An electronic coupon, an electronic commerce system, and a method for the honoring of electronic coupons utilizing computing equipment are disclosed. In the method, an issuing party issues an electronic coupon to a customer. The customer presents the coupon for redemption to a redemption party. The redemption party transmits the coupon to an authentication party for authentication. If authentic, the authentication party charges the redemption party a fee and passes that fee to the issuing party. The redemption party honors the coupon for the customer and seeking reimbursement of the fee from the issuing party. The electronic coupon has a plurality of data fields, including: a coupon identifier, x, a first one-way hash function field, f(x), and a secure signature field.