A private and secure payment system has a portable wireless device belonging to party A with a payment function and a central system that is used to effect a private and secure payment transaction to a party B. At time of payment transaction from party A to party B, a party B identification and a payment amount is entered into the wireless device, a data record including at-least the party B's identification, the payment amount and the wireless device identification is transferred over the global network to the central system. The central system assembles payment transaction records from the party A pre-stored bank account data, to a central system bank and from the central system bank to a party B's bank account identification for submission to an automated clearing house and receives a payment approval record and sends a notification to the party A and party B's e-mail addresses.