The invention discloses an identity verification method and system. The method comprises: a cash collecting device receiving cash collecting information, according to the cash collecting information and payee identity information, obtaining payee electronic identification for outputting, and associating the payee identity information with a payee account, the payee electronic identification comprising an electronic identification expiration date; a payment device obtaining payee electronic identification, and verifying payee identity validity according to the payee electronic identification; the payment device, according to the payer identity information and current time information, obtaining a payer electronic identification for outputting, and associating the payer identity information with a payment account, the payer electronic identification comprising an electronic identification expiration date; and the cash collecting device obtaining the payer electronic identification, and verifying payer identity validity and according to the payer electronic identification. According to the invention, payee and/or payer identity validity are verified by use of a dynamic electronic identification, such that cheating of a phishing website is prevented; and each identity is bound with an account, and payment can be carried out without inputting a password and exposing an account medium, such that the security of the password and the account medium is ensured.