Digital Payment
Paired Strings between Customers and Banks
Paired Payment strings contain the details of the payer and
the payee integrated with the payer’s bank. It is impossible to take the benefit
for a different pair other than the intended receiver.
Allowing the user to make a mistake and then correcting is
not the right approach rather don’t allow the mistake to happen. We prepare a
drawing first, before constructing and then complete the building as per the
plan. Before completing the transaction it is secured by verifying the
destination entry and the destination address and then carried out. Millions of
unauthorized transactions can be prevented by this method.
Payment transaction flow should follow a triangular path to
ensure safety. Initiating a payment always starts with a pair of transaction
entries from the source, one to the bank and the other to the destination. Here
destination is the receiver who transfers the entry to the bank which ensures
the destination address and assures the ‘Account Payee’ feature. The banks role
is to authenticate the paired digital payment strings and allow them for
completing the transaction. The benefit of this method is that the accounting
is done at both the points of source and the destination with the corresponding
entries at the bank. The full payment cycle is completed.
As an
extension of UPI payments & receipts, a paired payer/payee address may be
created like one given below:
up@hdfcbank#upp@kotak
.
For the rever
