Abstract: A system and method for conducting payment transaction using a mobile device equipped with a NFC interrogator, comprising: creating a payer user account in a server and associating a payer mobile device with the payer user account; registering, by the server, a payee NFC identity tag; recording, by the server, a payment transaction and associating the payment transaction record to the payee NFC identity tag; interrogating the payee NFC identity tag by the payer mobile device; transmitting the acquired identifier of the payee NFC identity tag to the server; matching the received identifier to the associated payment transaction record; retrieving and sending to the payer mobile device the matched associated payment transaction information; displaying the payment transaction information in the payer mobile device for user confirmation; transmitting the confirmed information and the payer mobile device identification data to the server to complete the payment transaction.

Abstract: A system and method for conducting secure payment using mobile communication devices, comprising: creating a first user account and a second user account in a central processing server, wherein the first user account creation comprises pairing a first mobile communication device with the first user account; generating, by the central processing server or a second device, a QR code for the second user; optically capturing and decoding the QR code by the first mobile communication device; transmitting the decoded information along with a security PIN provided by the first user to the central processing server upon user verification and confirmation; upon the successful authentication of the first user, transferring funds from the first user account to the second user account; and sending, by the central processing server, to the first user and the second user a notification of the result of the funds transfer.