PAYMENT SYSTEM AND METHOD OF OPERATION

摘要

The present invention relates to a method and system for transferring funds between a merchant and purchaser. The transaction is initiated using a POS terminal (3). An encrypted transaction message is sent between the POS terminal (3) and a switch (8) that arranges a transfer of funds. The POS terminal (3) obtains a master key from a web server (7) for encrypting further key exchanges. The POS terminal (3) also receives configuration data from the switch 8 for configuring operation of the POS terminal (3).