"This new technology is on the forefront of how we all will do business in the future," Michael Macho, President of BIS explained. "No paper checks, no cash, no credit cards -- just a secure PIN number and the transaction is complete."

Called V-MAC, the software allows consumers to purchase anything through its virtual system. Shop at stores in person or online, pay monthly bills, transfer funds between accounts, and even withdraw cash.

"V-MAC is a leapfrog in how society will manage our economic lives," Macho said. "It's a step ahead of what we used to think of as paperless -- its total mobility, fully secured and instantaneous."

V-MAC provides for a higher degree of security by allowing the consumer to enter a confidential account PIN number and then instantly receives a one-time authorization code to complete the transaction. This "double coding" greatly enhances the safety of the electronic banking process.

Mobile BIS is now rolling out this newest form of e-commerce by initiating point of sale locations nationwide including stores, shops and websites. More efficient and less expensive than traditional credit card charging devises or on-line payment systems, V-MAC is already enjoying significant acceptance in key European cities, including the Italian credit card network CartaSi, a worldwide VISA partner.