Financial transaction system and method capable of utilizing a mobile device

A method for a consumer to make a cashless payment using a remote computer transaction system, the method comprising the steps of:

• a) distributing a plurality of vendor/product codes to at least one vender wherein said vendor/product codes are stored and correlated in said remote computer transaction system;
• b) said consumer communicating with said remote computer transaction system to provide a customer ID code in order to gain access to said remote computer transaction system;
• c) said consumer selecting a product to be purchased from a selected vendor, and entering a vendor/product code corresponding to said selected product into said remote computer transaction system;
• d) calculating a price associated with said selected product designated by said entered vendor/product code;
• e) determining existence of appropriate funds held on behalf of said consumer to cover purchase of said selected product;
• f) responsive to indication of sufficient consumer funds for said consumer, sending an authorization signal from said remote computer transaction system to indicate authorization to dispense said selected product;
• g) providing a record of purchase to said consumer;
• and,
• h) transferring funds from said remote computer transaction system to said at least one vendor providing said selected product.