Abstract: An electronic transaction system for conducting electronic financial transactions including a smart card configured to store a plurality of payer electronic credits and a communication module configured to transmit the electronic credits from the smart card to a party selected from a plurality of addressable parties accessible through a Public Switched Telephone Network. The smart card having a storage device configured to store the electronic credits and a computational device configured to debit or credit the electronic credits. The communications module including an actuation device configured to generate a signal for transmitting the electronic credits to the party, a routing device configured to produce an address of the party, a video display unit configured to display credit transfer data, and a keypad configured to enter details of an electronic transfer. Wherein, the payer remains in physical control of the smart cart at all times during conduct of the transaction.