Processing electronic payment involving mobile communication device

A computer-implemented method for processing data related to an electronic transaction involving a consumer and a merchant, the method comprising:

• an electronic payment device of the merchant generating authorization data embodying data of a transaction involving the consumer and the merchant, the authorization data being encoded with data of a transaction involving the consumer and the merchant;
• establishing a near field communication connection between an electronic payment device of the merchant and a mobile communication device of the consumer when the electronic payment device and the mobile communication device are in contact with or located in proximity to each other, the electronic payment device transmitting the authorization data to the mobile communication device through the near field communication connection;
• transmitting the authorization data from the mobile communication device through a first network to a first computer hosting respective data of respective electronic payment instruments of respective consumers;
• decoding the authorization data received from the mobile communication device;
• storing the authorization data and associated transaction data in a database of or accessed by the first computer to associate the authorization data, the transaction data and the electronic payment instrument data of the consumer;
• the electronic payment device transmitting the authorization data through a second network to a second computer of an electronic payment processor;
• transmitting the authorization data and transaction data from the second computer through a third network to the first computer to request electronic payment data of the consumer, wherein the authorization data is decoded;
• searching the database to determine electronic payment data and transaction data corresponding to the authorization data received at the first computer from the second computer;
• comparing the transaction data stored in the database and the transaction data received from the second computer;
• if the transaction data received from the second computer matches the transaction data stored in the database, transmitting the determined electronic payment data from the first computer to the second computer;
• and
• completing the transaction utilizing the second computer, wherein the mobile communication device serves as a mobile wallet without transmitting data of an electronic payment instrument utilized by the consumer to the electronic payment device, and the authorization data is to be used by the first computer to determine whether payment to the merchant should be authorized to complete the transaction involving the mobile communication device.