Patent ID: 7930249

Claim:
A point-of-sale payment system, comprising: a mobile wireless communications instrument adapted to receive, store, process and transmit data, wherein the data includes at least financial data associated with one or more payment instruments; a wireless communications network operatively connectable to the mobile wireless communications instrument, wherein the wireless communications network includes a data transmission subsystem adapted to receive, store, process and transmit data across the wireless communications network; a data processing system housed in the portable wireless communications instrument adapted to receive, store, and transmit programmable payment instructions in connection with one more payment instruments; a point-of-sale device operatively connectable to the mobile wireless communications instrument adapted to receive and process payment data, wherein the point-of-sale device also is operatively connected to a credit network; and a position determination system operatively connectable to the wireless communications instrument, to the wireless communications network, and to the data transmission subsystem adapted to provide at least the location of the mobile wireless communications instrument, wherein the data processing system includes one or more payment decision algorithms responsive to programmable preferences of a user of the mobile wireless communications instrument, wherein the one or more payment decision algorithms responsive to programmable preferences of a user is responsive to location information provided across the position determination system, and wherein the location information provided across the position determination system is used to identify which of a plurality of payment instruments is preferred by the user for debiting a payment sum.