WO2018203273A1

WO2018203273A1 - Decentralized electronic transaction system and method

Info

Publication number: WO2018203273A1
Application number: PCT/IB2018/053077
Authority: WO
Inventors: Lum JI HSIANG
Original assignee: Ji Hsiang Lum
Priority date: 2017-05-04
Filing date: 2018-05-03
Publication date: 2018-11-08

Abstract

A decentralized electronic transaction system (10) and method, comprising a sender device (12), and a recipient device (14), wherein each device (12, 14) includes a memory (16, 17) and a processing module coupled to the memory (16, 17). Each device (12, 14) includes a communication interface for connection and communication between the devices. In this system, the processing module receives a transfer request from the sender device to process an electronic transaction for an amount of money, then authenticates a sender (11) of the sender device (12) or a recipient (13) of the recipient device (14), and provides a cryptographically secure communication for transferring and receiving the electronic money. The processing module may perform an on-line payment processing when there is connection between the sender device (12) and the recipient device (14). The processing module may also perform an off-line payment processing when the recipient device (14) is not physically present for connection with the sender device (12), where the payment data will be stored in the sender device memory (16) and propagated until it reaches the intended recipient device (17).

Description

DECENTRALIZED ELECTRONIC TRANSACTION SYSTEM AND METHOD

FIELD OF THE INVENTION The present invention relates generally to the field of electronic transaction processing, more particularly, relates to a system and method for use in a decentralized electronic transaction system to perform financial transactions.

BACKGROUND OF THE INVENTION

Electronic financial transaction systems to effect payments of goods and services have been known for some time. The electronic financial transaction systems such as credit cards, debit cards and bank accounts permit a user to perform monetary transactions electronically with merchants that provide goods and services, and are extremely convenient for the user. However, security of the electronic transactions is the main concern today as the number of fraudulent cases has increased tremendously. Fraudulent electronic transactions especially in credit cards via the Internet could be committed easily because credit cards need not be physically provided at the time of processing the transaction to validate the transactions over the Internet. Hence, fraudsters who have accessed to the data of the credit cards such as credit card number, name and expiration date could commit fraud via internet transactions.

In most of the electronic transactions particularly in credit cards, a centralized electronic transaction system is used for authenticating and performing transaction processing. The parties involved in payment processing include a card holder, a card issuer and a merchant. The card holder is a user who is issued a credit card. The card issuer may be a financial institution that issues a credit card to the user and the merchant is a business owner or service provider that may accept payment using credit card. The credit card information which is provided by the card holder or electronically extracted from the data stored in the magnetic data strip of the credit card will be processed to authenticate the legitimate card holder and to validate the electronic transaction. During the authorization process, the credit card information provided by the card holder to the merchant will be relayed to the card issuer for authentication in the centralized transaction system. The card issuer verifies the card information before sending back an authorization response to the merchant to authorize the transaction. These are time-consuming processes and verification. Furthermore, the information of the card holder is shared amongst the various parties in the entire system. In order to reduce the risk of unauthorized use of the credit card, one example of the method for improving security of electronic transactions is the additional verification process where a password or other verification information is associated with the card. The card holder will need to provide the password or other verification information for the verification process when purchasing goods or services online.

On the other hand, disputed use transactions pose financial risks to merchants as they are subject to possible charge-backs of payment transactions. This may occur when the card holder disputes that a transaction occurred even though they have indeed initiated the transaction but have changed their mind.

This invention thus aims to alleviate some or all of the problems of the prior art.

SUMMARY OF THE INVENTION

In accordance with an aspect of the invention, there is provided a decentralized electronic transaction system for performing financial transactions. The decentralized electronic transaction system comprises a sender device and a recipient device, wherein each device includes a memory that stores electronic money and a record of previous transactions, and a processing module coupled to the memory. The sender device and the recipient device are equipped with communication interface for connecting the sender device and the recipient device.

In an embodiment, the processing module is configured to receive a transfer request from the sender device to process an electronic transaction for an amount of money, where the transfer request includes the recipient data. The processing module is also configured to authenticate a sender of the sender device or a recipient of the recipient device and to provide a cryptographically secure communication for transferring and receiving the electronic money. The processing module may perform an on-line payment processing when the sender device and the recipient device are connected with each other through the communication interface. The processing module may also perform an off-line payment processing when the recipient device is not physically present for connection and communication with the sender device, where the payment data will be stored in the sender device memory and propagated until it reaches the intended recipient device.

In one embodiment of the invention, the system further comprises a synchronization server having a cloud hosted main database for data synchronization for both on-line and off-line electronic transactions.

In an embodiment, the communication interface of each device includes a terminal connector for electrical communication between the sender device and the recipient device.

In another embodiment of the invention, the terminal connector of the sender device includes at least one conductive connector to be coupled to a corresponding conductive connector of the recipient device. The terminal connector of the sender device may be a pair of male and female connectors for mating with the corresponding terminal connector of the recipient device. In yet another embodiment of the invention, each device further comprises a keypad for providing information and response to the device, and a display for displaying the information stored in the device. In an embodiment, the communication interface of each device comprises a short range transceiver operatively connected to the processing module for short range wireless communication between the devices for performing electronic transaction.

In accordance with another aspect of the invention, there is provided a method for use in a decentralized electronic transaction system. The method comprises the steps of receiving at the sender device a transfer request to process an electronic transaction for an amount of money, where the transfer request includes the recipient data. The method further comprises the steps of authenticating a sender of the sender device or a recipient of the recipient device, requesting for connection at the sender device with the recipient device to begin a transaction, if connection between the sender device and the recipient device is established where they are connected with each other through the communication interface, performing an online payment processing, if the recipient device is not physically present for connection and communication with the sender device, performing an off-line payment processing by storing and propagating the payment data in a sender device memory until it reaches the intended recipient device, and providing a cryptographically secure communication by using appropriate encryption and decryption keys for transferring and receiving the electronic money. In an embodiment, the connection between the sender device and the recipient device is established using a terminal connector.

In an embodiment, the step of authenticating the sender or recipient comprises receiving a sender input or a recipient input of an authentication data, comparing the sender input or the recipient input with the authentication data stored in a sender device memory or a recipient device memory, and if a match is found, providing a response to the authentication request to the sender device or the recipient device.

In another embodiment, the step of performing an on-line payment processing comprises debiting the balance stored in the sender device memory, transferring the funds data to the balance stored in a recipient device memory, storing the transaction data in both the sender device memory and the recipient device memory, and synchronizing in each device all transaction records that the sender device or the recipient device has performed.

In yet another embodiment, the payment data stored in the sender device memory in the off-line payment processing, may be synchronized and uploaded to a synchronization server having a main database when the sender device is connected to a device capable of sending short message service (SMS) messages over a cellular network or to a device capable of internet access.

In still another embodiment, in the off-line payment processing, the transaction between the sender and the recipient devices is electronically completed when the intended recipient device connects to the synchronization server either by synchronizing with the main database in whole or by sending a single transaction via a cellular SMS network.

In an embodiment, the sender is a consumer and the recipient is a merchant or a vendor.

In another embodiment, the connection between the sender device and the recipient device is established using short range wireless communication.

In accordance with another aspect of the invention, there is provided an electronic payment card device comprising a processing module, a keypad operatively connected to the processing module for entering input, and a memory coupled to the processing module for storing transaction related data. The processing module includes at least one communication interface capable of connecting with a counterpart device for performing a transaction electronically, the processing module capable of performing an on-line payment processing to execute the transaction when there is connection between the device and the counterpart device through their communication interfaces, and performing an off-line payment processing to store the transaction data in the memory and to propagate the data until it reaches the intended counterpart device when there is no connection detected.

In an embodiment the communication interface includes a terminal connector capable of electrically connecting with the counterpart device to establish connection for performing a transaction electronically. In an embodiment, the terminal connector includes a pair of male and female connectors.

In another embodiment, the communication interface comprises a short range transceiver capable of wirelessly connecting with the counterpart device to establish connection for performing a transaction electronically.

In an embodiment, the device further comprises a display for displaying the transaction related data. In an embodiment, the device is a pocket sized electronic payment card device.

Other features and aspects of the disclosed technology will become apparent from the following detailed description, taken in conjunction with the accompanying drawings, which illustrate, by way of example, the features in accordance with embodiments of the disclosed technology. The summary is not intended to limit the scope of any inventions described herein, which are defined solely by the claims attached hereto.

BRIEF DESCRIPTION OF THE DRAWINGS

Embodiments of the invention will now be described by way of example only, and with reference to the accompanying drawings in which:

Figure 1 shows a schematic illustration of an embodiment of a decentralized electronic transaction system according to the invention;

Figure 2 shows an embodiment of the electronic device of the present invention;

Figure 3 shows a flowchart of an embodiment of a method in accordance with the present invention; and

Figure 4 illustrates the public key asymmetric encryption method of encrypting communication between two users. DETAILED DESCRIPTION OF THE EMBODIMENTS

Figure 1 shows a decentralized electronic transaction system (10) which has the capability of performing both on-line and off-line electronic transactions. The system (10) includes a sender device (12) operated by a sender (11), a recipient device (14) operated by a recipient (13), and a synchronization server which includes a cloud hosted main database (15) for the purpose of data synchronization. The sender (11) is a person who transfers an amount to the recipient (13). In one embodiment of the invention, the sender (11) includes a consumer and the recipient (13) includes a merchant or a vendor. Both sender and recipient devices (12, 14) are equipped with communication interface for connecting to each other for transaction communication as shown in Figure 2. The communication interface may include a terminal connector (18) or a short range wireless transceiver. The terminal connector (18) of the sender device (12) may include at least one conductive connector to be coupled to the corresponding conductive connector of the recipient device (14). For example, the sender device (12) can be equipped with a male connector and the recipient device (14) can be equipped with a corresponding female connector or vice versa. In one embodiment of the invention, the conductive connector may be a pair of male and female connectors as shown in Figure 2.

The embodiments are generally described with reference to the sender, who may alternatively be referred to as the cardholder or the payer of the transaction.

In one embodiment of the invention, the sender and the recipient devices (12, 14) are electronic cards where each card may include a keypad (19) for providing transaction related data or response to the device (12, 14), and a display (20) for displaying the transaction related data. The electronic card may be a smart payment card with embedded integrated circuit that includes a processing module (not shown) and a memory. The electronic card may be a pocket sized electronic payment card device. In this system, the sender device (12) includes a sender device memory (16) and the recipient device (14) includes a recipient device memory (17) as shown in Figure 1. In some embodiments, the memory can be part of the processing module. Both sender (16) and recipient (17) memory can store a record of previous transactions involving the devices (12, 14). The smart payment card of the present embodiment could be a preloaded value card and provided with communication means for contact with an automated teller machine (ATM), vending machine or other terminals for loading value onto the card. All load transactions will be authorized by the cardholder entering his PIN.

The smart payment card may have additional component such as an authentication application which includes security features that must be authenticated prior to a transaction being completed. This authentication application may be conducted through the use of the authentication data such as a Personal Identification Number (PIN) code, a passcode and so forth. The authentication data of the sender authorized to use the sender device (12) is stored in the sender device memory (16). The processing module of the device (12) is a processor or controller configured to perform the functions of the electronic transaction system such as identification, authentication and application processing, and to execute the authentication application stored in the sender device memory (16).

Each processing module of the sender device (12) and the recipient device (14) may include a short range transceiver which enables the sender device (12) to communicate with the recipient device (14) over a short range wireless communication. That is, upon authorization, the transaction data of the sender device (12) may be synchronized or transmitted, via the short range wireless transmissions, to the recipient device (14). The transceivers of the devices (12, 14) may utilize the Bluetooth, Wi-Fi, near-field communications (NFC) or infrared communication protocols for the short range wireless communications between the devices (12, 14).

In another embodiment, the sender and the recipient devices (12, 14) may be card reader devices which include a housing having a slot configured for receiving a card to link to the card for transaction processing. The card reader devices may also include a keypad for providing information or response to the device and a display for displaying information. The electronic card may be a smart payment card with embedded integrated circuit that includes a processing module and a memory.

Figure 3 illustrates an authentication and transaction processing of the decentralized electronic transaction system (10). To initiate an electronic transaction from the sender device (12) at a standby mode (30), the sender (11) enters (21) the amount to be transferred using the keypad (19) provided on the sender device (12), and the recipient (13) data. Based on the recipient (13) data and the amount to be transferred, a transfer request is formed. The processing module of the sender device (12) receives (22) the transfer request and performs (23) a balance check on the sender's account. The processing module determines whether or not the sender's account has sufficient balance for the transaction by communicating to the sender device memory (16) to query the sender data. If there are sufficient funds in the sender's account, the sender (11) will then be prompted to provide (24) the PIN or passcode. The sender (11) may enter the PIN or passcode using the keypad (19) of the sender device (12) for obtaining authorization from the authentication application. If there are insufficient funds in the sender's account, the processing module will send an error message (41) to be displayed at the display (20) of the sender device (12). If the PIN or passcode provided by the sender matches the record in the sender device memory (16), the processing module sends a notification which will be shown on the display (20) that the sender (11) is authenticated and a request (25) for connection with the counterparty to be established to begin the transaction. If the PINs do not match, then the processing module sends a notification (26) to the display (20) that the sender (11) is not authorized. The sender (11) is granted the opportunity to change or correct the incorrect information provided. However, if a predetermined number of attempts to provide the correct PIN or passcode still fail, a lockout of the sender device (12) will be activated (27) and the transaction processing will be terminated.

After the sender (11) is authenticated, the sender (11) is required to perform the connection (25) with the counterpart within a predetermined connection time. If no connection between the sender device (12) and the recipient device (14) is detected within the predetermined connection time, the sender device (12) will be routed back to the standby mode (30). If there is a connection between the sender device (12) and the recipient device (14) within the predetermined connection time, a new electronic transaction will be created (29). The connection between the sender device (12) and the recipient device (14) could be established when both devices (12, 14) are connected or mated with each other through the communication interface for a transaction. The connection between the sender device (12) and the recipient device (14) could also be established using short range wireless communication.

Upon approval of the transaction, the balance stored in the sender device memory (16) will be debited and the funds data will be transferred to credit the balance stored in the recipient device memory (17). A new balance confirmation (31) of the sender and recipient account will be displayed respectively on the display (20) of the sender and recipient devices (12, 14). After the sender (11) has completed the financial transaction using the sender device (12) with the recipient device (14), data items relating to the transaction are stored in the sender device memory (16) of the sender device (12) and the recipient device memory (17) of the recipient device (14).

The sender device memory (16) of the sender device (12) and the recipient device memory (17) of the recipient device (14) may store all transaction related data items that the sender device (12) or the recipient device (14) has performed and all transactions of all the devices that the sender device (12) or the recipient device (14) has been connected with. During the connection, both sender device memory (16) and recipient device memory (17) synchronize their transaction records. Upon synchronization, each sender or recipient device (12, 14) contains all transactions of the counterpart that were not previously present in its own memory. The transaction data stored in the memory of the device will be synchronized (34) and uploaded to the main database (15) of the synchronization server when the device (12, 14) is plugged to a computer with communication network connection (33) or through the data connection (32) of a smartphone. Once the transaction data stored in the memory of the device has been synced to the main database, all the transaction data involving the same device will be grouped together to form a cluster. The decentralized electronic transaction system of the present invention also allows a new transaction to be performed in an off-line transaction when the recipient device (14) is not physically present and no connection is made between the devices involved in the transaction. In this offline transaction, the sender (11) enters (21) the amount to be transferred, the recipient data (36) such as the card number, as well as the PIN code for authentication. The processing module of the system determines (37) whether a valid transaction data packet is received. If valid transaction data packet is received, the transaction data packet will be processed (38) and stored in the sender device memory (16). The sender (11) may continue to perform other unrelated transactions. If the transaction data packet received is not valid, the processing module will send an error message (39) to the sender device (12).

This new transaction will be stored in the sender device memory (16) and the sender (11) may continue to perform other unrelated transactions. When an unrelated transaction is performed, the new transaction stored in the sender device memory (16) will be propagated and it continues to propagate until it reaches the intended recipient device (17) or until the sender device (12) is connected (32) to a phone or other device with short message service (SMS) capability. When the cellular SMS network is available, the sender device (12) will send a text message to the synchronization server containing only that single transaction data, which will then be synchronized (34) with the main database (15) and held for transmission to the recipient device (14). This transaction is completed (35) when the intended recipient device (14) is connected to the synchronization server either by synchronizing with the main database (15) in whole or by sending a single transaction via the cellular SMS network. One skilled in the art will appreciate that other data networks such as cellular network and the Internet may also be utilized for synchronization with the synchronization server. Other methods of synchronization over feature phones are also envisioned, such as the use of an acoustic coupler. The method of forwarding the transaction data packets from the memory of the sender or recipient device depends on the configuration and the size of the trading network. For smaller network environment, the system will perform a complete forwarding of the transaction data packets to be synced with the main database (15) of the synchronization server. This permits the device to operate in fully autonomous mode when no internet access is available. Even without access to the synchronization server, the devices can perform authentication using a hash tree structure such as a Merkle tree structure to ensure that there are no unauthorized devices providing inconsistent forwards into the network. Set of transactions in a block is hashed in a form of a tree. The integrity of the transaction data packets is verified during the forwards between the devices by comparing the blocks of transaction records. When inconsistencies of the records are detected, both sender and recipient devices will be marked or identified. Once the number of record inconsistencies detected on the device which has been marked or identified reaches a threshold value, the device will be blocked. In larger network environments, the number of transaction data packets that can be synced with the main database in each synchronization is based on the distance fields of the devices (12, 14) from each other in the transaction network. The distance field indicates the number of transaction data packets forwarding undergone since being created. The distance can vary widely since there are multiple possible paths through the network. In one embodiment of the invention, the minimum packet forwarding distance will be chosen as being true distance of the devices from each another. In another embodiment of the invention, the mean distance will be chosen as the true distance. Figure 4 illustrates the existing public key asymmetric encryption method of encrypting communication between two users, and in this example referred to as Alice and Bob. This method is the most widely used method for providing secure web transactions in several network protocols such as Transport Layer Security (TLS). Alice, the sender, wishes to initiate an electronic transaction to pay Bob, the recipient, an amount of electronic money. Each user has a pair of keys, namely a private key, which is to be kept secret by the user, and a public key, which can be known by anyone. When a session is established, Alice enters the amount to be transferred to Bob. If Bob responds to accept the transaction, the desired amount will be transferred to Bob. Some of the advantages of the present embodiment include the user to perform financial transaction in a decentralized electronic transaction system which eliminates the necessity of having a central server online in real time for validating each transaction. The present embodiment has the ability to allow user to perform a secure payment processing when there is an actual connection between the device and the counterpart device and even when the counterpart device is not physically present for the transaction. Another advantage of the present embodiment is that the device is a pocket sized electronic payment card device for easy handling for performing financial transactions. Although a preferred embodiment of the present invention has been described in detail by way of examples with reference to the accompanying drawings, it should be understood that various changes, substitutions, and modifications can be made herein without departing from the scope of the invention as defined by the appended claims.

Claims

1. A decentralized electronic transaction system (10), comprising:

a sender device (12); and

a recipient device (14),

wherein each device (12, 14) includes:

a memory (16, 17) that stores transaction related data which includes electronic money and a record of previous transactions;

a communication interface for connecting the sender device (12) and the recipient device (14); and

a processing module coupled to the memory (16, 17), the processing module configured to:

receive a transfer request from the sender device (12) to process an electronic transaction for an amount of money, where the transfer request includes the recipient data;

authenticate a sender (11) of the sender device (12) or a recipient (13) of the recipient device (14); and

provide a cryptographically secure communication for transferring and receiving the electronic money,

wherein the processing module performs an on-line payment processing when the sender device (12) and the recipient device (14) are connected with each other through the communication interface, and performs an off-line payment processing when the recipient device (14) is not physically present for connection and communication with the sender device (12), where the transaction data will be stored in the sender device memory (16) and propagated until it reaches the intended recipient device (17).

2. The decentralized electronic transaction system (10) as claimed in claim 1, wherein the communication interface of each device includes a terminal connector (18) for electrical communication between the sender device (12) and the recipient device (14).

3. The decentralized electronic transaction system (10) as claimed in claim 2, wherein the terminal connector (18) of the sender device (12) includes at least one conductive connector to be coupled to a corresponding conductive connector of the terminal connector (18) of the recipient device (14).

4. The decentralized electronic transaction system (10) as claimed in claim 2 or 3, wherein the terminal connector (18) of the sender device (12) includes a pair of male and female connectors and the terminal connector (18) of the recipient device (14) includes a complementary pair of male and female connectors for mating the sender device (12) with the recipient device (14).

5. The decentralized electronic transaction system (10) as claimed in any one of claims 1 to 4, wherein the communication interface of each device (12, 14) comprises a short range transceiver operatively connected to the processing module for short range wireless communication between the devices for performing electronic transaction.

6. The decentralized electronic transaction system (10) as claimed in any one of claims 1 to 5, wherein each device (12, 14) further comprises:

a keypad (19) for providing information and response to the device (12, 14); and

a display (20) for displaying the information stored in the device (12, 14).

7. The decentralized electronic transaction system (10) as claimed in any one of claims 1 to 6, wherein the device (12, 14) is an electronic card.

8. The decentralized electronic transaction system (10) as claimed in any one of claims 1 to 7, wherein the device (12, 14) is a smart payment card.

9. The decentralized electronic transaction system (10) as claimed in any one of claims 1 to 8, wherein the device (12, 14) is a preloaded value card.

10. The decentralized electronic transaction system (10) as claimed in any one of claims 1 to 9, wherein the system (10) further comprises a synchronization server having a cloud hosted main database (15) for data synchronization for both on-line and off-line electronic transactions.

11. A method for use in the decentralized electronic transaction system as claimed in any one of claims 1 to 10, the method comprising the steps of:

receiving (22) at the sender device (12) a transfer request to process an electronic transaction for an amount of money, where the transfer request includes the recipient data;

authenticating (24) a sender (11) of the sender device (12) or a recipient (13) of the recipient device (14);

requesting (25) for connection at the sender device (12) with the recipient device (14) to begin a transaction;

if connection between the sender device (12) and the recipient device (14) is established where they are connected with each other through the communication interface, performing (29) an on-line payment processing;

if the recipient device (14) is not physically present for connection and communication with the sender device (12), performing an off-line payment processing by storing the transaction data in a sender device memory (16) and propagating until it reaches the intended recipient device (14); and

providing a cryptographically secure communication by using appropriate encryption and decryption keys for transferring and receiving the electronic money.

12. The method as claimed in claim 11, wherein the connection between the sender device (12) and the recipient device (14) is established using a terminal connector (18).

13. The method as claimed in claim 11, wherein the connection between the sender device (12) and the recipient device (14) is established using short range wireless communication.

14. The method as claimed in any one of claims 11 to 13, wherein the step of authenticating (24) the sender (11) comprises:

receiving a sender input of an authentication data;

comparing the sender input with the authentication data stored in a sender device memory (16); and

if a match is found, providing a response to the authentication request to the sender device (12).

15. The method as claimed in any one of claims 11 to 14, wherein the step of authenticating (24) the recipient (13) comprises:

receiving a recipient input of an authentication data;

comparing the recipient input with the authentication data stored in a recipient device memory (17); and

if a match is found, providing a response to the authentication request to the recipient device (13).

16. The method as claimed any one of claims 11 to 15, wherein the step of authenticating uses a personal identification number or a passcode.

17. The method as claimed any one of claims 11 to 16, wherein the method further comprises the step of performing a balance check on the sender device (12) to determine if there are sufficient funds for the transaction.

18. The method as claimed in any one of claims 11 to 17, wherein the step of performing an on-line payment processing comprises:

debiting the balance stored in the sender device memory (16);

transferring the funds data to the balance stored in the recipient device memory (17);

storing the transaction data in both the sender device memory (16) and the recipient device memory (17); and synchronizing in each device (12, 14) all transaction records that the sender device (12) or the recipient device (14) has performed.

19. The method as claimed in any claims 11 to 18, wherein the transaction data stored in the sender device memory (16) in the off-line payment processing, is synchronized (34) and uploaded to a synchronization server having a main database (15) when the sender device (12) is connected to a device capable of sending short message service (SMS) messages over a cellular network or to a device capable of internet access.

20. The method as claimed in any one of claims 11 to 19, wherein in the off-line payment processing, the transaction between the sender device (12) and the recipient device (14) is electronically completed when the intended recipient device (14) connects to the synchronization server either by synchronizing with the main database (15) in whole or by sending a single transaction via a cellular SMS network.

21. The method as claimed in any one of claims 11 to 20, wherein the sender (11) is a consumer.

22. The method as claimed in any one of claims 11 to 21, wherein the recipient (13) is a merchant or a vendor.

23. An electronic payment card device comprising:

a processing module;

a keypad (19) operatively connected to the processing module for entering input; and

a memory coupled to the processing module for storing transaction related data,

wherein the processing module includes at least one communication interface capable of connecting with a counterpart device for performing a transaction electronically, the processing module capable of performing an on-line payment processing to execute the transaction when there is connection between the device and the counterpart device through their communication interfaces, and performing an off-line payment processing to store the transaction data in the memory and to propagate the data until it reaches the intended counterpart device when there is no connection detected.

24. The electronic payment card device as claimed in claim 23, wherein the communication interface includes a terminal connector (18) capable of electrically connecting with the counterpart device to establish connection for performing a transaction electronically.

25. The electronic payment card device as claimed in claim 24, wherein the terminal connector (18) includes a pair of male and female connectors.

26. The electronic payment card device as claimed in any one of claims 23 to 25, wherein the communication interface comprises a short range transceiver capable of wirelessly connecting with the counterpart device to establish connection for performing a transaction electronically.

27. The electronic payment card device as claimed in any one of claims 23 to 26, wherein the device further comprises a display (20) for displaying the transaction related data.

28. The electronic payment card device as claimed in any one of claims 23 to 27, wherein the device is a pocket sized electronic payment card device.