USSD WALLET AND PAYMENT SYSTEMABSTRACTA system and method that enable a 'Paying Party' (a Person) to use his/her mobile phone or device for initiating payment of goods purchased or services rendered and/or for transferring money to a 'Receiving Party' (another Person and/or a Business Entity) electronically via USSD (Unstructured Supplementary Services Data) protocol. The system and method includes the use of at least three compulsory 'Key-Information'. The first key-information, which may be called as 'Unique Identification Number is generally a non identical number being issued and used for identifying a Receiving Party's account The second key-information, which may be called as 'Transaction Amount is generally a local and/or foreign currency format keyed by a Paying Party agreeing to pay a sum of money to a Receiving Party. The third key-information, which may be called as 'Transaction Password' is generally a memory dependent security code keyed by a Paying Party and being used for authenticating the rightful use by an authorized Paying Party and at the same time, protecting against any wrongful use by an unauthorized party. In addition, the system and method may require one or more Key-Reference on top of the compulsory key-information, which may generally be referred as a Paying Party's personal identification such as 'WIC (National Registration Identity Card) Number or Card Account Number or 'Mobile or Landline Phone Number' or 'Membership Number or transaction identification such as Bill or Receipt Number' or 'Purchase Order Number or 'Contract Number which is commonly being required or used by a Receiving Party to distinctively identify and specify a Paying Party's payment and/or money transfer transaction via USSD protocol.END10
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