Composite Machine-Readable Code for Secure Assignee Transactions
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Solution Overview
Problem
In rural and remote areas, individuals face challenges in accessing ATMs for cash withdrawals due to lack of infrastructure, leading to the need for assigning someone to perform transactions on their behalf, which poses a high fraud risk and is inconvenient, especially for illiterate individuals who struggle with handling payment cards and remembering passwords.
Innovation Solution
A system and method that allows users to generate and authorize a composite machine-readable code at a first transaction terminal, which can be used by an assignee at a second transaction terminal for combined transactions, utilizing biometric data and graphical codes for authentication, eliminating the need for physical payment cards and reducing fraud risk.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If users share credentials (password, account number, payment card) with an assignee to perform transactions on their behalf, then the assignee can successfully perform transactions, but the fraud risk increases significantly and security is compromised
Solution Approach 1:
The system segments the authentication process into two distinct parts: a static credential (QR code containing account information) that can be shared, and a dynamic credential (biometric authentication) that remains with the user. This segmentation allows the assignee to access account information while the user retains control over actual authentication through biometric verification at the time of transaction.
Solution Approach 2:
The patent introduces an intermediary authentication mechanism (biometric verification) between the assignee and the transaction system. Instead of direct credential-based access, the biometric intermediary ensures that only the authorized user can confirm transactions, even though the assignee initiates them using the shared QR code.
2Reliability
If users carry payment cards and remember passwords to access ATMs, then they can perform transactions independently, but illiterate users face difficulty in handling payment cards and remembering passwords
Solution Approach 1:
The patent replaces the mechanical interaction with physical payment cards and numerical passwords with an optical system (QR code scanning) and biometric authentication. This substitution eliminates the need for users to physically handle cards or remember complex passwords, making the system accessible to illiterate users while maintaining security through biometric verification.
Solution Approach 2:
The system creates a visual copy (QR code) of the user's account information that can be easily displayed and scanned, replacing the physical payment card. This copy contains all necessary account details in machine-readable format, eliminating the need for users to manually input information or remember account numbers.
3Reliability
If users travel to nearby sub-urban or urban locations to access ATMs, then they can withdraw cash, but they lose significant time and money on travel
Solution Approach 1:
The patent makes the QR code authentication system universally compatible across multiple transaction terminals (ATMs, POS systems, mobile devices). Users can initiate transactions at any location with a transaction terminal, eliminating the need to travel to specific ATM locations. The assignee can perform transactions at any terminal using the user's QR code, providing flexible access regardless of geographic location.
Data Source
AI summary
Embodiments provide methods, and server systems for performing a combined transaction for one or more scheduled transactions. The method is configured to generate one or more machine readable codes for the one or more scheduled transactions through a first transaction terminal, where each machine readable code is associated with a scheduled transaction of the one or more scheduled transactions. Further, the method includes generating a composite machine readable code based on the one or more machine readable codes. The generation of composite machine readable code further include, at least one authentication attribute of an assignee. The method, furthermore, includes receiving a second transaction request through a second transaction terminal. The second transaction request includes the composite machine readable code. The method facilitates the combined transaction based on authentication of the composite machine readable code, wherein the combined transaction is associated with the one or more scheduled transactions.