Embodiments are directed towards providing a computer-implemented method and a network device that provides an electronic payment system for social networks, including maintaining (i) records of registered users, (ii) records of registered merchants, (iii) a credit account for each registered user and registered merchant wherein credits are backed by a commodity and a credit corresponds to a fraction of a standard unit of the commodity, receiving from a user device instructions to deposit a designated amount of currency from a user's account into the user's credit account, using the received instructions, obtaining the designated amount of currency, electronically purchasing from a seller an amount of a specified commodity equivalent to the designated amount of currency minus any transaction fee assessed by the seller, and updating the user's credit account by adding a number of credits equivalent to the amount of the purchased commodity.