Techniques for conducting financial transactions using mobile communication devices

A method of conducting a transaction exchange comprising:

• providing a payment terminal with a computer device for charging a user account to complete a financial transaction;
• providing a payment device with a processing unit configured to use a global positioning system to automatically complete said financial transaction;
• accepting a user input into said payment device containing a transaction amount and a selected geographic location corresponding to a geographic location of said payment device;
• calculating, with said payment device, a current geographic location for said payment device in response to receiving a plurality of distances signals from said global positioning system;
• and
• comparing said calculated current geographic location to said selected geographic location and if said payment device determines that said calculated current geographic location is within a predefined distance of said selected geographic location, said payment device automatically initiates a secure connection to said payment terminal and sends a financial transaction instruction to said payment terminal, said instruction instructing said payment terminal to charge said user account associated with a financial institution and to automatically complete said financial transaction.