Patent ID: 8983873
Filing Date: 2015-03-17
Classification: G06Q,G07F

Abstract:
1. A method of conducting electronic credit payments to a payment acquirer using a credit payment unit and a payment server, said credit payment unit comprising a smart card, a card reader device comprising electrical and physical interfaces required to fulfil EMV level 1 and a mobile phone, and said payment server comprising processing logic and data required to process a smart card application in order to perform an EMV transaction fulfilling EMV level 2, wherein said card reader device stores a reader serial number and said payment server stores a master reader key, said method comprising: initializing said credit payment unit wherein said initializing comprises: said card reader device communicating said reader serial number via said mobile phone to said payment server; said payment server deriving a reader key based on said communicated reader serial number and said master reader key; said card reader device reading smart card information from said smart card, and encrypting said smart card information using said reader key; communicating, using said mobile phone, said encrypted smart card information from said card reader device to said payment server; decrypting, by said payment server, said encrypted smart card information using said reader key; verifying, by said payment server, said smart card information; based on the verifying, said mobile phone receiving payment details and a user signature from a user; communicating, by said mobile phone, said payment details and said signature to said payment server; and communicating, by said payment server, said payment details to said payment acquirer.