Patent ID: 7461010

Claim:
A computer readable storage medium storing instructions that, when executed by a computer to perform a method for payment or fund transfer transactions, the method comprising: providing at least a centralized payment processor linked to networks connecting to at least a telecommunication carrier provider's server having telecommunication accounts and corresponding account identifiers; providing a wireless communication device; the payment processor receiving at least a transfer amount, a payee's account identifier upon initiation of a transaction over a first network from payer; the payment processor receiving at least a payer's account identifier from said payer; the payment processor receiving at least a password from said payer; the payment processor transmitting said payer's account identifier, said password and said amount to said payer's telecommunication carrier provider for authentication; the payment processor transmitting said payee's account identifier to said payee's telecommunication carrier provider for authentication; if said authentications are both approved, includes a further step by the payment processor transmitting to said payer's carrier provider to record a debit entry for said transfer amount in said payer's account and transmitting to said payee's carrier provider to record a credit entry for same for said payee's account; and whereby said payment processor is a single point of contact to process transactions between payer and payee having accounts with different telecommunication carrier providers without said providers communicating with each other over said networks.