The various embodiments herein provide a Mobile Phone Contactless Reader (MCR) for reading a unique mobile subscriber identification number (UMSIN) associated with Subscriber Identity Module card of the mobile phone. The MCR includes a Central Processing Unit (CPU), a receiving unit for scanning communication waves on a Broadcast Control Channel (BCCH) broadcasted by a Base Transceiver Station, a memory unit for storing and updating the continuously scanned communication waves. A frequency meter counts the scanned communication waves and measures frequency of proximal communication wave. Further a transmitting unit transmits one of the UMSIN to a transaction unit. The mobile station provides the UMSIN to the MCR. The announced UMSIN is transferred to one of a bank account and a Universal Mobile Money database through the transaction unit for online mobile transactions.