Computer application software for mobile phones and for proximity payment processing devices both using near field communication technology that enables users to conduct commercial transactions through electronic means via wireless networks, global computer networks and mobile telecommunication devices; Software application for conducting and processing contactless financial payments; Software application that allows for hosting of loyalty card credentials onto mobile telecommunication devices; Mobile phone software application for use with electronic currency transaction terminals that allows consumers to credit or debit a balance stored by the mobile phone software application; Software application for use with electronic contactless payment terminals that allows merchants to accept and process contactless mobile commerce transactions, contactless presentation of loyalty credentials, and contactless redemption of coupons, rebates, discounts, vouchers and special offers; Software application that allows merchants to deliver coupons, rebates, discounts, vouchers, and special offers directly to the mobile telecommunications devices of consumers