<p>The present application discusses a system and method for effecting remittance of funds (100) wherein an initiating party (101) sends a request (110) for remittance of funds of a specified denomination to an intended recipient (102) via mobile handset (109) to a central access number which is associated system. System (100) then verifies the request before generating a unique (32) character alphanumeric token (117). The system then proceeds to transmit (115) the first (25) characters (117a) (session ID), of the (32) character alphanumeric token (117) under an SSL connection to the recipient's (102) mobile phone (114). A WAP session is then opened on the recipient's mobile utilising the session ID (117a) to download a barcode (116) which includes the last (7) characters (Verification Number) (117b), of the (32) character alphanumeric token (117). The barcode is then scanned to effect remittance to the specified denomination to the intended recipient (102).</p>
