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If that is possible, I would want my site to be the safest possible and most secure when it comes to online monetary transactions. is that possible with wordpress? Also, are there any good themes available for such a site in wordpress repository?

But first, how can I achieve this with wordpress?

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Theme and plugin recommendation questions are explicitly off-topic. Additionally, this question is far too broad in scope to be reasonably answered on this site. – EAMann♦ Nov 12 '12 at 20:11

closed as off topic by EAMann♦ Nov 12 '12 at 20:11

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You can read a detailed article at wptuts

http://wp.tutsplus.com/tutorials/how-to-build-an-e-commerce-website-using-wordpress-part-1/

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Definitely possible. You can use WooCommerce/WP-Ecommerce/Shopp etc for digital/virtual or physical products/services. You can use membership plugins also, actually it'll dependable on your needs.

You can use SSL for security along with WordPress. And many plugins are there for securing WordPress.

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