MUMBAI, India, July 25 -- Intellectual Property India has published a patent application (202311060049 A) filed by Rajeev Malhotra; and Rhea Malhotra, Ashburn, U.S.A., on Jan. 15, 2024, for 'system and method for automating the extraction of transaction data and generation of virtual card.'
Inventor(s) include Rajeev Malhotra; and Rhea Malhotra.
The application for the patent was published on July 25, under issue no. 30/2025.
According to the abstract released by the Intellectual Property India: "A system and method for implementing secure electronic transactions through an Alt-Card Network infrastructure. The system generates and processes multiple specialized token types including Active Payment Tokens (APT), Pending Authorization Tokens (PAT), and Customer-Merchant Tokens (CMT), each serving distinct transaction needs. The invention implements comprehensive registration frameworks with cascading transaction method structures, enabling secure Alt-Card creation for transaction intermediation. The system incorporates multiple payment processing implementations including QR code-based physical transactions, NFC-enabled contactless payments, and browser extension-based online processing. Specialized token variants such as Active Payment Token-on-File (APToF) and Active Payment Token Plus (APT+) enable enhanced functionality for recurring payments and improved reconciliation. The invention maintains robust security protocols throughout token generation and processing while enabling seamless integration with existing financial infrastructure, providing a complete solution for modern digital transaction needs."
Disclaimer: Curated by HT Syndication.
