Abstract: The present invention provides a system for electronic commerce that reduces the amount of data needed to be stored on a user computer or electronic device. A bank processor stores information corresponding to coins or funds and the user device (such as a payer or merchant processor) needs to only store a single secret key needed to access the data stored in the bank's memory. The user's device can be a smart card since only a minimal amount of data needs to be stored on the user's device. The bank processor of the present invention may hold disposable anonymous accounts in a bank memory. When a coin is spent, the corresponding account is deleted from the bank's memory and a new account is created which corresponds to a new coin. This completes a payment from a payer processor to a merchant processor. The new account is the merchant's account. This implementation avoids the threat of computer virus attacks since a smart card is far less susceptible to these.