Abstract: A computer-based method and system for effecting a remote payment transaction involving the use of a mobile communications device. Using the described system and the communications device, a customer may electronically purchase goods, services, remit payments, track loyalty bonuses and effect enhanced personal financial account management with less effort, increased convenience and user-authorized security features for account access and manipulation. Using a mobile communications device, the customer instructs the remote payment system to provide funds to a merchant, where the funds are transferred from a customer account to a merchant account. If desired, the system automatically manages the value of these accounts by interacting with external financial accounts, such as bank accounts. The system also monitors transaction frequency and average account value to calculate a bonus to reward the customer's loyalty.