The invention provides an electronic wallet (2) comprising a memory (22) arranged to store electronic funds, an optical transceiver (10) to provide bi-directional contactless transfer of electronic funds between the memory (22) of the electronic wallet (2) and the memory of a second electronic wallet (2A), and a plurality of operating keys (6) arranged to control the transfer of electronic funds. The invention may also be arranged to provide bi-directional transfer of electronic funds between the memory of the electronic wallet (2) and an external memory, for example a host computer or financial institution (200).
