The present disclosure relates to a transaction processing system and a method for sharing expenses among multiple peers using a dual-chip payment card. The method includes receiving a request for creating a temporary pool session for a plurality of users from one of the plurality of users having a dual-chip payment card. In response to the request, the method includes creating the temporary pool session, holding a proportional credit amount of each of the plurality of users. Subsequently, the method includes associating the temporary pool session with a secondary chip of the dual-chip payment card of at least one of the plurality of users. Finally, the method includes processing one or more transaction requests received through the secondary chip of the dual-chip payment card of at least one of the plurality of users, using the temporary pool session.