Abstract: A system and method for initiating financial transactions utilize the display of a two-dimensional barcode on a mobile electronic device. A payor enters a sequence number pertaining to a prepaid transaction into a payor device and securely transmits these data to a payor bank. The bank generates a password-protected two-dimensional barcode using the sequence number. The barcode may be a QR code. The barcode and password are separately sent to a payee device, either directly from the bank or through the payor device using wireless communications such as MMS or NFC. Once the password is entered, the payee device displays the barcode on a screen so it may be scanned by a payee bank scanner or ATM scanner or submitted to a payee's financial services organization system. Scanning or submitting the barcode initiates the financial transaction.