SYSTEM AND METHOD OF USING WIRELESS COMMUNICATION DEVICES TO CONDUCT FINANCIAL TRANSACTIONS

摘要

A system and method of using wireless communication devices to conduct financial transactions involving the transfer of funds between e-cash accounts. The system having at least one merchant unit connected to a central processing unit, each merchant unit having means for receiving a signal from the central processing unit authorising the transaction; the central processing unit being associated with a database for storing data relating to consumers of the e-cash funds transfer system, and having: means for receiving consumer data from a consumer device, preferably a mobile telephone; means for checking the validity of said received data; and means for transmitting authorisation data to the merchant unit.