A payment network server, comprising a processor, communication circuitry, a memory, and computer-executable instructions stored in the memory which, when executed by the processor, cause the payment network server to:
- receive, from a first mobile user device (merchant device) associated with a first user (merchant), a first indication comprising an intention to register a virtual Point-Of-Sale (POS) terminal at a first location (POS location);
- receive, from the merchant device, a second indication comprising a confirmation of a current presence of the merchant device at a second location (merchant location);
- determine, based on a first database of users of the payment network server and a second database of regulatory requirements, whether sufficient information is available to the payment network server about the merchant device to securely register the virtual POS terminal at the POS location and, if not, engage the merchant device in a first dialogue to acquire necessary missing information;
- if sufficient information is available to the payment network server, register the virtual POS terminal at the POS location and associate a first wallet with the virtual POS terminal, wherein the first wallet is associated with the merchant and resides electronically in the payment network server;
- receive, from a second mobile user device (shopper device) associated with a second user (shopper), a third indication comprising a confirmation of a current presence of the shopper device at the POS location;
- receive, from the shopper device, a fourth indication comprising a request to make a payment to the virtual POS terminal;
- utilize a special purpose wireless beacon to identify a relative location of one or more of the merchant and the shopper device, wherein the relative location is determine to be located in proximity to the special purpose wireless beacon, wherein the special purpose wireless beacon comprises an optical, audio, or radio beacon configured to mark a mobile location to determine the relative location of one or more of the merchant and the shopper device, and wherein the one or more of the merchant and the shopper device is configured to infer the identity of the special purpose wireless beacon through one or more of triangulation, lookup, and codes broadcast by the network;
- determine, based on the first database, the second database, status information regarding the virtual POS terminal, and one or more of the relative location and the current presence of the shopper device at the POS location, whether sufficient information is available to the payment network server about the shopper, the merchant, and the virtual POS terminal to securely transfer funds from the shopper to the merchant and, if not, engage the shopper in a second dialogue to acquire necessary missing information;
- if sufficient information is available to the payment network server, transfer, from a second wallet to the first wallet, funds in accordance with the fourth indication, wherein the second wallet is associated with the shopper and resides electronically in the payment network server;
- transfer, at the request of the merchant, funds into or out of the first wallet via a first external financial system gateway;
- and
- transfer, at the request of the shopper, funds into or out of the second wallet via a second external financial system gateway,
- whereby:
- if sufficient information is available to the payment network server, transfers from the second wallet to the first wallet occur without requiring personally identifiable information associated with the shopper being sent to the payment network server from the merchant device and without requiring personal identifiable information associated with the merchant being sent to the payment network server from the shopper device.