Provided are a method and system for effecting a payment transaction. The method capturing a digital image of a price identifier and a merchant identifier at a client device. Generating payment request data by a payer application at the client device comprising data corresponding to the price and merchant identifiers contained in the the digital image. Forwarding the payment request data from the payer application to a payment server. Initiating by the payment server a payment transaction from a payer account to a recipient account in response to receipt of the payment request data. Forwarding notification data to the payer application indicating the status of the payment transaction from the payment server.