Abstract: A method of and apparatus for tokenless vending, and tokenless shopping enable an account holder to buy goods and services without having to be in possession of cash, cards, or any other physical token of value or identity. To make a purchase, the purchaser simply inputs his account number and password on a keypad at a vending machine or other point of sale. The point of sale equipment transmits the account code and password to a central server. The server determines whether the said at least one code input by the purchaser agrees with the at least one identifying code associated with an active account. The vendor system confirms, either at the server or at the point of sale, that the price of the desired goods or services does not exceed the available credit on the purchaser's account. If all is in order, the goods or services are provided to the purchaser at the point of sale, and the server reduces the available credit on the account accordingly.