Patent ID: 8160959

Claim:
A mobile phone comprising: a display for presenting information relating to a plurality of selectable payment sources, each payment source comprising a financial service provider at which one or more accounts are maintained, a plurality of selectable payment methods, and a plurality of selectable payments to make, the plurality of selectable payments to make comprises unpaid payment obligations of a mobile phone user; a user input for receiving user selection of a payment source from the plurality of selectable payment sources, user selection of a payment method from the plurality of selectable payment methods, and user selection of a payment to make from the plurality of selectable payments to make, the plurality of selectable payment methods includes a recipient-defined method; a wireless communications component for communicating with a mobile financial transaction system (MFTS) via a wireless network; and a mobile phone processor operative to: receive summarized payment to make information from the MFTS transmitted wirelessly to the mobile phone via the wireless communications component, the summarized payment to make information comprising a predetermined selected subset of the payment to make information stored at the MFTS; present information on the mobile phone display corresponding to the plurality of selectable payments to make, the plurality of selectable payments to make including the summarized payment to make information received from the MFTS; present information on the mobile phone display corresponding to the plurality of selectable payment sources for making a payment; present information on the mobile phone display corresponding to the plurality of selectable payment methods for making the payment, the plurality of selectable payment methods comprises a plurality of financial instruments for effecting the payment to a payee; receive via the user, input corresponding to selection of a payment to make from the plurality of selectable payments to make, selection of a payment source from the plurality of selectable payment sources, and selection of a payment method from the plurality of selectable payment methods for making the payment, the plurality of selectable payment methods includes a recipient-defined method; generate a mobile payment instruction comprising information corresponding to the selected payment to make, the selected payment source, and the selected payment method for making the payment; and wirelessly communicate the mobile payment instruction via the wireless communications component to the MFTS for effecting the payment to an identified payee associated with the selected payment to make via the selected payment method.