Patent ID: 8145568

Claim:
A mobile phone comprising: a display for presenting information relating to a plurality of selectable payees, a plurality of selectable payment methods, and a plurality of selectable payment sources for making a payment, the plurality of selectable payment sources comprising financial service providers at which at least one account selectable for making a payment is maintained, the plurality of selectable payment methods comprising a plurality of financial instruments for effecting the payment to a payee; a user input receiving user selection of a payee from the plurality of selectable payees, user selection of a manner or form of payment from the plurality of selectable payment methods, and user selection of a payment source from the plurality of selectable payment sources; a wireless communications component for communicating with a mobile financial transaction system (MFTS) via a wireless network, the MFTS having stored therein preconfigured payee information associated with a plurality of payees; and a mobile phone processor operative to: present information on the display corresponding to the plurality of selectable payees based on the preconfigured payee information stored at the MFTS; present information on the display corresponding to the plurality of selectable payment methods for making a payment to a payee; receive via the user input corresponding to a selected payee from the plurality of selectable payees to which the payment is to be made, a selected manner or form of payment from the plurality of selectable payment methods, and a selected payment source from the plurality of selectable payment sources for making the payment; in response to the user input, generate a mobile payment instruction comprising information corresponding to the payment to be made to the selected payee, the selected manner or form of payment, and the selected payment source for making the payment; and wirelessly communicate via the wireless communications component the mobile payment instruction from the mobile phone to the MFTS for effecting the payment to the selected payee via the selected manner or form of payment and the selected payment source.