A system and method of processing transactions from crypto wallets

A system and method of processing transactions from crypto wallets

A method of processing a payment transaction using cryptocurrency. It aims to enable paying for goods or services offered in fiat currency by using a mobile crypto wallet balance. A transaction authorisation request is received from a merchant 2. The authorisation request contains a consumer token r...

Ausführliche Beschreibung

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Bibliographische Detailangaben
Hauptverfasser: Christopher Linder, Shanthan Subramaniam, Mukul Tripathi, Sandeep Malhotra
Format: Patent
Sprache:eng
Schlagworte:
CALCULATING
COMPUTING
COUNTING
DATA PROCESSING SYSTEMS OR METHODS, SPECIALLY ADAPTED FORADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORYOR FORECASTING PURPOSES
PHYSICS
SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE,COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTINGPURPOSES, NOT OTHERWISE PROVIDED FOR
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Beschreibung
Zusammenfassung:A method of processing a payment transaction using cryptocurrency. It aims to enable paying for goods or services offered in fiat currency by using a mobile crypto wallet balance. A transaction authorisation request is received from a merchant 2. The authorisation request contains a consumer token representing a tokenised crypto identifier associated with a consumer account 406 at a crypto wallet entity 400. The consumer token is detokenized to recover the crypto identifier and determine the associated crypto wallet entity 400. The authorisation request and crypto identifier are forwarded to the crypto wallet entity 400. A transaction approval message is received from the crypto wallet entity 400 and sent to an acquirer 3. A settlement advice message 532 is sent to a settlement bank 416 to settle the transaction between the crypto wallet entity 400 and acquirer 3. A method of generating the consumer token, mapping it to the crypto identifier and sending it to a consumer computing device is also disclosed.