Electronic transaction terminal for conducting electronic financial transactions using a smart card

An electronic transaction system for conducting electronic financial transactions, comprising:

• a smart card configured to store a plurality of payer electronic credits, comprising,
• a storage device configured to store said electronic credits, and,
• a computational device configured to debit or credit said electronic credits;
• and,
• a communications module comprising a mobile phone configured to transmit, in response to a transaction between the payer and a party selected from a plurality of addressable parties accessible through a Public Switched Telephone Network (PSTN), said electronic credits from said smart card to said selected party via said PSTN, comprising,
• an actuation device configured to generate a signal for transmitting said electronic credits to said party,
• a routing device configured to produce an address of said party,
• a video display unit configured to display credit transfer data, and
• a keypad configured to enter details for an electronic transfer;
• wherein said payer remains in physical control of the smart card at all times during conduct of said transaction and said smart card is configured to act as a subscriber information module (SIM) for said mobile phone.