In a first embodiment, a location-aware
payment system including: a
smart device, the
smart device including: a location sensing mechanism for detecting its location; an identification mechanism for identifying the
smart device; and a
wireless communication mechanism; a
display device having at least one of an indicator light, a printed
receipt, and a digital read out; and a
server, the
server including: a
wireless communication mechanism communicating with the smart device and
display device; and a
software program loaded into the
server that receives and sends out communications, calculates amounts due between a payor and a payee, issues
authorization codes, and performs banking transactions between a payor and a payee. In a second embodiment, the invention is a location-aware
payment system including: at least two smart devices, the smart devices including: a location sensing mechanism for detecting its location; an identification mechanism for identifying the smart device; and a
wireless communication mechanism; and a server, the server including: a wireless communication mechanism communicating with the smart devices; and a
software program loaded into the server that receives and sends out communications, calculates amounts due between a payor and a payee, issues
authorization codes, and performs banking transactions between a payor and a payee.