Method and system for reversing a selection of a payment method for a specific transaction

A system of reselecting of a payment device of a plurality of payment methods associated with a consolidated payment device, the consolidated payment device being associated with a plurality of payment methods and enabling a holder of the consolidated payment device to use any of the payment methods with which the consolidated payment device is associated, where a transaction has been finalized, the system comprising:

• a payment selection module implemented on a computer processor at a remote server, obtaining, a transaction request initiated by a holder of a consolidated payment method, wherein the transaction request indicates a first payment method of said plurality of payment methods;
• a transaction authorization module, implemented on said computer processor, configured to authorize the transaction request, following a process that comprises verifying sufficient funds on the first payment method;
• and
• a post transaction payment selection module, implemented on said computer processor, configured to receive a reselection request indicating a second payment method which is different than the first payment method,
• and
• wherein the transaction authorization module is configured to authorize the transaction request with the second payment method and initiate a cancel and refund process for the transaction with the first payment method.

A non-transitory computer readable medium for reselecting of a payment method of a plurality of payment methods associated with a consolidated payment device, the consolidated payment device being associated with a plurality of payment methods and enabling a holder of the consolidated payment device to use any of the payment methods with which the consolidated payment device is associated, where a transaction has been finalized, the non-transitory computer readable medium comprising a set of instructions that when executed cause at least one computer processor to:

• obtain, a transaction request initiated by a holder of a consolidated payment device, wherein the transaction request indicates a first payment method of said plurality of payment methods;
• authorize the transaction request, following a process that comprises verifying sufficient funds on the first payment method;
• receive, a reselection request indicating a second payment method which is different than the first payment method;
• and
• authorize the transaction request with the second payment method and initiate a cancel and refund process for the transaction with the first payment method.