Apple inc. (20240330920). END-TO-END MERCHANT-BASED TRANSACTION AUTHORIZATION simplified abstract
Contents
END-TO-END MERCHANT-BASED TRANSACTION AUTHORIZATION
Organization Name
Inventor(s)
Abde N. Faruqui of San Jose CA (US)
END-TO-END MERCHANT-BASED TRANSACTION AUTHORIZATION - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240330920 titled 'END-TO-END MERCHANT-BASED TRANSACTION AUTHORIZATION
The subject system described in the abstract is a processor circuit that handles payment credential requests and authorizations for transactions.
- The processor circuit receives a payment credential request with a requested amount.
- It provides a payment credential and a payment account with a corresponding balance for the requested amount.
- The system receives an authorization request from a merchant system for a transaction with an authorization amount.
- It authorizes the transaction amount if it is less than or equal to the requested amount.
- If the authorization amount exceeds the requested amount by a threshold, it authorizes the transaction based on the merchant identifier.
Potential Applications: - This technology can be used in payment processing systems for online transactions. - It can be integrated into mobile payment applications for secure and efficient transactions. - Financial institutions can utilize this system for managing payment authorizations and accounts.
Problems Solved: - Streamlines the payment authorization process for merchants and customers. - Enhances security by ensuring that transactions are authorized based on predefined criteria. - Improves efficiency by automating the payment credential provisioning and authorization process.
Benefits: - Increased security for payment transactions. - Simplified payment processing for merchants and customers. - Enhanced user experience with faster and more reliable transactions.
Commercial Applications: Title: Secure Payment Authorization System for E-commerce Platforms This technology can be implemented by e-commerce platforms to ensure secure and efficient payment processing for online transactions. It can help businesses streamline their payment authorization processes and provide a seamless experience for customers, leading to increased trust and loyalty.
Questions about Secure Payment Authorization System: 1. How does this technology improve the security of payment transactions? - The system enhances security by authorizing transactions based on predefined criteria and merchant identifiers, reducing the risk of fraudulent activities.
2. What are the potential implications of this technology for the e-commerce industry? - The technology can revolutionize the way e-commerce platforms handle payment processing, leading to improved efficiency and customer satisfaction.
Original Abstract Submitted
the subject system may be implemented by a processor circuit configured to receive a payment credential request, wherein the payment credential request comprises a requested amount, provision, in response to the payment credential request, a payment credential and a payment account corresponding to the payment credential, wherein the payment account is associated with a balance corresponding to the requested amount, receive, from a merchant system, an authorization request of a transaction for an authorization amount, wherein the authorization request comprises the payment credential and a merchant identifier of the merchant system, authorize the authorization amount when the authorization amount is less than or equal to the requested amount, and when the authorization amount exceeds the requested amount by a threshold amount, authorize the authorization amount based at least in part on the merchant identifier.
