Methods and systems employing time and/or location data for use in transactions

A system for processing a transaction, said system comprising:

• means for obtaining, from a portable electronic device, data regarding information obtained using the portable electronic device regarding the transaction, and information obtained using the portable electronic device regarding at least one of a physical location of the portable electronic device when obtaining the information regarding the transaction and a time of the day when obtaining the information regarding the transaction;
• and
• a processor for processing the transaction based on the data regarding the information regarding the transaction and the at least one of the information regarding the physical location of the portable electronic device when obtaining the information regarding the transaction and the time of the day when obtaining the information regarding the transaction;
• wherein said processor is operable for decoding data comprising a decodable optical indicia displayed on a display of the portable electronic device in which the decodable optical indicia comprises a first portion associated with the information regarding the transaction, and at least one of a second portion associated with information regarding the physical location of the portable electronic device when obtaining the information regarding the transaction, and a third portion associated with information regarding the time of the day when obtaining the information regarding the transaction;
• and
• wherein a customer, upon completing shopping, may operate the portable electronic device to generate an optical scannable indicia such as a barcode for display on the portable electronic device or transmit a wireless transmission such as a near field communication (NFC) from the portable electronic device based on items to be purchased, a bank account for payment, and a location and/or a time of the day for generating the optical scannable decodable indicia.