Method And Hand Held Electronic Device For Executing Cashless And Creditless Financial Transactions

A method of conducting cashless and creditless financial transactions comprising:

• establishing an association of parties who are to be enabled to carry out said cashless and creditless financial transactions between parties of said association;
• providing each of said parties with a personalized battery powered, self-contained hand held electronic device enabling execution of said financial transactions, each device including a numeric keyboard able to be operated to set a desired numeric amount to be transferred from one party to another party in a financial transaction between parties in said association;
• said numeric amount transmitted to a display on each device associated with said key board of each device to provide a numeric display of said numeric amount;
• each device also having a digital memory in which a total numeric amount is stored therein said total amounts in each device initially transferred from a source of funds owned by each party provided with a respective device, said memory enabled to be preloaded therein by a temporary connection to a base station also connected to a financial institution or other source of funds owned by said parties with said amount stored in said memory of each device;
• setting up a separate personal account with said financial institution or said other source of funds with each party of said association;
• any one of said devices provided able to be temporarily electronically connected to any other device provided by one of the other parties by being positioned adjacent to each other;
• connecting said keyboard of each device electronically to said memory and display to show an amount set by operation of said keyboard to be transferred to a memory of said another device;
• also providing each device with a send button which when activated sends said set amount to said memory of said any other device;
• providing an identifier on each device which detects the presence of the party next to said device when said party executing a transaction therewith;
• prevent activation of said send button if the presence of said party next to said device is not detected by said identifier;
• and
• causing said respective memories of said one and send other devices to be adjusted to reflect the result of said transfer whereby said transaction is thereby completed.