Patent ID: 7908220

Claim:
A method of purchasing goods by a customer at a vendor point of sale terminal using a cellular telephone number of the cellular telephone and a telephone number of the vendor point of sale terminal, linked to a first and second bank account, respectively, comprising: displaying by a cellular telephone a transaction card; receiving input data onto the transaction card by the cellular telephone wherein the input data comprises an amount for the goods, a telephone number of the vendor point of sale terminal, a cellular telephone number of the cellular telephone and a personal identity code; transmitting the input data of the transaction card to a cellular network; identifying by the cellular network the first bank account using the telephone number of the cellular phone from the input data; determining by the cellular network that the account has funds at least equal to the amount of goods and transferring the funds by the cellular network from the first bank account to the second bank account; and based on the transferring of funds, transmitting a balance for the first account to the cellular telephone and a balance for the second account to the point of sale terminal.