MUMBAI, India, March 14 -- Intellectual Property India has published a patent application (202441067402 A) filed by Finnew Solutions Private Limited, Bangalore, Karnataka, on Sept. 6, 2024, for 'a system and method to simulate card-based international transactions.'
Inventor(s) include Ravi Ranjan.
The application for the patent was published on March 13, under issue no. 11/2026.
According to the abstract released by the Intellectual Property India: "The present invention discloses a system 100 for simulating card-based international transactions. The system comprises a user interface module 110 where the customer can select a country, input transaction details, and select a card to use for the simulation modes (payment methods). A transaction simulation module 120 is configured to simulate different transaction scenarios, which include ATM withdrawal, POS, and e-commerce. During the simulation, the transactions use dummy money. This module retrieves and processes information on international transaction charges and exceptions, including Forex charges, TCS charges, ATM withdrawal charges, and VISA currency converter charges on real time, utilizing APIs. A feedback module 130 provides real-time feedback to the user regarding the potential success or failure of the simulated transactions and provides information like card activation status, transaction limits, etc. Further, the system is equipped to perform real-time unit trial transactions with a banking entity in a different country. The system helps users understand various charges and exceptions for using different payment cards during international transactions."
Disclaimer: Curated by HT Syndication.
