MUMBAI, India, Oct. 11 -- Intellectual Property India has published a patent application (202441008231 A) filed by Manish Agarwal, Bangalore, Karnataka, on April 7, 2024, for 'systems and methods for processing digital transactions.'
Inventor(s) include Manish Agarwal.
The application for the patent was published on Oct. 10, under issue no. 41/2025.
According to the abstract released by the Intellectual Property India: "The present invention discloses a method for processing digital payments using encrypted user verification data (EUVED). A secure communication channel is established between a merchant and its financial institution through cryptographic key exchange. The merchant application generates UVED comprising multiple transaction-specific parameters, encrypts it, and embeds it into a machine-readable code. This code, containing payment details, is shared with the sender. Upon payment initiation and successful remittance, a transaction identifier (TID) is generated and validated. The EUVED is signed, decrypted, and verified against stored data to finalize the transaction. illustrates the transaction process."
Disclaimer: Curated by HT Syndication.
