A global
payment system supports real time payments by a first party to a second party via an
electronic interface using any of a plurality of input devices. First party identifying information and information relating to the requested transaction desired by the first party is entered into the
system via the selected
input device for accessing the
payment system. The information is verified and the funds are transferred to a dedicated account for a second party per the instructions received from the first party. The global
payment system is a
financial transaction system permitting the identified first party to use any of a variety of payment options to complete the transaction without requiring the second party to pre-approve the method of payment. The system is compatible with known ATM / POS debit /
credit card formats or other electronic input terminal devices, including either a second party controlled device, or a first party controlled device. This can be but is not limited to a merchant or other
service provider controlled device at a retail establishment, or on-line while the user is logged onto a
web site from a commercially based computer or from the convenience of his
personal computer, or other devices such as a PDA or a
cell phone. The information can be swiped by a
card reader, or manually entered via a keyboard or other
input device such as, by way of example, a
cell phone or personal digital assistant (PDA). This flexibility permits a
consumer and merchant to complete a transaction in real time anywhere in the world without regard to the
consumer's source of funds or the merchant's typical method of payment acceptance.