System and method for processing transactions from encrypted wallets

Abstract

A computer-implemented method of processing a transaction using cryptocurrency, the method comprising: receiving (512) an authorization request from a merchant (2) about the transaction, the authorization request containing a consumer token representing a tokenized encrypted identifier associated with a consumer account (406) at an encrypted wallet entity (400); de-tokenizing (514) the consumer token (507) to recover the encrypted identifier; determining an encrypted wallet entity associated with the encrypted identifier; forwarding (516) the authorization request and the encrypted identifier to the encrypted wallet entity; receiving (520) a transaction approval message from the encrypted wallet entity; the transaction approval message is forwarded (524) to the acquirer and the settlement suggestion message is sent (532) to the settlement bank (416) to settle the transaction between the encrypted wallet entity (400) and the acquirer (3).

Description

[0001] Cross - reference to related applications

[0002] This application claims the benefit of UK Patent Application No. 2216234.1, filed on November 1, 2022, the entire content of which is incorporated herein by reference for all purposes. Technical field

[0003] The present disclosure relates to systems and methods for processing transactions from a cryptocurrency wallet. In embodiments, the present disclosure relates to methods for processing transactions using cryptocurrency, methods for generating consumer tokens, and transaction systems. Background art

[0004] A cryptocurrency wallet is a device or program that holds the public key and / or private key required to conduct cryptocurrency transactions and may additionally provide functionality for performing encryption or signing processes.

[0005] Cryptocurrency wallets (“crypto - wallets”) come in different forms and may include paper wallets in which the keys are written on paper, hardware wallets in which the cryptographic keys are stored in a device such as a thumb drive that can be connected to a computer whenever a transfer is needed, and online wallets in which the keys are stored in an application or other software. Paper wallets and hardware wallets are relatively more difficult for malicious users to access than online wallets, but have more limited functionality and a risk of loss.

[0006] A cryptocurrency wallet keeps the user's private key (i.e., the password that allows the user to access their cryptocurrency) relatively secure (depending on the security of the wallet in question) and accessible. Such a wallet allows the user to send and receive cryptocurrencies such as Bitcoin and Ethereum.

[0007] Unlike a regular wallet that can hold physical cash, a cryptocurrency wallet does not technically store cryptocurrency assets. Instead, these assets reside on a blockchain (address) that can only be accessed using the private key. The user's public key / private key proves their ownership of their cryptocurrency and allows them to conduct transactions.

[0008] In the past few years, cryptocurrencies and cryptocurrency wallets have become increasingly popular, and there is an increasing need for a solution that allows consumers to complete payment transactions for goods / services offered in fiat currency using the cryptocurrency balance in their cryptocurrency wallet.

[0009] While there are a few card - based solutions on the market that allow consumers to pay for goods and services via a cryptocurrency transaction card, consumers generally cannot use their mobile cryptocurrency wallet for e - commerce and contactless payment transactions without registering for a crypto - transaction card.

[0010] The present disclosure has been designed to address and mitigate the above - mentioned problems. Summary of the Invention

[0011] According to a first aspect of the present disclosure, there is provided a computer-implemented method for processing a transaction using a cryptocurrency, the method comprising: receiving an authorization request for a transaction from a merchant, the authorization request comprising a consumer token, the consumer token representing a tokenized cryptographic identifier associated with a consumer account at a cryptocurrency wallet entity; de-tokenizing the consumer token to recover the cryptographic identifier; determining the cryptocurrency wallet entity associated with the cryptographic identifier; forwarding the authorization request and the cryptographic identifier to the cryptocurrency wallet entity; receiving a transaction approval message from the cryptocurrency wallet entity; forwarding the transaction approval message to the acquirer and sending a settlement advice message to the settlement bank to settle the transaction between the cryptocurrency wallet entity and the acquirer.

[0012] The present disclosure provides a method for processing a transaction using a cryptocurrency, wherein the consumer token is associated with an identifier associated with the consumer's cryptocurrency wallet. In fact, the cryptocurrency wallet is regarded as the issuer by the traditional transaction infrastructure, and the transaction infrastructure is configured to connect to a cryptocurrency wallet entity such as a single blockchain network that holds the cryptocurrency account details of the consumer / cardholder, or it may be a cryptocurrency exchange platform such as Once a transaction approval message enabling the transaction to be processed is received from the cryptocurrency wallet entity, the transaction can be processed by forwarding the approval message to the acquirer and the settlement bank without waiting for the blockchain to be updated. Generally, confirmation can be received on a time scale of within a few hundred milliseconds.

[0013] The method of the first aspect of the present disclosure thus allows a consumer to select a cryptocurrency (such as Bitcoin, Ethereum, etc.) from their mobile wallet application, display the balance of the cryptocurrency by making an API call for balance checking, and make a payment to a merchant (e-commerce or contactless) in fiat currency.

[0014] The consumer account at the cryptocurrency wallet entity may include a cryptographic key for accessing the consumer's cryptocurrency assets on the blockchain.

[0015] The method may further include settling the transaction between the cryptocurrency wallet entity and the acquirer in fiat currency.

[0016] The tokenized cryptographic identifier may include a wallet ID, which is a unique identifier associated with the consumer account. Alternatively, the tokenized cryptographic identifier may include an identifier selected from the following: consumer email address; consumer identifier; wallet address; domain name.

[0017] Transactions can be processed at a digital enablement system within a transaction infrastructure, the digital enablement system being configured to support tokenized transactions and wherein the method can include routing a transaction between an encrypted wallet entity and an acquirer.

[0018] The encrypted wallet entity can include an encrypted wallet host application configured to interact with the transaction infrastructure, and the method can include the digital enablement system onboarding the encrypted wallet host application as an issuer entity.

[0019] The transaction infrastructure can include an issuer processor device configured to communicate with the encrypted wallet host application, and the method can include forwarding an authorization request and an encrypted identifier to the issuer processor device for forwarding to the encrypted wallet host application.

[0020] According to a second aspect of the present disclosure, there is provided a computer-implemented method that includes: generating a consumer token; mapping the consumer token to an encrypted identifier associated with a consumer account at an encrypted wallet entity; and sending the consumer token to a consumer computing device to authorize the consumer to access the consumer account at the encrypted wallet entity for transactions.

[0021] The second aspect of the present disclosure provides a method of digitizing an encrypted wallet entity for use within a transaction infrastructure by: mapping a consumer token to an encrypted identifier associated with a consumer account at the encrypted wallet entity and then sending the consumer token to the consumer's computing device (such as a wallet application running on a smart device) for use in a transaction.

[0022] The consumer token can be in a format defined for a transaction card account number issued in a transaction card account system. In particular, the consumer token can include 16 decimal digits.

[0023] The encrypted identifier can include an identifier selected from: a wallet ID, which is a unique identifier associated with the consumer account; the consumer's email address; a consumer identifier; a wallet address; a domain name.

[0024] According to a third aspect of the present disclosure, there is provided a transaction system adapted to process transactions through a transaction infrastructure, wherein a transaction occurs between a consumer computing device associated with an encrypted wallet entity and a terminal device associated with an acquirer, the encrypted wallet entity and the acquirer entity being connected through the transaction infrastructure, and wherein the transaction system is adapted to: generate a consumer token; map the consumer token to an encrypted identifier associated with a consumer account at the encrypted wallet entity; and send the consumer token to a consumer computing device to authorize the consumer to access the consumer account at the encrypted wallet entity for transactions.

[0025] The system can be arranged to: receive an authorization request for a transaction from a merchant, the authorization request including a consumer token; de-tokenize the consumer token to recover an encrypted identifier; determine an encrypted wallet entity associated with the encrypted identifier; forward the authorization request and the encrypted identifier to the encrypted wallet entity; receive a transaction approval message from the encrypted wallet entity; forward the transaction approval message to the acquirer and send a settlement advice message to the settlement bank to settle the transaction between the encrypted wallet entity and the acquirer.

[0026] The present disclosure extends to a computing device including a memory and a suitably programmed processor, wherein the computing device is adapted to perform the method of the first aspect or the second aspect of the present disclosure.

[0027] It will be appreciated that similar benefits and advantages will be associated with systems and devices for implementing these methods, as previously described in connection with these methods. Additionally, the corresponding additional (optional) features set forth with respect to the above methods will equally apply with respect to the respective systems and devices.

[0028] It is expressly intended within the scope of this application that the various aspects, embodiments, examples or alternatives, and in particular their individual features, set forth in the preceding paragraphs, in the claims and / or in the following description and drawings, may be taken independently or in any combination. That is, all embodiments and / or features of any embodiment may be combined in any way and / or combination, unless such features are incompatible. The applicant reserves the right to change any originally filed claim or to file any new claim accordingly, including the right to amend any originally filed claim to reference and / or incorporate any feature of any other claim, even though not originally claimed in such manner. BRIEF DESCRIPTION OF THE DRAWINGS

[0029] Now, by way of example, one or more embodiments of the present disclosure will be described with reference to the drawings, wherein:

[0030] Figure 1 A distributed transaction architecture using a four-party model is schematically shown;

[0031] Figure 2 Elements of a complex distributed system suitable for implementing Figure 1 the transaction architecture are shown;

[0032] Figure 3 An exemplary system for enabling digital transactions in the Figure 1 and 2 transaction architecture is schematically shown;

[0033] Figure 4 A system for enabling payments using cryptocurrency assets in a transaction system is schematically shown;

[0034] Figure 5 shows the tokenization and authorization process of transactions conducted in the Figure 4 trading system;

[0035] Figures 6a to 6d shows the user journey when making a contactless transaction at a merchant using cryptocurrency;

[0036] Figures 7a to 7f shows the user journey when making an e - commerce transaction using cryptocurrency. Detailed Description of the Invention

[0037] Figure 1 is a block diagram of a typical four - party model for a payment transaction scheme. This figure shows the entities present in the model and the interactions that occur between the entities operating in a card scheme. Typically, a card scheme - a payment network associated with a payment card - is based on one of two models: a three - party model or a four - party model (adopted by the present applicant). For the purposes of this document, the four - party model is described in further detail below.

[0038] The four - party model can be used as the basis for a transaction network. For each transaction, the model includes four entity types: cardholder 1 (also referred to herein as "consumer"), merchant 2, acquirer 3, and issuer 4. In this model, cardholder 1 purchases goods or services from merchant 2. Issuer 4 is a bank or any other financial institution that issues a card to cardholder 1. Acquirer 3 provides card - processing services to merchant 2. The model also includes a central switch 5 - the interaction between issuer 4 and acquirer 3 is routed via switch 5 (which is hereinafter referred to as the "transaction infrastructure"). Switch 5 enables merchant 2 associated with a particular bank acquirer 3 to accept payment transactions from cardholder 1 associated with a different bank issuer 4.

[0039] A typical transaction between the entities in the four - party model can be divided into two main phases: authorization and settlement. Cardholder 1 uses their card to initiate a purchase of goods or services from merchant 2. The details of the card and the transaction are sent via acquirer 3 and switch 5 to issuer 4 to authorize the transaction. Cardholder 1 may have provided verification information during the transaction and may, in some cases, need to undergo an additional verification process to verify their identity (such as 3 - D Secure in the case of a remote transaction). Once the additional verification process is complete, the transaction is authorized.

[0040] When a transaction between cardholder 1 and merchant 2 is completed, the transaction details are submitted by merchant 2 to the acquirer 3 for settlement. The transaction details are then routed by the acquirer 3 via the switch 5 to the relevant issuer 4. Upon receiving these transaction details, the issuer 4 provides the settlement funds to the switch 5, which in turn forwards these funds to merchant 120 via the acquirer 3.

[0041] Separately, the issuer 4 and the cardholder 1 settle the payment amount between them. In return, the merchant 2 pays a service fee to the acquirer 3 for each transaction, and the acquirer 3 pays an interchange fee to the issuer 4 in return for the settlement of funds.

[0042] In the actual implementation of the four-party system model, the role of a particular party may involve multiple elements acting together. This is typical in implementations that have evolved beyond contact-based interactions between consumer cards and merchant terminals to digital implementations using agents or virtual cards on user computing devices such as smart phones.

[0043] Figure 2 An architecture suitable for interaction between cardholders and merchants is shown. This figure shows a general architecture for reference, but it shows the elements of the architecture used when a cardholder conducts a transaction with a merchant server.

[0044] For a conventional transaction, the cardholder 1 will use their payment card 6 - or a mobile computing device such as a smart phone 11 suitable for use as a contactless payment device - to conduct a transaction with the POS terminal 7 of the merchant 2. However, in an embodiment related to the present disclosure, the cardholder will use his or her computing device - which may be a cellular phone handset, tablet computer, laptop computer, static personal computer, or any other suitable computing device (here a cellular phone handset or smart phone 11 is shown) - and another computing device such as a smart watch or other wearable device - to act as an agent for the physical payment card 6 or to act as a virtual payment card that operates only in the digital domain. The smart phone 11 can achieve this with a mobile payment application and a digital wallet, as described below. The smart phone 11 can use these to conduct a transaction with the merchant POS terminal 7 using NFC or another contactless technology, or to make a payment in association with its wallet service as discussed below. Additionally or alternatively, for a remote transaction, the smart phone 11 may also be able to interact with a merchant server 12 representing the merchant 2 via any suitable network connection such as the public Internet - the connection to the merchant can be provided by an application or app on the computing device.

[0045] A transaction solution infrastructure (hereinafter simply referred to as "transaction infrastructure") 5 here not only provides the operational card solution and the computing infrastructure necessary for transaction routing and other messaging to parties such as acquirer 3 and issuer 4, but also provides a wallet service / server 17 to support digital wallets on cardholder computing devices; optionally, an Internet gateway 18 is also provided to accept Internet-based transactions for processing by the transaction infrastructure. The Internet gateway 18 may be provided by a payment service provider, and in some arrangements, merchant 2 may interact with the Internet gateway instead of directly with the acquirer. In other embodiments, the wallet service / server 17 may similarly be provided by a third party having an appropriate trust relationship with the transaction solution provider. To support tokenization, there is a token service provider 19 (again, this is shown as part of the transaction infrastructure 5 but may be provided by a third party having an appropriate trust relationship), and the transaction infrastructure 5 provides a digital enablement service 16 to support the execution of tokenized digital transactions and interact with other elements of the system to allow proper execution of the transaction - the digital enablement service may include other elements such as token service provision. A processor device 20 associated with issuer 4 may be provided within the transaction infrastructure 5. The issuer processor device 20 may process "on behalf of" services (such as authorization) for issuer 4.

[0046] For tokenized transactions, the transaction is verified in the transaction solution by mapping the cardholder token to its card PAN, checking the status of the token (to ensure it is valid in terms of date and other aspects), and any consumer verification methods used. This allows the issuer to authorize the transaction in the normal manner.

[0047] Figure 3 Elements of the transaction infrastructure that support digital payments from a mobile device are shown in more detail. This figure shows, as a specific example, the applicant's Mastercard Cloud-based Payment (MCBP) architecture - this is exemplary and not specific to the present invention, and it shows how the architecture can be used to support a mobile payment application (MPA) 215 on a mobile device such as a smart phone 11 - here the MPA 215 is shown as being included within a wallet application or digital wallet 41. Such a digital wallet 41 may communicate with a wallet service / server 17 (which takes the form of a wallet server here) to allow management of the MPA 215, and it may also be used to request the digitization of a payment card 6 to be used by the mobile device 11 (whereby the digitized payment card is stored in / associated with the digital wallet 41).

[0048] Mastercard Digital Enablement Service (MDES) 42 performs various functions to support mobile payments and digital transactions. As noted above, MDES 42 is merely exemplary - for example, other embodiments may use digital, tokenization, and provisioning services associated with other transaction processing infrastructures. The wallet server 17 is not shown as part of MDES 42 - and need not be present, for example if the MPA 215 is not embedded within the digital wallet 41 - but in the example shown acts as an interface between the mobile device 11 and MDES 42 to enable management of the MPA 215. MDES 42 also mediates tokenized transactions so that they can be processed through the transaction scheme like a regular card transaction. The following functional elements are shown within MDES 42: Account Enablement System (AES) 43, Credential Management System (CMS) 44, Token Library 45, and Transaction Management System (TMS) 46. These functional elements will now be briefly described below.

[0049] The Account Enablement System (AES) 43 is used for card digitization and user establishment. It will interact with the MPA 215 (here through the wallet server 17) for card digitization requests and will populate the Token Library 45 with tokens and will interact with the CMS 44 to establish a card profile with associated keys for digital use of the card.

[0050] The Credential Management System (CMS) 44 supports the management of cardholder credentials and is the key system within MDES 42. The core system 441 manages synchronization with the overall transaction system through interaction with the TMS 46 and manages the channel to the AES 43. The dedicated system 442 provides delivery of necessary elements such as digitized cards, credentials, and keys to the MPA 215 in the form required for use. The system can also interact with the wallet server 17 to manage mobile payment applications.

[0051] The Token Library 45 - which is shown here within MDES 42 but which can be a separate element under separate control - is a repository for token information including the correspondence between tokens and associated cards. When processing tokenized transactions, MDES 42 will reference the Token Library 45, and tokenization of a card will result in the creation of a new entry in the Token Library 45.

[0052] The Transaction Management System (TMS) 46 is used when processing tokenized transactions. If a transaction is recognized by the transaction scheme as being tokenized, it is routed to the TMS 46, which de-tokenizes the transaction by using the Token Library 45. The de-tokenized transaction is then routed to the issuer (here represented by the Financial Authorization System 47) for authorization in a conventional manner. The TMS 46 also interacts with the CMS 44 to ensure synchronization related to the cardholder account and credentials.

[0053] Figure 4 Shows a transaction system according to an embodiment of the present disclosure, where the cardholder's cryptocurrency account has been tokenized using the MDES digital enablement system 42, such that the cardholder can use their cryptocurrency to transact with a merchant for goods / services offered in fiat currency.

[0054] Figure 4 Shows as described above with respect to Figures 1 to 3 merchant 2, acquirer 3, transaction infrastructure 5, and digital enablement entity 42.

[0055] Also shown in Figure 4 is the cryptocurrency wallet entity 400. The cryptocurrency wallet entity can be an online wallet associated with a single blockchain network 402 that holds the cardholder's cryptocurrency account details, or it can be a cryptocurrency exchange platform that allows consumers to buy, sell, transfer, and store cryptocurrency across a range of blockchains, such as

[0056] The cryptocurrency wallet entity includes a cryptocurrency wallet application 404 (a type of mobile payment application 215) on the cardholder's mobile device 11, a consumer wallet cryptocurrency account 406 (in the Figure 4 embodiment shown, the cryptocurrency is Ethereum), and a cryptocurrency wallet host application 408, which is configured to interact with the issuer processor device 414, which is configured to process transaction messages between the transaction infrastructure 5 and the cryptocurrency entity 400. The consumer can interact with their cryptocurrency account 406 via the wallet application 404 to place transactions on the blockchain.

[0057] When the consumer uses their cryptocurrency to participate in a transaction with a merchant, the consumer wallet account 406 initiates a sale of the consumer's cryptocurrency to a consolidated cryptocurrency wallet entity account 410 on the blockchain. The cryptocurrency wallet entity account 410 is associated with a fiat currency account 412, which is configured to pay the merchant acquirer 3 on behalf of the consumer in fiat currency.

[0058] Authorization of the transaction is routed between the host application 408 and the digital enablement service 42 via the issuer processor device 414. Note that the host application 408 is treated by the transaction infrastructure as a traditional issuer entity as shown in Figure 1 and 2 so the cryptocurrency wallet entity 400 will board the transaction infrastructure 5 in the same manner as a fiat currency-based issuer entity.

[0059] Further reference is made below toFigure 5 Description Figure 4 of the operation of a trading system.

[0060] Figure 5 Shows two processing flows - a pre-digitalization flow 500 and a trading flow 502. In the pre-digitalization flow 500, the encrypted account is digitized into the trading infrastructure 5. In the trading flow 502, the digitized encrypted account is then used to conduct transactions with merchants.

[0061] Turning to Figure 5 the pre-digitalization flow in, the consumer opens their encrypted wallet application on their smartphone and requests in step 504 to digitize their cryptocurrency wallet account. This request is transmitted via the host application and the issuer processor device to the digital enablement service 42. The request includes an encrypted identifier that identifies the consumer's wallet to the digital enablement service 42. The encrypted identifier can be a wallet ID, an email address, a consumer identifier, a wallet address, a domain name (e.g., the ".eth" domain name), or any other suitable unique identifier that can be used to identify the consumer's wallet.

[0062] In step 506, the encrypted wallet account is tokenized by the digital enablement service 42 (by tokenizing the encrypted identifier into a consumer token 507) so that when the consumer subsequently conducts a transaction with a merchant, the transaction is verified in the transaction scenario by mapping the consumer token to its encrypted identifier, checking the status of the token (to ensure it is within date and otherwise valid), and any consumer verification methods used. This allows the encrypted wallet entity acting as the issuer to authorize the transaction.

[0063] In step 508, the issuer processor device receives the tokenized encrypted identifier from the digital enablement service and the consumer is ready to conduct a transaction according to the trading flow 502.

[0064] Now turning to Figure 5 the trading flow 502 shown.

[0065] In step 510, the user at the merchant location wishes to conduct a transaction and opens their encrypted wallet application and selects the cryptocurrency to pay the merchant.

[0066] As part of the transaction, the consumer token 507 (i.e., the tokenized encrypted identifier / wallet account information) is sent in step 512 via the acquirer processor 418 as part of the authorization request from the merchant to the digital enablement service within the trading network 5. [Note that the acquirer processor 418 is equivalent to Figure 2 the Internet gateway 18 in.]

[0067] In step 514, the digital enablement service 42 detokenizes the consumer token to recover the encrypted identifier, identifies the encrypted wallet entity 400 associated with the encrypted identifier, and performs a series of other checks (such as fraud service checks).

[0068] Then in step 515, the authorization request (now including the transaction details and the encrypted identifier) is sent to the issuer processor device, and the issuer processor device forwards the authorization request to the encryption host in step 516 without making any decision on whether to approve or reject the transaction.

[0069] In step 518, the encrypted wallet host verifies the consumer's encrypted account from the encrypted identifier and then checks the cryptocurrency balance that the consumer has in their account. Assuming the consumer has sufficient funds for the transaction, the encrypted wallet host then initiates a transaction on the blockchain network.

[0070] In step 520, a confirmation (which indicates the approval or rejection of the transaction) is received from the blockchain network and is sent to the issuer processor device 414.

[0071] Note that the confirmation received from the blockchain network is just the initial confirmation that a transaction has been initiated on the blockchain and does not necessarily mean that the miners of the network have confirmed the transaction. However, the confirmation is received within a few seconds (e.g., within a few hundred milliseconds for the Ethereum network) of the transaction being initiated by the encrypted wallet host, so the transaction can proceed without waiting for the blockchain to be updated.

[0072] In step 522, the issuer processor device 414 forwards the confirmation to the digital enablement service 42 within the transaction infrastructure 5.

[0073] In step 524, the transaction confirmation is forwarded to the acquirer processor 418 and an authorization response is received in step 526.

[0074] When the encrypted wallet host initiates a blockchain transaction in step 518, the public ledger verifies and confirms the transaction through the miners of the network in step 528 and sends the confirmation of the cryptocurrency required for the transaction to the consumer wallet account and the consolidated encrypted wallet entity account. As described above, the blockchain transaction initiation sells the consumer's cryptocurrency to the consolidated encrypted wallet entity account 410 on the blockchain for credit to the cryptocurrency account 410 of the transaction infrastructure.

[0075] Once the public ledger has been updated, the blockchain sends a confirmation of the transaction to the consumer wallet account 406 in step 530.

[0076] When the digital enablement service 42 receives the confirmation in step 522, in step 532 ( Figure 4)Send a settlement proposal message to the settlement bank 416, and the settlement bank 416 settles the transaction between the fiat account 412 of the crypto wallet entity and the acquirer 3 in fiat currency in step 534.

[0077] Figures 6a - 6c Figures 7a - 7f illustrate the user journey of using encryption as a source of funds for contactless transactions (Figure 6) and e - commerce transactions (Figure 7).

[0078] In Figure 6a , the consumer / user opens the crypto wallet application on their smartphone, and the home screen displays the cryptocurrency balance and recent transactions. The user then initiates a contactless transaction, and the crypto wallet application displays a "Ready to Scan" message ( Figure 6b ), allowing the user to tap their smartphone on the point - of - sale (POS) terminal at the merchant. When the transaction is confirmed, the crypto wallet application then displays a confirmation message screen ( Figure 6c ), confirming the transaction that just occurred (0.0058946 ETH / $15.99 at Pizza Place). Finally, the user returns to the wallet application home screen ( Figure 6d ), which shows the recent transaction and the cryptocurrency balance.

[0079] In Figures 7a to 7f , the user journey in an e - commerce transaction is shown. In Figure 7a , the user is shown to have accessed the merchant's website on their smartphone and placed items in the shopping basket. Figure 7a Shows a checkout page (button 700) with an "Account Payment" option.

[0080] Once the user selects the "Account Payment" button, they are taken ( Figure 7b ) to a page that provides payment method options. As Figure 7b shows, the user has a fiat bank account and a crypto account to choose from, and has selected the crypto account (see checkbox 702).

[0081] In Figure 7c , the crypto wallet application opens and the user is authenticated.

[0082] In Figure 7d , the crypto wallet application takes the user to a payment screen that confirms the cryptocurrency transaction amount and the fiat exchange amount. The user has selected the confirm button to initiate the payment via the process described above regarding Figure 4 and 5 .

[0083] In Figure 7eIn the case where the encrypted wallet application displays a payment confirmation screen and once the user has closed the confirmation (via the close button 704), they return to the merchant site (in Figure 7f ), which indicates that the transaction is complete.

[0084] As will be understood by those skilled in the art, the embodiments described above are exemplary, and further embodiments falling within the spirit and scope of the present disclosure may be developed by those skilled in the art from the principles and examples set forth above.

Claims

1. A computer-implemented method for processing transactions using cryptocurrency, the method comprises: receiving (512) an authorization request for a transaction from a merchant (2), the authorization request containing a consumer token (507), the consumer token representing a tokenized cryptographic identifier associated with a consumer account (406) at a cryptocurrency wallet entity (400); detokenizing (514) the consumer token (507) to recover the cryptographic identifier; determining the cryptocurrency wallet entity associated with the cryptographic identifier; forwarding (516) the authorization request and the cryptographic identifier to the cryptocurrency wallet entity; receiving (520) a transaction approval message from the cryptocurrency wallet entity; forwarding (524) the transaction approval message to the acquirer and sending (532) a settlement proposal message to a settlement bank (416) to settle the transaction between the cryptocurrency wallet entity (400) and the acquirer (3).

2. The method according to claim 1, wherein, the consumer account (406) at the cryptocurrency wallet entity (400) includes a cryptographic key for accessing the consumer's cryptocurrency assets on a blockchain (402).

3. The method according to claim 1 or claim 2, comprising settling the transaction between the cryptocurrency wallet entity (400) and the acquirer (3) in fiat currency.

4. The method according to any one of the preceding claims, wherein, the tokenized cryptographic identifier includes a wallet ID, the wallet ID being a unique identifier associated with the consumer account.

5. The method according to any one of claims 1 to 3, wherein, the tokenized cryptographic identifier includes an identifier selected from the following: consumer email address; consumer identifier; wallet address; domain name.

6. The method according to any one of the preceding claims, wherein the transaction is processed at a digital enabling system within a transaction infrastructure (5), the digital enabling system (16) being configured to support tokenized transactions, and wherein the method includes routing the transaction between the cryptocurrency wallet entity and the acquirer.

7. The method according to claim 6, wherein, the cryptocurrency wallet entity (400) includes a cryptocurrency wallet host application (408) configured to interact with the transaction infrastructure (5), and the method includes the digital enabling system (16) guiding the cryptocurrency wallet host application as an issuer entity.

8. The method according to claim 6 or 7, wherein, the transaction infrastructure (5) includes an issuer processor device (414) configured to communicate with the cryptocurrency wallet host application (408), and the method includes forwarding the authorization request and the cryptographic identifier to the issuer processor device (414) for onward transmission to the cryptocurrency wallet host application.

9. A computer-implemented method, comprises: generating a consumer token (507); mapping the consumer token (507) to a cryptographic identifier associated with a consumer account (406) at a cryptocurrency wallet entity (400); sending the consumer token to a consumer computing device (11) to authorize the consumer to access the consumer account at the cryptocurrency wallet entity for a transaction.

10. The method according to claim 9, wherein, the consumer token is a format defined for a transaction card account number issued in a transaction card account system.

11. The method according to claim 10, wherein, the consumer token comprises 16 decimal digits.

12. The method according to any one of claims 9 to 11, wherein, the encrypted identifier comprises an identifier selected from the following: a wallet ID, which is a unique identifier associated with a consumer account; a consumer email address; a consumer identifier; a wallet address; a domain name.

13. A transaction system adapted to process transactions through a transaction infrastructure (5), wherein a transaction occurs between a consumer computing device (11) associated with an encrypted wallet entity (400) and a terminal device (7) associated with an acquirer (3), and the encrypted wallet entity (400) and the acquirer (3) are connected through the transaction infrastructure, and wherein the transaction system is adapted to: generate a consumer token (507); map the consumer token to an encrypted identifier associated with a consumer account (406) at the encrypted wallet entity (400); send the consumer token (507) to the consumer computing device (11) to authorize the consumer to access the consumer account at the encrypted wallet entity for a transaction.

14. The transaction system according to claim 13, wherein, the transaction system is arranged to: receive (512) an authorization request for a transaction from a merchant (2), the authorization request containing the consumer token; detokenize (514) the consumer token to recover the encrypted identifier; determine the encrypted wallet entity associated with the encrypted identifier; forward (516) the authorization request and the encrypted identifier to the encrypted wallet entity (400); receive (520) a transaction approval message from the encrypted wallet entity; forward (524) the transaction approval message to the acquirer and send a settlement proposal message to a settlement bank (416) to settle the transaction between the encrypted wallet entity and the acquirer.

15. A computing device comprising a memory and a suitably programmed processor, wherein, the computing device is adapted to perform the method according to any one of claims 1 to 8 or the method according to any one of claims 9 to 12.

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