Method and system for geofencing

A system for initiating a time- and geographic-based electronic transaction, comprising:

• a transmitting device of a mobile computing device;
• a calculation module of the mobile computing device;
• a memory of the mobile computing device configured to store payment details, wherein the payment details comprises a structured data set including data associated with a transaction account suitable for use in funding an electronic transaction;
• a receiving device of the mobile computing device configured to receive a first data signal superimposed with a payment zone notification, wherein the first data signal is received upon entry of the mobile computing device into a predefined geographic area and where the payment zone notification includes at least payment terms;
• a timing module of the mobile computing device configured to register a first timestamp upon receipt of the first data signal;
• a display device of the mobile computing device configured to display at least the payment terms included in the payment zone notification;
• and
• an input device of the mobile computing device configured to receive an indication of approval of the payment terms, wherein
• the receiving device of the mobile computing device is further configured to receive a second data signal superimposed with an exit notification, wherein the second data signal is received upon exit of the mobile computing device from the predefined geographic area,
• the timing module of the mobile computing device is further configured to register a second timestamp upon receipt of the second data signal,
• the calculation module of the mobile computing device is configured to calculate a transaction amount based on at least an elapsed amount of time between the first timestamp and the second timestamp and a payment rate, and
• the transmitting device of the mobile computing device is configured to electronically transmit a third data signal superimposed with at least the calculated transaction amount and payment details.