A system, method and mobile application for conducting financial transactions wherein a mobile device operated by a user is operably coupled to a server over a mobile communication network. Both the server and the user's mobile device store a user encryption key (UEK) and a user access key (UAK). A software application stored on the user's mobile device and the server are configured to conduct a transaction wherein a session key (SK) specific to the transaction is exchanged in an encrypted form based upon the UEK. The software application is further configured to i) generate transaction data, ii) access the UAK stored on the mobile device, iii) encrypt the UAK and transaction data into an encrypted form based upon the SK, and iv) send the UAK and transaction data in encrypted form from the mobile device to the server over the mobile communication network in order to conduct the transaction.