- What is this patent about?
Answer: This patent makes QR based payments safer.
- What is the difference of this with other QR based payments we use every day?
Answer: You will usually come across two kinds of QR based payments:
2.1) A static QR that includes payee ID and shown as a sticker or plastic stand: This has the following issues:
- Amount needs to be entered by payer, leading to possible human errors and fraud
- Somebody can stick a different QR on top and divert payments to their account.
- There is no easy way to reconcile the payments.
2.2) A dynamic QR shown on an electronic display such as mobile phone, tablet or website that includes payee ID and amount. This has the following issues:
- The QR code is not automatically extinguished once payment is received. This allows for multiple payments to be received and is open to fraud.
- There is no easy way to reconcile the payments since multiple transactions can be made against it.
2.3) The technology in this patent describes a system wherein a transaction-specific, unique-QR code including the payee ID, amount and transaction-specific identifier is created. This QR code automatically extinguishes once payment is received against it. This has the following benefits:
- No human errors since amount is embedded in code.
- No possibility of fraud since only one successful payment can be done against one QR instance.
- Full reconciliation.
- What kind of QR transactions can it be used with?
Answer: It can be used for any kind of QR transactions, including payment transactions, where for one payment request, only one response should be received.
- Can this technology be used by anyone?
Answer: Any organization can license this technology from Innoviti and make products using it.