Systems and methods for processing a financial transaction

US9842332B2 · kind B2 · utility

Assignee

• American Megatrends, Inc. · US

Inventors

• Brian Richardson · Tucson, US
• Govind Kothandapani · Snellville, US

Key dates

• Filing date: Mar 17, 2014
• Grant date: Dec 12, 2017
• Expiry date: Jan 27, 2035

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q20/3276
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

Systems and methods for processing a financial transaction are provided. A representative system of processing a financial transaction comprises a product dispensing device that encodes and outputs public transaction data related to a purchasable item. A portable computing device receives the public transaction data and encodes a payment data with the received public transaction data. A payment processing server receives and processes the encoded data, and determines whether a transaction can be completed based on the encoded data. Responsive to determining that the transaction is completed, the payment processing server generates and transmits an authentication data based on the encoded data. The portable computing device receives and outputs the authentication data. The product dispensing device receives the authentication data, verifies payment based on the received authentication data, and provides the purchasable item to a customer who is operating the portable computing device.