System and method for a mobile wallet

摘要

A computer-implemented system and method includes receiving a request to perform a transaction between a user having a mobile device and the user having account at a financial institution and a merchant. The method includes determining a first location of the user based on a location of the mobile device and the method includes determining a second location of the user based on a location of the merchant. The first and second locations are compared to ensure a match between the two locations. The method further includes receiving an identifier that is embedded in a code that is displayable on the mobile device. The method includes transmitting an indication that the transaction has been completed based on the identifier and based on the match of the first and second location.

主权项

1. A computer-implemented method, comprising:
receiving a request to initiate a financial transaction between an account holder with a mobile device and a merchant; generating a code, using a processor, that is displayable on the mobile device and scannable at a point of sale, including embedding in the code a transaction identification number, a geographic location of the mobile device, a timestamp for the financial transaction; sending the code to the mobile device or the merchant for the other of the mobile device and the merchant to scan at the point of sale and transmit to a financial institution to request a transfer of funds from an account held by the account holder; receiving the code; and sending the requested funds to the merchant upon authenticating the transaction using the code.