If a website were to implement a miniature payment transfer system, wherein non-existent figures are added to a user's account and later deducted from their database and transferred to another user's, and can be utilized to purchase tangible goods, such as a phone, on the site, it would effectively simulate a monetary system.
For instance, one could buy a phone by transferring N amount to another user on site X, who could then use said money to purchase further items.

If the public has confidence in candy wrappers and they can be easily traded, they can be considered a valid form of currency.
But, if you cannot convince the global population that your candy wrappers hold value, then it is evident that they are not a suitable means of exchange.

Your currency lacks two essential characteristics of money and currency;
liquidity and security.
It cannot be easily converted into cash and has no collateral. Hence, it cannot be classified as a currency, which should be a relief for you.

Decentralization and the inability for third parties to intrude on transactions are key features of cryptocurrencies. This means that transactions are protected by cryptographic algorithms within a distributed database in a p2p payment network.
However, none of these features are present here. Additionally, security is not a necessary concern as traditional fiat currencies do not prioritize it.

The concept you're describing sounds like a virtual currency or digital payment system within a specific website or platform. While implementing such a system is technically possible, it's important to consider the legal and security implications associated with handling financial transactions.

If you intend to create a virtual currency system, it's crucial to comply with relevant regulations and ensure the security of user data and transactions. You may also need to establish clear terms and conditions regarding the use, transfer, and redemption of the virtual currency.

To implement this system, you would typically need to develop the necessary backend infrastructure, including databases, payment gateways, and security measures. It's advisable to consult with legal and cybersecurity professionals to ensure compliance and protect your users' information.

Furthermore, integrating tangible goods purchases into the system would require additional considerations such as inventory management, shipping logistics, and customer support.

A miniature payment transfer system, as you described it, could be a unique feature on a website that allows users to engage in transactions using virtual currency within the platform. This virtual currency could be earned, purchased, or transferred between users.

To make this system effective, you would need to consider a few key aspects:

User Accounts: Users would need to create accounts on the website to participate in transactions. These accounts would store their virtual currency balance, transaction history, and other relevant information.

Payment Transactions: Users could add virtual currency to their accounts through various means, such as purchasing it with real currency, earning it through activities on the website, or receiving transfers from other users. Transactions would be securely processed, and the corresponding amounts would be deducted from the sender's account and added to the recipient's account.

Exchange Rates and Value: You would need to establish exchange rates for converting real currency into virtual currency within the system. This exchange rate could be fixed or fluctuating, depending on various factors such as demand and supply.

Tangible Goods Integration: To allow users to purchase tangible goods using the virtual currency, you would need to integrate an e-commerce component into the website. This would involve listing products, managing inventory, processing orders, and organizing shipping logistics.

Security and Fraud Prevention: Implementing robust security measures, such as encryption protocols, authentication mechanisms, and fraud detection systems, would be crucial to protect user accounts and transactions.

Legal Compliance: It's important to ensure compliance with relevant legal and regulatory requirements, such as data protection and financial regulations. Consulting with legal experts can help ensure that your system operates within the appropriate legal framework.

By implementing such a miniature payment transfer system, you could create an engaging and interactive environment for users to transact and purchase goods within your website.