Abstract: In a token-management system, the current value of token credit allocated to a user by a token-issuer is stored in a memory in the form of a user account data. When the user wishes to spend token credit, the user sends the issuer an authorization to reimburse the appropriate amount of token credit to a redeemer who provides the user with goods or services. In response to a valid reimbursement authorization, the issuer debits the user account and issues a command to trigger a corresponding payment to the redeemer. The system eliminates the need for physical tokens, and combines the acts of exchanging a token and requesting reimbursement of an accepted token. Reimbursement requests can be communicated to the issuer by electronics means, notably via telephone or the Internet.