System and method for controlling financial transactions over a wireless network

Abstract

A system and method for controlling financial transactions is disclosed. A customer, using a wireless device, identifies a point of sale and the amount of a transaction at that point of sale is first communicated to a central service and then transmitted to the wireless device for display at the wireless device. The customer can either accept the transaction amount to complete the transaction or reject the amount to cancel the transaction. The customer may have to enter a password or personal identification number to verify the authorization to use the wireless financial system. The customer is billed for the transaction via credit, debit, ATM or other methods, such as the wireless carrier or an internet provider.

1 - 105 . (canceled) 
     
     
         106 . A method of paying merchants using a financial gateway having stored customer profiles, the customer profiles including payment information of at least one method of payment, the method comprising:
 receiving, at the financial gateway, customer identification data and a transaction amount from a point of sale terminal located at a merchant;   associating, at the financial gateway, the transaction amount with a selected one of the stored customer profiles using the customer identification data;   extracting, at the financial gateway, the payment information from the selected one of the stored customer profiles; and   instructing, by the financial gateway, a transfer of the transaction amount to the merchant using the payment information.   
     
     
         107 . The method of  claim 106 , wherein the extracted payment information includes at least two methods of payment and the method further comprises:
 determining, at the financial gateway, a preferred one of the at least two methods of payment using the customer profile; and   using, at the financial gateway, the preferred one of the methods of payment in the instructing a transfer.   
     
     
         108 . The method of  claim 106 , further comprising:
 determining, at the financial gateway, a financial institution from the payment information;   and wherein, in the instructing a transfer, the financial institution is instructed by the financial gateway to transfer the transaction amount to the merchant.   
     
     
         109 . The method of  claim 108 , wherein the financial institution is a bank, a credit card clearing house, a wireless provider's billing system or an internet provider's billing system. 
     
     
         110 . The method of  claim 106 , wherein the customer identification data is identification data of a wireless device. 
     
     
         111 . A financial gateway comprising:
 a communication link to a point of sale terminal located at a merchant;   a communication link to a first payment processing institution;   storage containing a plurality of customer profiles which include customer identification data and payment information of at least one method of payment at the first payment processing institution.   
     
     
         112 . The financial gateway of  claim 111 , further comprising:
 a communication link to a second payment processing institution;   and wherein the storage contains at least one customer profile including payment information of at least one method of payment at either or both of the first payment processing institution and the second payment processing institution.   
     
     
         113 . The financial gateway of  claim 112 , wherein the storage contains at least one customer profile that includes payment information of at least two methods of payment and further includes preference information of a preferred one of the at least two methods of payment. 
     
     
         114 . The financial gateway of  claim 111 , further comprising:
 a communication link to a wireless network;   and wherein the storage contains at least one customer profile that includes customer identification data which is an identification of a wireless device on the wireless network.