The invention provides a payment processing system for processing mobile cards via offline transaction approval mode, wherein card information and offline transaction approval information are contained in a mobile device as a mobile card, when there is the item of black list occurs, the server at the computer center of a card issuing company adopts over-the-air technology to register black list on the card corresponding to the mobile device; when the card is used in transaction, the mobile device judges if the card is contained in the black list; only when the card is used for payment, the mobile device is communicated with the card reader corresponding to the card in shops; when the card transaction satisfies offline approval conditions as transaction amount and card application times, the card transaction is approved and transaction details are stored in the card reader to be transmitted to the card issuing company via batch treatment to be processed accurately. The payment processing system can reduce card approval cost and card approval time. The card can be used in petty transaction whose approval cost and time cost are too low to support card issuing companies.