Patent ID: 8875995

Claim:
A computer operated method for operating a virtual cash system comprising: storing at a processing center a first account record, the first account record associated with a first wireless device, the first account record comprising a first amount of virtual cash; storing at the processing center a security code, wherein the security code includes data for verification of security information; storing at the processing center a second account record, the second account record associated with a merchant; receiving at the processing center a communication from a communications network, the communication from the communications network comprising: an identifier for the second account record associated with a merchant; an identifier for the first account record associated with the first wireless device; security information; and an instruction to transfer a second amount of virtual cash from the first account record to the second account record; verifying the security information at the processing center by reference to the security code; comparing the second amount of virtual cash to the first amount of virtual cash; and transmitting the verification of the security information over the communications network.