Mobile commerce authentication and authorization system

A computer-implemented method for authenticating and authorizing a payment transaction, comprising:

• receiving and processing transaction parameters with a processor provided by a mobile wireless communications instrument, wherein the transaction parameters provided by the mobile wireless communications instrument include the geographical location of the mobile wireless communications instrument;
• receiving and processing transaction parameters with a processor provided by a point-of-sale device, wherein the transaction parameters provided by the point-of-sale device include the geographical location of the point-of-sale device;
• and
• authenticating and authorizing the payment transaction with a processor, wherein the transaction parameters provided by the mobile wireless communications instrument further include a first payment sum;
• the transaction parameters provided by the point-of-sale device further include a second payment sum;
• authenticating and authorizing the transaction with a processor based on a relationship between the geographical location of the mobile wireless communications instrument, the geographical location of the point-of-sale device, and the first and second payment sums;
• coupling at least one vendor point-of-sale device to the mobile wireless communications instrument and providing the location of the at least one vendor point-of-sale device with a processor;
• and
• coupling an executable program to the mobile wireless communications instrument and to the at least one vendor point-of-sale device for automatically initiating a payment application and for authorizing and authenticating the financial transaction resulting from a matching of the location of the mobile wireless communications instrument, the location of the at least one vendor point-of-sale device, and an amount of the payment from the payment application.

A computer program product comprising a non-transitory computer usable medium having a computer readable program code embodied therein, said computer readable program code adapted to be executed to implement a method for authenticating and authorizing a payment transaction, said method comprising:

• receiving and processing transaction parameters provided by a mobile wireless communications instrument, wherein the transaction parameters provided by the mobile wireless communications instrument include the geographical location of the mobile wireless communications instrument;
• receiving and processing transaction parameters provided by a point-of-sale device, wherein the transaction parameters provided by the point-of-sale device include the geographical location of the point-of-sale device;
• and
• authenticating and authorizing the payment transaction, wherein the transaction parameters provided by the mobile wireless communications instrument further include a first payment sum;
• the transaction parameters provided by the point-of-sale device further include a second payment sum;
• authenticating and authorizing the transaction based on a relationship between the geographical location of the mobile wireless communications instrument, the geographical location of the point-of-sale device, and the first and second payment sums;
• coupling at least one vendor point-of-sale device to the mobile wireless communications instrument and providing the location of the at least one vendor point-of-sale device with a processor;
• and
• automatically initiating a payment application and for authorizing and authenticating the financial transaction resulting from a matching of the location of the mobile wireless communications instrument, the location of the at least one vendor point-of-sale device, and an amount of the payment from the payment application.