Importance

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Abstract

A system for conducting a secure electronic monetary transaction over a network. This invention includes an electronic storage medium adapted to store financial data. A system participant is assigned to a portion of the electronic storage medium. The financial data reflects the amount of money available to the system participant assigned to the portion of the electronic storage medium. The network includes all of the portions of the electronic storage medium. A mobile communication terminal is provided to the system participant. The mobile communication terminal is equipped with a transmitter-receiver device to connect to the network, and is equipped with a user interface to allow the system participant to enter identification data to access the electronic storage medium assigned to the system participant and transaction data to conduct a transaction. A transaction module is adapted to process and store the identification and transaction data entered by the system participant at the mobile communication terminal and to verify the identity of the system participant and to perform a transaction.

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First Claim