Abstract: The present disclosure provides a payment management system for processing electronic payments between user and merchant terminals, and is operable to receive a payment request from the merchant terminal for the payment of one or more goods and services, display a premium rate phone number on the user terminal, receive an incoming call for the premium rate phone number, answer the caller with a predefined audio message, hold the incoming call for at least first predefined time period when the mobile phone number of the caller is same as the mobile phone number in the payment request, receive a confirmation message regarding successful completion of the call to the premium rate phone number, charge the mobile phone service provider for the payment of one or more goods and services, and pay the merchant terminal for the one or more goods and services.