System and Method for Mobile Retail Transaction Processing

A system for processing a retail transaction comprising:

• A smart phone for receiving a transaction input and communicating with a transaction processing system;
• A magnetic strip scanner coupled to the smart phone for reading indicia from a magnetic stripe and communicating that information to the transaction processing system;
• and
• The smart phone including a stored program for generating information on a transaction and for receiving information from the transaction processing system approving the transaction.

A program fixed on a fixed medium comprising:

• A first module for conducting a retail transaction at a mobile device;
• A second module for identifying a user, said module receiving an input from a magnetic stripe for identifying the user from a read magnetic stripe;
• A third module for receiving customer information from the same magnetic stripe reader;
• and
• A fourth module for recording a payment for the transaction.