System and method for receiving electronic payments using a unique (TEXT)merchant identifier

Abstract

The invention discloses a system and method enabling merchants to receive payments through a unique merchant{text} identifier {UMI}. Each merchant is assigned a UMI stored in a central directory accessible by customers. When a payer enters the identifier, the PSP queries the directory, resolves the UMI to the merchant's registered payment channel, and processes the transaction securely. The invention provides interoperability across networks, reduces errors, and simplifies reconciliation for merchants