Electronic system and method for facilitating payment of a transaction

An electronic system for facilitating payment of a transaction with a consumer, the system comprising an electronic device of the consumer configured for performing steps comprising:

• communicating a transaction initiation request from the electronic device to a server;
• receiving, from the server, identification details of a number of merchants;
• communicating, to the server, a selection of one merchant from the number of merchants, the transaction performed with the selected merchant;
• and
• communicating, to the server, details of a payment instrument of the consumer and cost data of the transaction,
• wherein the consumer payment instrument details and transaction cost data are communicable from the server to a payment network for processing payment of the transaction.

A computerized method for facilitating payment of a transaction, the method performed by an electronic device of a consumer, the method comprising:

• communicating a transaction initiation request from the electronic device to a server;
• receiving, from the server, identification details of a number of merchants represented on a geographical map displayed on the electronic device;
• communicating, to the server, pre-selections of a first merchant and a second merchant;
• receiving, from the server, details of acceptable payment instruments of the first and second merchants in response to the pre-selections thereof, the acceptable payment instruments being different between the first and second merchants;
• selectively displaying, on the electronic device, the details of the acceptable payment instruments of the first and second merchants according to the pre-selections thereof,
• wherein the transaction is performed with one of the first and second merchants selected by the consumer and using a payment instrument of the consumer, the consumer payment instrument being included within the acceptable payment instruments of the selected merchant.