MUMBAI, India, July 13 -- Intellectual Property India has published a patent application (202641081672 A) filed by Pranav Reddy on July 02, 2026, for Multifactor-Authenticated Multiparty Electronic Payment Processing System.
Inventor includes Pranav Reddy.
The application for the patent was published on July 10, 2026, under issue no. 28/2026.
Abstract: Abstract Disclosed is a multifactor-authenticated multiparty electronic payment processing system comprising a biometric payment card, a payment computing device, and a payment gateway application. The biometric payment card authenticates cardholder biometric data and provides encrypted card transaction data through a near-field communication interface after successful authentication. The payment computing device receives the encrypted card transaction data through a near-field communication reader, derives transaction information including a payment amount, receives recipient information, and verifies a device-side authentication input. The payment gateway application determines whether the payment amount is to be transferred to a single recipient or divided among multiple recipients, generates corresponding payment instructions, establishes an encrypted communication session with an external authorized payment gateway, obtains and verifies a final payment authorization input, releases the payment instructions after verification, monitors transaction status during an active transaction session, and performs retrying, retransmitting, holding, or aborting for a failed payment instruction. Fig. 1 Dated July 2, 2026 / Kumar Tushar Srivastava IN/PA-3973 Agent for the Applicant
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