System, method, and business method for settling micropayment transactions to a pre-paid instrument

The invention provides a method for conducting a transaction between a first and second consumer, and a merchant using one or more electronic communication devices. The method includes issuing a first prepaid calling card to a first consumer and issuing a second dependent prepaid calling card dependent on the first prepaid calling card, to a second consumer dependent on the first consumer, based on a second specified criteria. In the invention, the second specified criteria is specified by the first consumer, wherein both the first and second specified criteria are stored as imbedded data in the respective prepaid calling cards. The invention further involves conducting, at a merchant network node a micropayment transaction and receiving into the merchant network node from the at least one consumer electronic communications device first prepaid-calling card data or second dependent prepaid-calling card data as payment for the item of value.