SYSTEM AND METHOD FOR SECURE ELECTRONIC TRANSACTION

摘要

The various embodiments herein provide a system for a secure electronic transaction. The system comprises a dongle connected to a computing device for reading an electronic card data, a client application running on the client device for collecting a transaction information from a customer, a service provider system connected to the computing device through a first communication network for transmitting the collected transaction information and the audio signal from the computing device to the service provider system, a production server located at the service provider system for processing the received card data, a payment server for processing the audio signal, a second communication network for transmitting a processed card data from the production server to a payment system and a payment gateway running on the payment system for interfacing with the service provider system. The payment system performs the financial transaction by authenticating the customer and a merchant.

主权项

1. A system for a secure electronic transaction comprising:
a dongle connected to a computing device for reading an electronic card data, wherein the dongle comprises a magnetic card reader for reading a swipe data, and wherein the swipe data is in the form of analog signals and is a unique data for the electronic card, a microchip for decoding, tokenizing, transforming, encrypting, modulating and representing a swipe data and a personal identification number (PIN) data as an audio signal, a flash for storing a dongle ID, a serial number of the dongle and a public key, and wherein the dongle ID and the serial number of the dongle are paired at a time of manufacturing the dongle, a battery for a power supply, and a retractable connecting plug, and wherein the retractable connecting plug connects the dongle to the computing device through a connecting port, and wherein the connecting port is at least one of an audio jack or a mini universal serial bus (USB); a client application running on a client device for collecting a transaction information from a customer, and wherein the client application provides a scrambled keypad for preventing an onlooker from detecting a personal identification number (PIN) entered by the customer; a service provider system connected to the computing device through a first communication network for transmitting the collected transaction information and the audio signal from the computing device to the service provider system, and wherein the first communication network is an internet protocol (IP) network; a production server located at the service provider system for processing the received card data, and wherein the production server comprises a gateway server for interfacing the client application and the production server, and wherein the gateway server conducts an authentication, firewalling and load balancing operations, a payment database for storing an information about the dongle, an analytics database, and wherein the analytics database stores a metadata, a frequency of a plurality of swipes for the electronic card, a plurality of fraud patterns and a plurality of customer spend patterns, a payment server for processing the audio signal, and wherein the payment server comprises a decoder for decoding the audio signal, a decryption engine loaded with a decryption algorithm for converting a cipher text to a normal text using a private key, wherein the private key is generated randomly by the payment server using a global unique identification (GUID) number and wherein the GUID is generated at the payment server based on the paired dongle ID and the serial number of the dongle; a second communication network for transmitting a processed card data from the production server to a payment system, and wherein the second communication network is an IP network; and a payment gateway running on the payment system for interfacing with the service provider system, and wherein the payment gateway interfaces a plurality of financial institutions to complete a financial transaction, and wherein the payment system performs the financial transaction by authenticating the customer and a merchant.