Abstract: A person to person cash transfer transaction method using mobile phones comprising the steps of: —sender sends a transfer command to the recipient containing the transfer amount, sender's PIN and the recipient's mobile number; —telco verifies if the sender's mobile phone cash account has sufficient balance to effect the transfer of the amount of virtual cash being transferred; —telco deducts the sender's mobile phone cash account with the amount of virtual cash to e transferred and credits the same amount of recipient's mobile phone cash account; —sender and recipient receive SMS acknowledgment with confirmation number from telco; —recipient if registered may not use the virtual cash for any financial transaction.

Abstract: The method of converting cash into virtual cash and loaded into a mobile phone cash account using telco's cash product services comprising the steps of: —customer going to outlet to convert cash into virtual cash using telco's product services; —customer filling up forms, showing identification; —frontliner of outlet verifying customer's identification; —frontliner accessing the device and keying command containing—customer's information, reference number of registration form, —customer's or 3rd party-recipient's mobile phone number and amount of cash to be converted to virtual cash and sends this to telco; —frontliner collecting cash to be converted to virtual cash and the service fee and issues receipt to the customer; —customer receiving SMs acknowledgment from telco that the cash has been converted to virtual cash and loaded in the recipient's mobile phone cash account; —frontliner's device receiving a message from telco (with format matching the device) of acknowledgement with confirmation number.