Patent ID: 8914302

Claim:
A system for authenticating and authorizing a payment transaction, comprising: a transaction matching subsystem configured to: receive and process transaction parameters provided by a mobile wireless communications instrument, wherein the transaction parameters provided by the mobile wireless communications instrument include the geographical location of the mobile wireless communications instrument; receive and process transaction parameters provided by a point-of-sale device, wherein the transaction parameters provided by the point-of-sale device include the geographical location of the point-of-sale device; and authenticate and authorize the payment transaction, wherein the transaction parameters provided by the mobile wireless communications instrument further include a first payment sum; the transaction parameters provided by the point-of-sale device further include a second payment sum; the transaction matching subsystem is configured to authenticate and authorize the transaction based on a relationship between the geographical location of the mobile wireless communications instrument, the geographical location of the point-of-sale device, and the first and second payment sums; at least one vendor point-of-sale device operatively connectable to the mobile wireless communications instrument and is adapted to provide the location of the at least one vendor point-of-sale device; and an executable program operatively connected to the mobile wireless communications instrument and to the at least one vendor point-of-sale device for automatically initiating a payment application and for authorizing and authenticating the financial transaction resulting from a matching of the location of the mobile wireless communications instrument, the location of the at least one vendor point-of-sale device, and an amount of the payment from the payment application.