Patent ID: 7454232

Claim:
A system for transfer of electronic money, comprising: a back-end server, the back-end server including a transaction engine; and a cell phone adapted to communicate with the back-end server, the cell phone including: a transceiver adapted to transmit and receive information; a processor adapted to process information received and transmitted through the transceiver; and an internal data storage unit including memory which stores electronic money, the data storage unit containing instructions that when executed by the processor enable the cell phone to: receive and store user financial information including credit or debit card account information in said storage unit; receive a request for electronic money; begin communication with the back-end server for the purpose of transmitting the user financial information and the request after receiving the user financial information and the request; automatically transmit the user financial information and the request to the back-end server using the transceiver; and receive and store in said memory the requested electronic money from the back-end server; wherein the transaction engine is adapted to receive the user financial information and the request in order to authorize the request; and wherein the electronic money is transmitted directly from said memory in said cell phone with said cell phone functioning as a point of sale device to complete purchases.