Method and system of managing micro financial transactions on mobile communication device

摘要

Abstract METHOD AND SYSTEM OF MANAGING MICRO FINANCIAL TRANSACTIONS ON MOBILE COMMUNICATION DEVICE The present invention relates to the system and method for facilitating an electronic financial transaction between a sender and receiver via mobile communication device based payment gateway over a communicating network. The mobile communication device is hosted with an electronic -wallet function that uses encrypted messages or a Bluetooth network to make payment transactions. The invention obviates the need for involving traditional banking accounts for executing fund transfer between the two wallets and provides a logical extension to the current banking systems by enabling cash withdrawal and deposition from the wallet to the bank account and vice versa for the purposes of replenishing the wallet with sufficient amount.