DIGITAL AUTHORIZATION SYSTEM

1 . A method by a digital authorization system comprising a central computer comprising a plurality of device interfaces, the method comprising:

reading, by a first device interface of the plurality of device interfaces, first biometric information from a document of a first party;

authenticating, by the central computer, an identity of the first party by:

reading, by the first device interface, second biometric information of the first party,

comparing the first and second biometric information, and

determining a match between the first and second biometric information;

opening, by the central computer, an account for the first party;

assigning, by the central computer, a personal identification number (PIN) to the first party;

storing, by the central computer, an indication of an amount of funds in the account;

generating, by the central computer, a barcode based on the opened account and transmitting, by the central computer, the barcode to a device of the first party, wherein the barcode comprises barcode data;

receiving, by the central computer, the barcode data and an amount of a transaction from a merchant computer via a second device interface of the plurality of device interfaces, wherein receiving the barcode data comprises reading, by the second device interface, the transmitted barcode from the device;

identifying, by the central computer, the opened account from the received barcode data;

receiving, by the central computer and via the second device interface, an identifier from the merchant computer;

verifying, by the central computer, the identifier is the PIN;

determining, by the central computer, there are funds in the account that cover the amount of the transaction based on the indication;

freezing, by the central computer, the funds in the account;

generating, by the central computer, a passcode having an expiration time;

transmitting, by the central computer, the passcode to the device;

receiving, by the central computer, the transmitted passcode from the merchant computer, via the second device interface;

determining, by the central computer, based on the expiration time, that the passcode has not expired;

validating, by the central computer, the received passcode matches the transmitted passcode; and

completing, by the central computer, the transaction by transferring the amount of the transaction from the account.

2 . The method of claim 1 , wherein the expiration time is a fixed amount of time, and wherein the transaction is canceled and the frozen funds are released back to the account when the passcode is not received within the fixed amount of time.

3 . The method of claim 1 , wherein the barcode data comprises account identification information transformed into a graphical pattern displayed on the device of the first party.

4 . The method of claim 1 , further comprising:

detecting, by the central computer, that a pre-defined number of incorrect passcodes have been entered against the account; and

freezing, by the central computer, the account in response to detecting the pre-defined number of incorrect passcodes have been entered.

5 . The method of claim 1 , wherein the first biometric information comprises at least one of a fingerprint, iris pattern, or photo embedded within or on the document.

6 . The method of claim 1 , wherein transmitting the passcode to the device comprises transmitting the passcode by at least one of a text message, voice mail, instant message, email, land line phone, or fax.

7 . The method of claim 1 , further comprising:

detecting, by the central computer, that a dollar amount of the transaction has exceeded a threshold set by the first party; and

freezing, by the central computer, the account in response to detecting the dollar amount has exceeded the threshold.

8 . The method of claim 1 , wherein the device of the first party comprises at least one of a mobile phone, smartphone, Smartbook, or Personal Digital Assistant (PDA).

9 . The method of claim 1 , wherein the document comprises an official identification document, and wherein the first biometric information is embedded information protected by a government organization that issued the official identification document.

10 . The method of claim 1 , further comprising transmitting, by the central computer, at least one of the amount of the transaction or a name of a merchant associated with the merchant computer to the device along with the passcode.

11 . A digital authorization system comprising:

a central computer comprising a plurality of device interfaces and at least one memory, wherein the central computer is configured to:

read, by a first device interface of the plurality of device interfaces, first biometric information from a document of a first party;

authenticate an identity of the first party by reading, by the first device interface, second biometric information of the first party, comparing the first and second biometric information, and determining a match between the first and second biometric information;

open an account for the first party;

assign a personal identification number (PIN) to the first party;

store, in the memory, an indication of an amount of funds in the account;

generate a barcode based on the opened account and transmit the barcode to a device of the first party, wherein the barcode comprises barcode data;

receive the barcode data and an amount of a transaction from a merchant computer via a second device interface of the plurality of device interfaces, wherein receiving the barcode data comprises reading, by the second device interface, the transmitted barcode from the device;

identify the opened account from the received barcode data;

receive, via the second device interface, an identifier from the merchant computer;

verify the identifier is the PIN;

determine there are funds in the account that cover the amount of the transaction based on the indication;

freeze the funds in the account;

generate a passcode having an expiration time;

transmit the passcode to the device;

receive the transmitted passcode from the merchant computer, via the second device interface;

determine, based on the expiration time, that the passcode has not expired;

validate the received passcode matches the transmitted passcode; and

complete the transaction by transferring the amount of the transaction from the account.

12 . The digital authorization system of claim 11 , wherein the expiration time is a fixed amount of time, and wherein the transaction is canceled and the frozen funds are released back to the account when the passcode is not received within the fixed amount of time.

13 . The digital authorization system of claim 11 , wherein the barcode data comprises account identification information transformed into a graphical pattern displayed on the device of the first party.

14 . The digital authorization system of claim 11 , wherein the first biometric information comprises at least one of a fingerprint, iris pattern, or photo embedded within or on the document.

15 . The digital authorization system of claim 11 , wherein transmitting the passcode to the device comprises transmitting the passcode by at least one of a text message, voice mail, instant message, email, land line phone, or fax.

16 . The digital authorization system of claim 11 , wherein the central computer is further configured to:

detect that a dollar amount of the transaction has exceeded a threshold set by the first party; and

freeze the account in response to detecting the dollar amount has exceeded the threshold.

17 . The digital authorization system of claim 11 , wherein the device of the first party comprises at least one of a mobile phone, smartphone, Smartbook, or Personal Digital Assistant (PDA).

18 . The digital authorization system of claim 11 , wherein the document comprises an official identification document, and wherein the first biometric information is embedded information protected by a government organization that issued the official identification document.

19 . The digital authorization system of claim 11 , wherein the central computer is further configured to transmit at least one of the amount of the transaction or a name of a merchant associated with the merchant computer to the device along with the passcode.

20 . A non-transitory computer-readable medium storing executable program code that, when executed by a processor of a central computer system comprising a plurality of device interfaces, causes the processor of the central computer system to perform the operations of:

reading, via a first device interface of the plurality of device interfaces, first biometric information from a document of a first party;

authenticating an identity of the first party by:

reading, via the first device interface, second biometric information of the first party,

comparing the first and second biometric information, and

determining a match between the first and second biometric information;

opening an account for the first party;

assigning a personal identification number (PIN) to the first party;

storing an indication of an amount of funds in the account;

generating a barcode based on the opened account;

transmitting the barcode to a device of the first party, the barcode comprising barcode data;

receiving the barcode data and a transaction amount from a merchant computer via a second device interface of the plurality of device interfaces, receiving the barcode data comprising reading, via the second device interface, the transmitted barcode from the device;

identifying the opened account from the received barcode data;

receiving, via the second device interface, an identifier from the merchant computer;

verifying that the identifier is the PIN;

determining there are funds in the account that cover the transaction amount based on the indication;

freezing the funds in the account;

generating a passcode and transmitting the passcode to the device, wherein the passcode has an expiration time;

receiving the transmitted passcode from the merchant computer, via the second device interface;

determining based on the expiration time, that the passcode has not expired;

validating the received passcode matches the transmitted passcode; and

completing the transaction by transferring the transaction amount from the account.