Abstract: A system and method for forming transactions between a first mobile user and a merchant is set forth. An issuing bank and acquiring bank may also be provided for receiving and transferring funds. A transaction controller coupled to the mobile user device, the merchant device, the issuing bank, and the acquiring bank may be used to securely control the transactions therebetween. The transaction controller verifies the first user and receives a transaction amount corresponding to the transaction from the first user. The transfer of money is performed by the transaction controller between the issuing bank and the receiving bank in response to receiving the transaction amount.