An electronic funds
system, including a plurality of
payment devices, each
payment device including a
payment application for (i) transferring funds to another payment device, (ii) receiving funds from another payment device, and (iii)
synchronizing transactions with a
bank server computer, a
queue manager for queuing transactions for synchronization with the
bank server computer, an
encoder for encrypting transaction information, a
proximity communication module for wirelessly communicating with another of the plurality of payment devices over a short range, a
wireless communication module for communicating with a
client computer and with the
bank server computer over a long range, a plurality of
client computers, each
client computer including a payment device manager for (i) transmitting funds to a payment device, (ii) receiving funds from a payment device, and (iii) setting payment
device parameters, and a
wireless communication module for communicating with at least one of the plurality of payment devices and with a bank server computer over a long range, and at least one bank server computer, each bank server computer including an account manager for (i) managing at least one
bank account associated with at least one of the payment devices, and (ii)
processing transactions received from the plurality of payment devices, a decoder for decrypting encrypted transaction information, and a
wireless communication module for communicating with the plurality of payment devices and with the plurality of client computers over a long range. A method and a computer-readable storage medium are also described and claimed.