Patent ID: 8117125

Claim:
A method for facilitating a financial transaction over a first network comprising: issuing a locked programmable memory device to a first user, wherein the programmable memory device contains at least the following for formulating payment instructions, network address instructions for an issuer of the programmable memory device, a first user's financial account information, and an encryption program; unlocking the programmable memory device at the first user with a first user's predetermined personal identification number; programming the programmable memory device at the first user to include a first user identification profile and a private/public key pair using the encryption program; issuing software to a second user, wherein the software includes payment information of the second user including a second user's financial account information and further wherein the software is capable of interacting with the programmable memory device over the first network; forming a connection between the programmable memory device and the software; receiving across the connection the payment instructions; adding the second user's payment information to the payment instructions; storing the second user's payment information in a programmable memory device of the second user for settlement processing of the financial transaction along with at least one other financial transaction; routing the payment information and the payment instructions to an issuer utilizing the network address instructions; receiving the payment information and the payment instructions, wherein the issuer is capable of accessing at least one of the first user's financial account information and a second user's financial account information; authorizing the financial transaction by authenticating the first user and the second user; and providing the authorization of the financial transaction to the second user for confirmation.