The invention relates to a method for generating a two-dimensional code and implementing
mobile payment by a
mobile phone. A user can input various
payment card information (such as
bank card account numbers,
credit card account numbers, prepaid card account numbers, and
third party payment user account numbers) into the
mobile phone, the information is enciphered and stored, and then the two-dimensional code is generated and displayed on a screen of the
mobile phone. A merchant scans a pattern of the two-dimensional code through a two-dimensional code identifying and reading device, and after
user authentication information (such as two-dimensional
code generation time, mobile phone fingerprints and mobile phone positions) and the
payment card information are decoded, the
user authentication information, the
payment card information, consumption amount information of the user,
merchant account number information and the like are enciphered and sent to a corresponding payment and settlement
system. After receiving the information, a payment and settlement
server confirms the
payment card information to be true or false according to the two-dimensional code
authentication information, and carries out
payment transaction. The method has the main
advantage that the user can save the information of various payment cards, consumption cards and the like in the mobile phone and realize no-card electronic
payment transaction instead of the various payment cards.