Secure transmission of payment credentials

Abstract

A system and method for securely transmitting payment credentials to a payment processor is disclosed. A communications device of a consumer generates a first communicated value having a similar format to a second payment credential portion, and the first communicated value is provided to the payment processor to replace the second payment credential portion in the transmittal of the payment credentials. The communications device receives, from the payment processor, a second communicated value, and generates a payment credential encryption key based at least on the second communicated value. The payment processor generates the encryption key based at least on the first communicated value. The second payment credential portion is encrypted using the encryption key and is transmitted to the payment processor. The second payment credential portion together with a first payment credential portion provided to the payment processor constitute complete payment credentials required to process a financial transaction.

Description

[0001] Cross References to Related Applications [0002] This application claims priority to South African Provisional Patent Application No. 2014 / 02783, entitled "Secure Transmission of a Supplementary Payment Credential", filed 16 April 2014, which is incorporated by reference combined here. [0003] field of invention [0004] The present invention relates to the secure transmission of payment credentials from a consumer's communication device to a payment processor, where the payment credentials can be used to process financial transactions. Background technique [0005] Consumers are generally required to provide payment credentials to merchants in order to conduct financial transactions in favor of the merchants. For example, during a card-not-present type transaction, the consumer is typically required to provide the merchant with a primary account number (PAN), card expiration date, and card verification value (CVV or "CVV2") associated with the financial account. ...

AI Technical Summary

Problems solved by technology

The crook can then use the payment credentials to make one or more transactions against the consumer's financial account and in favor of the desired account

[0007] In another example, it may be the case that a consumer has a feature phone that does not provide the same level of communication security and / or encryption capabilities provided by some smartphones

When consumers use feature phones to transmit sensitive information, such as payment credentials, to merchants and / or payment processors, there is a significant risk of criminals intercepting or otherwise obtaining information

Images