the user device automatically recognises the authentication code from the transaction data and auto populates the transaction data dialog box. Before sending such composed data packet to the transaction server or clearing house server the user device prompts the sender for an alternate sender, receiver and a communication channel which may be in an order pre-set in the sender's user device and then the data packet is sent. After successful transaction the sender's user device and the receiver's user device may get the confirmation in the form of a message or data. The embodiments, examples and alternatives of the preceding paragraphs, the claims, or the following description and drawings, including any of their various aspects or respective individual features, may be taken independently or in any combination. Features described in connection with one embodiment are applicable to all embodiments, unless such features are incompatible.

Claims

I claim:

1. A system for performing a transaction between users including a sender and a receiver, the system comprising: one or more user device(s) further comprising: one or more sender's user device(s) (101) further comprising: a processor (201); an input/output interface(202);; a memory (203)further comprising: one or more module(s) (204) further comprising a data handling module(205); an user interface module(206); a data packet composing and sending module(207);

and data(208); zero or more receiver's user device(s) (104) further comprising: a processor (301); an input/output interface(302) ; a memory (303) further comprising (303): one or more module(s) (304) further comprising a data handling module (305); an user interface module (306); and data (307); one or more transaction server (102) and zero or more clearing house server (103), characterized in that the sender's user device (101) is capable of composing and sending a data packet to the transaction server (102) through a chosen communication channel after identification of the transaction server (102) wherein composition of data packet is based on the syntax of the transaction data comprehensible by the transaction server (102) or the clearing house server (103).

2. A system as claimed in claim 1 wherein the transaction server (102) and the clearing house server (103) can be combined into one single server or they can be different servers.

3. A system as claimed in claim 1 wherein both the user device(s) are enabled to send data packet through one or more communication channel(s) comprising:

a Short Message Service channel; or

an Unstructured Supplementary Service Data channel; or

a General Packet Radio Service channel or

user device to user device channel.

4. A system as claimed in claim 1 wherein the data packet comprises:

the transaction data with elements further comprising: a sender identity information and a receiver identity information and a zero or more supplementary transaction data; wherein chosen communication channel is in a syntax comprehensible by transaction server (102) or the clearing-house server (103).

5. A system as claimed in claim 4 wherein the sender identity information and the receiver identity information comprises: account number and Indian Financial System Code (IFSC); or mobile number and Mobile Money Identifier (MMID); or social security number; or aadhar card number; or

Permanent Account Number (PAN) card number; or

Tax Deduction and Collection Account Number (TAN) card number; or account card number and card security code. A system as claimed in claim 4 wherein the supplementary transaction data comprises: Zero or more transaction amount; or

Zero or more authentication code; or

Zero or more miscellaneous data.

A system as claimed in claim 4 wherein the transaction data can be extracted by the user device in one or more way(s) comprising:

a digital means further comprising:

an image further comprising a Quick Response(QR) code or personal photograph with embedded data; or

a voice code; or

a Radio Frequency Identifier (RFID) means comprising a RF or Bluetooth Low Energy (BLE) tag ; or

biometric means; or

gesture means or

saved data sets

which are in encrypted or unencrypted format; means recognisable by human senses further comprising: a written or printed paper; or oral communication; or data conveyed by tactile senses; manual options further comprising: a user interface; or physical or virtual keyboard clicks; or voice commands.

A system as claimed in claim 4 wherein the transaction data and its elements may be composed individually or in group depending upon the composition of the data packet.

9. A system as claimed in claim 4 wherein one or more set(s) of sender identity information or receiver identity information can be stored in the memory (204) of sender's user device (101) or receiver's user device (104).

10. A system as claimed in claim 4 wherein the elements of transaction data can be composed statically or dynamically wherein- the statically composed transaction data may be present in means for transaction data and solely be used to extract transaction data by the data composition and sending module; the dynamically composed transaction data may be present in means for transaction data and needs an additional composition module which is present in the receiver's user device (104) or external to the system.

11. A system as claimed in claim 1 wherein the transaction server (102) is determined from the sender identity information which is specified by the sender before sending the data packet to such server.

12. A system as claimed in claim 1 wherein the order of preference of communication channel to be chosen by the data composing and sending module (207) can be pre-set by the user.

13. A system as claimed in claim 4 wherein the data composing and sending module (207) is capable of prompting of changes comprising:

alternate sender identity information from the stored data set; or

alternate receiver identity information from the stored data set or

alternate communication channel to be used for transaction may be prompted by the sender's user device (101) based on

default settings; or

preferred communication channel; or

cost and time optimization; or

availability of active channel or

user override

characterized in that prompting of communication channel makes the transaction feasible, optimize the cost of the transaction and optimize the time taken by the transaction.

14. A system as claimed in claim 1 wherein the data packet composing and sending module (207) may be initiated by ways comprising: regular method of clicking an icon; or

voice commands; or

biometric means and gestures; or

availability of one or more elements of transaction data by electronic inputs further comprising:

elements of transaction data stored in memory (204) of user device; or chat mechanisms or e-mails;

external or third party software module.

15. A system as claimed in claim 1 wherein the user device interprets the data received from transaction server (102) and extracts the authentication code.

16. A system as claimed in claim 1 wherein the user device auto populates the authentication code into the authentication code dialog box.

17. A method for performing a transaction between users comprising a sender and a receiver characterized in that the sender's user device (101) is capable of composing and sending a data packet to a transaction server (102) through a chosen communication channel after identification of the transaction server (102) wherein composition of data packet is based on the syntax of the transaction data comprehensible by the transaction server (102) or a clearing house server (103).

18. A method as claimed in claim 17 wherein the transaction server (102) and the clearing house server (103) can be combined into one single server or it can be different servers.

19. A method as claimed in claim 17 wherein both the user device are enabled to send data packet through one or more communication channel (s) comprising:

a Short Message Service channel; or

an Unstructured Supplementary Service Data channel; or

a General Packet Radio Service channel or

user device to user device channel.

20. A method as claimed in claim 17 wherein the data packet comprises:

the transaction data with elements further comprising: a sender identity information; and a receiver identity information and a zero or more supplementary transaction data; and chosen communication channel in a syntax comprehensible by transaction server (102) or the clearing-house server (103).

21. A method as claimed in claim 20 wherein the sender identity information and the receiver identity information comprises: account number and Indian Financial System Code(IFSC); or mobile number and Mobile Money Identifier (MMID); or social security number; or aadhar card number; or

Permanent Account Number (PAN) card number or Tax Deduction and Collection Account Number (TAN) card number; or account card number and card security code.

22. A method as claimed in claim 20 wherein the supplementary transaction data comprises:

Zero or more transaction amount; or

Zero or more authentication code; or

Zero or more miscellaneous data.

23. A method as claimed in claim 20 wherein the transaction data can be extracted, fetched or interpreted by the user device in one or more way(s) comprising:

a digital means further comprising:

a voice code; or

a Radio Frequency Identifier means; or

biometric means; or

gesture means or

saved data sets; or

which are in encrypted or unencrypted format; means recognisable by human senses further comprising: a written or printed paper; or oral communication; or data conveyed by tactile senses, manual options further comprising: a user interface; or physical or virtual keyboard clicks; or voice commands.

24. A method as claimed in claim 20 wherein the transaction data and its elements may be composed individually or in group depending upon the composition of the data packet.

25. A method as claimed in claim 20 wherein one or more set(s) of sender identity information and receiver identity information can be stored in the memory of sender's user device (101) or receiver's user device (104).

26. A method as claimed in claim 20 wherein the elements of transaction data can be composed statically or dynamically wherein- the statically composed transaction data may be present in means for transaction data and solely be used to extract transaction data by the data composition and sending module (207);

the dynamically composed transaction data may be present in means for transaction data and needs an additional composition module which is present in the receiver's user device (104) or external to the system.

27. A method as claimed in claim 17 wherein the transaction server (102) is derived from the sender identity information which is specified by the sender before sending the data packet to the server.

28. A method as claimed in claim 17 wherein the communication channel to be chosen by the data composing and sending module(207) can be set by the user.

29. A method as claimed in claim 20 wherein the data composing and sending module (207) is capable of prompting of changes comprising:

alternate sender identity information from the stored data set;

alternate receiver identity information from the stored data set or

the communication channel to be used for transaction may be prompted by the sender's user device (101) based on

default settings; or

preferred communication channel; or

cost and time optimization; or

availability of active channel or

user override

30. A method as claimed in claim 17 the data packet composing and sending module may be initiated by ways comprising:

regular method of clicking the icon; or

voice commands; or

biometric means and gestures; or

elements of transaction data stored in memory (204) of user device; or chat mechanisms or e-mails; or

external or third party software module.

31. A method as claimed in claim 17 the user device interprets the message received from transaction server and extracts the authentication code.

32. A method as claimed in claim 17 wherein the user device auto populates the authentication code into the authentication code dialog box.

33. A transaction server for performing a transaction between users comprising a sender and a receiver wherein the transaction server (102) is capable of receiving a data packet composed by a sender's user device (101) that comprises transaction data in a syntax comprehensible by the transaction server and manages one or more operations to complete the transaction characterized in that the transaction server (102) may or may not communicate to the clearing house server (103) to carry out operation to complete the transaction.

34. A clearing house server (103) for performing transaction between users comprising a sender and a receiver wherein the on receiving transaction data from the transaction server

(102) , the clearing house server is capable of performing transactions by exchanging data between transaction servers (104s) of the sender and receiver respectively.

35. A non-transitory computer memory storing instructions when executed by a processor cause the processor to compose and send a data packet by a sender's user device (101) to a transaction server through a chosen communication channel after identification of the transaction server (102) wherein composition of data packet is based on the syntax of the transaction data comprehensible by the transaction server (102) or a clearing house server

(103) .

36. A system to perform to perform a transaction between users comprising a sender and a receiver, the system which comprising

one or more user devices further comprising:

one or more of sender's user device(s) (101) further comprising

one or more sender's user device(s) (101) further comprising:

a processor (201);

an input/output interface (202);

a memory (203) further comprising:

one or more module(s) (204) further comprising

a data handling module (205);

an user interface module (206);

a data packet composing and sending module (207);

and

data (208);

zero or more receiver's user device(s) (104) further comprising:

a processor (301);

an input/output interface (302);

a memory (303) further comprising (303):

one or more module(s) (304) further comprising a data handling module (305);

an user interface module (306); and

data (307);

one or more transaction server (102) and

zero or more clearing house server (103), characterized in that the receiver's user device (104) packages transaction data in a data holder and communicates such data holder to sender's user device (101) which then consumes such data holder in order to compose a data packet comprising transaction data and further sends through a communication channel to a transaction server (102) wherein the data packet composed is based on a syntax of transaction data comprehensible by transaction server (102) to execute a transaction through communication channel.

37. A method for performing a transaction between users comprising a sender and a receiver characterized in that the receiver's user device (104) packages transaction data in a data holder and communicates such data holder to sender's user device (101) which then consumes such data holder in order to compose a data packet comprising transaction data and further sends through a communication channel to a transaction server (102) wherein the data packet composed is based on a syntax of transaction data comprehensible by transaction server (102) to execute a transaction through communication channel.