Method and system for accrual and spending of small change transactions

Abstract

A method for electronically processing change in a cash transaction includes: storing a plurality of account profiles, each profile including data related to a consumer including a phone number associated with a mobile communication device and a currency amount; receiving a short message service (SMS) message from a first phone number associated with a first mobile communication device, the message including a second phone number and a change amount; identifying a first account profile where the included phone number corresponds to the first phone number; identifying a second account profile where the included phone number corresponds to the second phone number; transferring the change amount included in the received SMS message from the first account profile to the second account profile; and transmitting an SMS message to the second phone number, the message including a notification of the transfer of the change amount to the second account profile.