Payment system and method

A method for facilitating a transaction between a user and a merchant for a transaction of goods or services, comprising:

• providing a user computing device configured to be operated by the user and having embedded therein a permanent user device identifier;
• providing an mCreds processing agent including a database associated with a computer server, the computer server being in communication with the user computing device for exchange of information pertaining to authentication of the user based on user credentials and authentication of the user computing device based on the permanent user device identifier;
• establishing user accounts and merchant accounts in the database of the mCreds processing agent;
• transforming the merchant accounts into universal merchant data sets for the user computing device embedded with the permanent user device identifier;
• providing the universal merchant account data set to the user computing device user;
• storing the universal merchant account data set in the universal merchant account of the user computing device;
• requesting the mCreds processing agent to load consumer credit into the consumer account by providing a credit amount and the permanent identifier to the user computing device manufacturer;
• loading the credit amount into the consumer account of the user computing device associated with the permanent identifier;
• providing a merchant computing device in communication with the computer server of the mCreds processing agent, the merchant computing device having embedded therein a permanent merchant device identifier;
• identifying the transaction by the user on the computer server;
• using the computer server to maintain a user account in the database, the user account including at least a user credential, a user computing device credential, and a user mobile credit account;
• using the computer server to maintain a merchant account in the database, the merchant account including at least a merchant mobile credit account;
• authenticating the user, by comparing a provided user credential provided by the user with the user credential present in the database;
• authenticating the user computing device by comparing a provided user device identifier with the permanent user device identifier present in the database;
• and
• facilitating the desired transaction by processing a debit to the user mobile credit account and a credit to the merchant mobile credit account.