Abstract: A payment system that enables parties to conduct financial transaction between person to person, person to business, business to business, person to a group of people, group of people to a person etc. (collectively called users) using mobile and non-mobile interfaces for online and physical points of transaction. The system also enables users to share funds between each other. Shared funds are accessible by the beneficiary user as if the funds are available in his/her account. However, when the shared funds are selected to make a payment, the funds are debited from the benefactor's account up to the set limits. The system prevents the exposure of critical account information between users while sharing or paying, to prevent fraudulent activities. In addition, the system enables users to seamlessly verify each other's identity prior to executing transaction. The system allows for real time transaction between parties, without limitations on proximity.

Abstract: A mobile payment system for facilitating secure financial transactions in person-to-person, person-to-business, business-to-business, person-to-a-group-of-people, group-of-people-to-a-person, etc. using mobile and non-mobile user interfaces for online and physical points of transaction using a standard procedure for various circumstances locally and internationally. The system involves use of a specially-configured QR code which is displayed by a payee, and scanned by a payor using a specially-configured software application running on a smartphone or other computing devices. The QR code communicates a payee-identification code and instructions for initiating a payment transaction. The application interprets the QR code and processes the data contained therein to complete a payment transaction in accordance with the instructions.