Mastercard Incorporated
Methods and systems for IoT enabled payments

Abstract:

The present disclosure relates to methods and systems for placing and processing a payment transaction for an order for one or more products. A method of processing a payment transaction for an order for one or more products is provided. The method comprises: receiving an authorization request message comprising: a token PAN associated with a payment account and with an electronic device configured to detect the presence of the one or more products. It is determined that the payment transaction should be processed according to a delayed clearing protocol. A clearing presentment file comprising at least one clearing presentment message is received. The payment transaction is processed according to a delayed clearing protocol by determining whether the network server has received a receipt message from the electronic device and, if not, returning an error message to the first financial intuition indicating that the clearing presentment message has been rejected.