Digital Payment Paired Strings between Customers and Banks

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