Abstract: A method of managing some or all financial aspects of a commercial transaction entered into by a vendor and a consumer, and automatically and using a portable, internet enabled telecommunications device by the consumer, effecting payment by the consumer, extending to processing of payments by third parties such as banks, the Federal Reserve system, and the like. The method may include supporting elements such as establishing or accessing credit, issuing payment reminders, applying discounts, maintaining and transmitting transaction and account information, issuing coupons and gift cards, managing installment purchases, and transmitting postings pertaining to commercial transactions to social networking sites. All necessary inputs from the consumer may be of the type entered into the portable telecommunications device.

Abstract: A method for managing a transaction includes receiving merchant information. Then a merchant account may be established with the merchant information. Consumer information may also be received whereby a consumer account may be established. The consumer and merchant may then be associated. Payment instructions may be received and the merchant account may be credited in the amount from the payment instructions.