Method and system for real time online debit transactions
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United States of America Patent
Stats
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Oct 18, 2011
Grant Date -
Dec 21, 2006
app pub date -
Jun 13, 2006
filing date -
Jun 15, 2005
priority date (Note) -
In Force
status (Latency Note)
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Abstract
An online payment method is disclosed which permits users to make realtime debit card payments over the Internet. The payor and payee pre-register with the system by sending their PAN, encrypted PIN and encryption key to the system database using a debit card reader, and then enter user names and secret IDs to be associated with the PAN and PIN numbers. When an online transaction is made the payor enters its user name and ID which is sent to the system along with the transaction amount and the payee user name. The system sends out a standard POS transaction using the stored PAN, encrypted PIN and encryption key. If approved it sends out a credit POS transaction to the payee in the same way.
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