A method and system for mobile wallet payment processing. A request may be received from a mobile wallet operative on a mobile device for a virtual credit card, the request including device identification and a predefined payment form. A virtual credit card is dynamically issued by a payment processor responsive to the request. The virtual card is communicated to the mobile wallet on the mobile device and used to authorize a transaction with a vendor. A payment request is received from the vendor by the payment processor, which includes the virtual credit card, transaction details, and the identification of the mobile device authorizing the transaction. Upon verification of the information in the payment request and available funds, the payment processor processes payment for the transaction using the virtual credit card, with the predefined payment form used to satisfy any charges incurred by the virtual credit card.
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