Integrated payment system and method for managing payment transactions within an input interface

1. An integrated payment system, comprising:

a memory storing a plurality of computer program instructions; and

a hardware processor operatively coupled to the memory, wherein the hardware processor is configured to execute the plurality of computer program instructions to:

present a payment interface element at an input interface of a messaging application on a user device;

receive a selection of the payment interface element, wherein the payment interface element on the input interface of the user device is configured to be operated independently of the messaging application;

detect a recipient for a payment transaction, during an interaction between at least two user devices through the messaging application based on the selection of the payment interface element;

present an identifier corresponding to the detected recipient, wherein the identifier represents account information of the recipient, a phone number, an account number, a payment gateway identifier, and a transaction address; and

execute a payment transaction between the user device and the recipient based on the identifier; wherein the payment interface element is a currency icon, or a pay icon, and wherein the payment interface element is displayed on a bar which is arranged above the input interface, and wherein the hardware processor is configured to execute the plurality of computer program instructions to identify context of the interaction between a user corresponding to the user device and the recipient, and render a notification of payment options available on the input interface based on the context, and wherein the detection of recipient includes at least one of identification of bank accounts or a unified payments interface (UPI) accounts linked to at least one of an account number, a phone number, or other identifier of the recipient, and wherein the integrated payment system determines a context of the interaction between the users and renders a notification of payment options available to the users within the input interface, on at least one of the input interface and the Graphical User Interface (GUI) of the user application, and wherein the integrated payment system generates and renders prompts regarding a context of a current communication or chat between users, and wherein the integrated payment system detects the context in real time and provides a prompt within the input interface from which the users access payment screens, when the context is related to payments or finance, and wherein the hardware processor is configured to execute the plurality of computer program instructions to execute the complete process of linking directly from within the input interface, thereby precluding a requirement for switching between applications on the user device to perform basic account setup operations and making the linking process more convenient for the user, if a bank account or a UPI account is not connected or linked to the input interface, and wherein the integrated payment system on the recipient's user device generates a sharable quick response (QR) code with the recipient's UPI ID that is shared with the user and allows the user to scan the QR code and proceed to enter the payment amount on the payment screen, when the user selects the option to send a payment by scanning the QR code, and wherein the integrated payment system on the user's device allows the user to scan any UPI QR code to detect a virtual payment address (VPA) and proceed with payment transactions.

2. The system of claim 1 , wherein the hardware processor is configured to execute the plurality of computer program instructions to generate transaction information corresponding to the executed payment transaction, and wherein the hardware processor is configured to execute the plurality of computer program instructions to send the generated transaction information to the recipient through a programmatic simulation of an action key press.

3. The system of claim 1 , wherein the hardware processor is configured to execute the plurality of computer program instructions to access a payment gateway from the input interface of the messaging application, and link the identifier of the detected recipient to the payment gateway within the input interface, and wherein the hardware processor is configured to execute the plurality of computer program instructions to link at least one of an account number, a phone number, or other identifier of the recipient to at least one of identification of bank accounts or a unified payments interface (UPI) account of the recipient.

4. The system of claim 1 , wherein the hardware processor is configured to execute the plurality of computer program instructions to execute transaction management operations, and wherein the transaction management operations comprise at least one of an account setup operation, a payment transfer operation, a payment collection operation, an invitation, a support operation, and a balance enquiry handling operation.

5. A computer implemented method comprising a plurality of computer program instructions stored on a non-transitory computer readable storage medium and run on a hardware processor in an integrated payment system to execute an integrated payment method, the method comprising steps of:

presenting, by a hardware processor, a payment interface element at an input interface of a messaging application on a user device by the hardware processor, and wherein the hardware processor is configured to execute the plurality of computer program instructions to present the payment interface element;

receiving, by the hardware processor, a selection of the payment interface element, by the hardware processor, and wherein the hardware processor is configured to execute the plurality of computer program instructions to receive the selection of the payment interface element, and wherein the payment interface element on the input interface of the user device is executed executes independently of the messaging application;

detecting, by the hardware processor, a recipient for a payment transaction during an interaction between at least two user devices through the messaging application based on the selection of the payment interface element, and wherein the hardware processor is configured to execute the plurality of computer program instructions to detect the recipient for the payment transaction;

presenting, by the hardware processor, an identifier corresponding to the detected recipient, and wherein the hardware processor is configured to execute the plurality of computer program instructions to present the identifier, and wherein the identifier represents account information of the recipient; and

executing, by the hardware processor, a payment transaction between the user device and the recipient based on the identifier, by the hardware processor, and wherein the hardware processor is configured to execute the plurality of computer program instructions to execute the payment transaction;

identifying context of the interaction between a user corresponding to the user device and the recipient, and rendering a notification of payment options available on the input interface based on the context by executing the plurality of computer program instruction with the hardware processor, and wherein the detection of recipient includes at least one of identification of bank accounts or a unified payments interface (UPI) accounts linked to at least one of an account number, a phone number, or other identifier of the recipient;

wherein the payment interface element is a currency icon, or a pay icon, and wherein the payment interface element is displayed on a bar which is arranged above the input interface, and wherein the identifier represents account information of the recipient, a phone number, an account number, a payment gateway identifier, and a transaction address, and wherein the integrated payment system determines a context of the interaction between the users and renders a notification of payment options available to the users within the input interface, on at least one of the input interface and the Graphical User Interface (GUI) of the user application, and wherein the integrated payment system generates and renders prompts regarding a context of a current communication or chat between users, and wherein the integrated payment system detects the context in real time and provides a prompt within the input interface from which the users access payment screens, when the context is related to payments or finance, and wherein the hardware processor is configured to execute the plurality of computer program instructions to execute the complete process of linking directly from within the input interface, thereby precluding a requirement for switching between applications on the user device to perform basic account setup operations and making the linking process more convenient for the user, if a bank account or a UPI account is not connected or linked to the input interface, and wherein the integrated payment system on the recipient's user device generates a sharable quick response (QR) code with the recipient's UPI ID that is shared with the user and allows the user to scan the QR code and proceed to enter the payment amount on the payment screen, when the user selects the option to send a payment by scanning the QR code, and wherein the integrated payment system on the user's device allows the user to scan any UPI QR code to detect a virtual payment address (VPA) and proceed with payment transactions.

6. The method of claim 5 comprises generating, by the hardware processor, transaction information corresponding to the executed payment transaction and sending the generated transaction information to the recipient through a programmatic simulation of an action key press, and wherein the hardware processor is configured to execute computer program instructions to generate and send the transaction information.

7. The method of claim 5 comprises accessing a payment gateway from the input interface of the messaging application and linking the identifier of the detected recipient to the payment gateway within the input interface, and wherein the step of linking the identifier comprises linking at least one of an account number, a phone number, or other identifier of the recipient to at least one of identification of bank accounts or a unified payments interface (UPI) account of the recipient.

8. The method of claim 5 comprises executing transaction management operations, and wherein the transaction management operations comprise at least one of an account setup operation, a payment transfer operation, a payment collection operation, an invitation, a support operation, and a balance enquiry handling operation.