System for authorizing electronic transactions and a method thereof

A computing device, comprising:

• a processor;
• a memory co-operating with the processor and a data capturing unit co-operating with said memory and said processor,
• wherein said memory (114) hosting a transaction application that when executed by said processor performs operations including:
• prompting for an input of at least one authentication code from a user using said data capturing unit;
• facilitating generation of a notification if authentication code is verified;
• transmitting said notification for authorizing a transaction;
• and receiving a confirmation and status of the transaction and said notification on completion of an actual transaction, wherein said notification is a preemption message to notify said entity of a transaction.

A method for authorizing electronic transactions over a network, comprising:

• verifying at least one authentication code associated with a user;
• facilitating a verified user to generate a notification for conducting a transaction using a computing device;
• transmitting said notification along with an identification code to a data storage and processing unit;
• storing said notification corresponding to said identification code for a validated user in a repository at the data storage and processing unit;
• verifying an actual transaction based on the notification for a user at the data storage and processing unit;
• authorizing said actual transaction in the event that said actual transaction is within the bounds of said notification;
• and
• sending a confirmation message to the user.