Abstract: A method and apparatus for transacting for at least one of currency, goods or services with an anonymous electronic bearer instrument which is created or incremented by a vendor in exchange for currency tendered by an anonymous customer. The anonymous electronic bearer instrument, i.e., in the form of a card, permits the bearer to use a remote terminal, to purchase goods through any standard point-of sale device or to withdrawal of currency from an ATM. A customer selected unique bearer instrument identifier, such as a PIN, prohibits unauthorized use, and secures transactions. A bank-hosted central computer system stores data on unique bearer instrument numbers, unique bearer instrument identifiers, monetary balances, and currency codes; accepts initial and incremental deposits of currency from anonymous customers; and processes purchase transactions.