Abstract: The invention pertains to a transaction system and method of conducting a transaction. Particularly, the invention pertains to a transaction system and method of conducting a transaction wherein the transaction is initiated by the consumer using a mobile device with a unique identifier. The consumer initiates the transaction by entering a vendor provided transaction initiation code into the mobile device. The transaction identifier code and unique identifier of the mobile device is transmitted to a server. Using the unique identifier the server can retrieve pre-existing transaction options specific to the unique identifier of the mobile device. The transaction options can either be transmitted to the mobile device to allow the consumer to input any preferences relating to the transaction options or to a vendor sales system of a vendor for further processing.