Method for Processing Internet Point of Sale Payment Using Automated Teller Machine Switch Settlement

A computer-implemented method for effectuating electronic payments for purchases made by a mobile computing device user from a merchant, the method comprising the steps of:

• providing a mobile wallet for storage on a mobile computing device, the mobile wallet serving as a portal to a bank account for use in purchasing, the mobile wallet further including at least one of a credit card number and a debit card number;
• providing an application implemented by computer processing components on the mobile computing device for activating the mobile wallet;
• performing steps through the mobile wallet including,
• receiving at the mobile computing device a secure user log-in to the mobile wallet in order to authenticate the mobile wallet user;
• upon authentication, providing the mobile wallet user with an option to perform internet shopping;
• approving an internet purchase from an internet merchant at the mobile wallet;
• verifying payee information of the internet merchant including a merchant account at a merchant bank;
• pushing credit from the mobile device user to the internet merchant account at the merchant bank;
• and
• generating a purchase confirmation for transmission to the internet merchant.

A computer-implemented system for effectuating electronic payments for purchases using a mobile computing device, the system comprising:

• a memory on the mobile computing device, the memory storing a mobile wallet, the mobile wallet serving as a portal to a bank account for use in purchasing, the mobile wallet further including at least one of a credit card number and a debit card number;
• and
• a computer processor on the mobile computing device executing processing instructions for:
• running an application on the mobile computing device for activating the mobile wallet;
• receiving at the mobile computing device a secure user log-in to the mobile wallet in order to authenticate a mobile wallet user;
• upon authentication, providing the mobile wallet user with an option to perform internet shopping;
• approving an internet purchase from an internet merchant at the mobile wallet;
• verifying payee information of the internet merchant including a merchant account at a merchant bank;
• pushing credit from the mobile device user to the internet merchant account at the merchant bank;
• and
• generating a purchase confirmation for transmission to the internet merchant.