MUMBAI, India, Aug. 29 -- Intellectual Property India has published a patent application (202441012970 A) filed by Manish Agarwal, Bangalore, Karnataka, on Feb. 22, 2024, for 'systems and methods for processing digital transaction.'
Inventor(s) include Manish Agarwal.
The application for the patent was published on Aug. 29, under issue no. 35/2025.
According to the abstract released by the Intellectual Property India: "The present invention discloses a system, method, and apparatus for processing digital transactions using virtual payment identifiers (VPI). A public server (102) is configured to receive and verify merchant information, issuing a unique merchant identifier (UMID) in response. A user device (104) generates a merchant-specific VPI based on the UMID and transmits it to a financial institution server (106) for registration. The financial institution links the VPI with predefined transaction rules, enabling secure and efficient transaction processing. A payment processing server (108) handles payment requests, authorizing transactions and linking them with a transaction identifier (TID) to confirm completion. The system ensures transaction integrity through robust verification mechanisms, supporting diverse merchant information formats and providing users with enhanced control and security. illustrates the system architecture."
Disclaimer: Curated by HT Syndication.
