An electronic payment system for a point-of-sale device to transfer funds from a purchaser account to a merchant account, the electronic payment system comprising: a mobile wireless communications device configured to: when activated by a user, autonomously generate a unique purchaser transaction ID assigned to a specific transaction, send the purchaser transaction ID and purchaser account access information to a payment processor server, and send the purchaser transaction ID to a POS device; the POS device configured to receive the purchaser transaction ID and send the purchaser transaction ID as a merchant transaction identification and transaction information to a point-of-sale service provider server, the transaction information comprising a merchant identifier and a transaction amount; a point-of-sale service provider server configured to receive the merchant transaction identification and transaction information from the POS device and send the merchant transaction identification and transaction information to a payment processor server; a payment processor server configured to receive the purchaser transaction ID, purchaser account access information, the merchant transaction identification and transaction information, and further configured to send the transaction information to said mobile wireless communications device if the merchant transaction ID matches the purchaser transaction ID; said mobile wireless communications device also configured to display, and enable user modification of, the transaction amount and to send confirmation of the transaction information to said payment processor server; said payment processor server also configured to effect a transfer of funds from the purchaser account to the merchant account based upon the confirmation of the transaction information and the purchaser account access information. a mobile wireless communications device configured to: when activated by a user, autonomously generate a unique purchaser transaction ID assigned to a specific transaction, send the purchaser transaction ID and purchaser account access information to a payment processor server, and send the purchaser transaction ID to a POS device; when activated by a user, autonomously generate a unique purchaser transaction ID assigned to a specific transaction, send the purchaser transaction ID and purchaser account access information to a payment processor server, and send the purchaser transaction ID to a POS device; the POS device configured to receive the purchaser transaction ID and send the purchaser transaction ID as a merchant transaction identification and transaction information to a point-of-sale service provider server, the transaction information comprising a merchant identifier and a transaction amount; a point-of-sale service provider server configured to receive the merchant transaction identification and transaction information from the POS device and send the merchant transaction identification and transaction information to a payment processor server; a payment processor server configured to receive the purchaser transaction ID, purchaser account access information, the merchant transaction identification and transaction information, and further configured to send the transaction information to said mobile wireless communications device if the merchant transaction ID matches the purchaser transaction ID; said mobile wireless communications device also configured to display, and enable user modification of, the transaction amount and to send confirmation of the transaction information to said payment processor server; said payment processor server also configured to effect a transfer of funds from the purchaser account to the merchant account based upon the confirmation of the transaction information and the purchaser account access information.