System and method for processing financial transactions using a mobile device for payment

A method for identifying payment details, comprising:

• storing, in a database, a plurality of wallet data entries, wherein each wallet data entry includes at least a mobile device identifier and payment details associated with at least one payment account;
• receiving, by a receiving device, a payment information request, wherein the payment information request includes a mobile device identifier;
• transmitting, to a mobile computing device associated with the mobile device identifier, a selection request;
• receiving, from the mobile computing device, an indication of a payment account in response to the transmitted selection request;
• identifying, in the database, a specific wallet data entry including the mobile device identifier included in the payment information request;
• identifying, in the specific wallet data entry, payment details associated with the indicated payment account;
• and
• transmitting, by a transmitting device, the identified payment details.

A system for processing a financial transaction, comprising:

• a processing device;
• a database configured to store a plurality of wallet data entries, wherein each wallet data entry includes at least a mobile device identifier and payment details associated with at least one payment account;
• a receiving device configured to receive an authorization request for a financial transaction, wherein the authorization request includes at least a mobile device identifier and transaction data;
• and
• a transmitting device configured to transmit, to a mobile computing device associated with the mobile device identifier, at least the transaction data, wherein
• the receiving device is further configured to receive, from the mobile computing device, an indication of a payment account for funding of the financial transaction,
• the processing device is configured to identify, in the database, payment details associated with the indicated payment account in a wallet data entry including the mobile device identifier included in the authorization request, and
• the transmitting device is further configured to transmit, to an issuer associated with the indicated payment account, at least the payment details and the transaction data.

A system for identifying payment details, comprising:

• a processing device;
• a database configured to store a plurality of wallet data entries, wherein each wallet data entry includes at least a mobile device identifier and payment details associated with at least one payment account;
• a receiving device configured to receive a payment information request, wherein the payment information request includes a mobile device identifier;
• and
• a transmitting device configured to transmit, to a mobile computing device associated with the mobile device identifier, a selection request, wherein
• the receiving device is further configured to receive, from the mobile computing device, an indication of a payment account in response to the transmitted selection request,
• the processing device is configured to identify, in the database, a specific wallet data entry including the mobile device identifier included in the payment information request, and identify, in the specific wallet data entry, payment details associated with the indicated payment account, and
• the transmitting device is further configured to transmit the identified payment details.