Abstract: A reverse payment transaction system and method in which the consumer, rather than disclosing his financial details, acquires a unique reference code associated with a bill registered by the merchant in a payment processor database. The consumer then acquits the payment through a trusted channel of choice. The method comprising the steps of providing a payment identifier associated with the purchase to the consumer, receiving at a point-of-sale the payment identifier from the consumer, providing the payment identifier from the point-of-sale to a payment processor, receiving the invoice at the point-of-sale from the payment processor, receiving payment from the consumer at the point-of sale, indicating to the payment processor that payment of the invoice was made, generating on the payment processor a receipt and providing the receipt to the point-of-sale.