Computing system implementing a network transaction service

A computer system implementing a network transaction service, the computer system comprising:

• a network communication interface being remotely connected, over one or more wireless networks, to mobile computing devices of users of the network transaction service, the network transaction service comprising a shared fund account for the users to utilize with registered merchants of the network transaction service;
• one or more processors;
• and
• a memory storing instructions that, when executed by the one or more processors, cause the computer system to:
• receive, via the network communication interface, request data from a mobile computing device of a requesting user of the network transaction service, the request data identifying the requesting user and comprising (i) position data indicating a current location of the requesting user, and (ii) a transaction request to utilize the network transaction service at a merchant location of a registered merchant of the network transaction service;
• in response to receiving the request data, (i) determine a merchant account of the registered merchant, the merchant account being linked to the network transaction service, and (ii) identify a customer account of the requesting user;
• and
• based on the request data, (i) initiate, over the one or more wireless networks, a first transfer operation to transfer funds from the shared fund account of the network transaction service to the merchant account to fulfill the transaction request from the requesting user, and (ii) initiate, over the one or more wireless networks, a second transfer operation to transfer funds from the customer account of the requesting user to the shared fund account in an amount corresponding to the transaction request.