Abstract: The invention provides a system for conducting commercial transactions in an economic environment including one or more banking institutions, a plurality of merchants (as defined), and a plurality of participating system members (as defined) associated with at least one cellular telephone network. The system employs an independent general computerized server accessible to participating system members and merchants by way of a wireless network, and capable of on-line communication with banking institutions and vendors. The server includes at least a financial data base record for each participating system member, merchant and participating vendor and enables a participating system member, by suitable activation of that member's mobile device, typically a cellular telephone, in a remote location, to conduct a financial transaction by debiting a financial data base record allocated to the instructing participating system member.