Mobile commerce uses wireless device and wireless link to result in the transfer of values in exchange of information, services or goods. Wireless mobile ad hoc networks (MANETs) will bring a revolution to the business model of mobile commerce if such networks are used as the underlying network technology for mobile commerce. Mobile commerce will remain in a niche market until the security issue is properly addressed. Hence, security is also very important for MANET applications in mobile commerce. Robust key management is one of the most crucial technologies for security of MANETs. In this paper, a new solution for key management is proposed using identity-based (ID-based) signcryption and threshold secret sharing. It enables flexible and efficient key management while respecting the constraints of MANETs. In our solution, each mobile host uses its globally unique identity as its public key. It greatly decreases the computation and storage costs of mobile hosts, as well as communication cost for system key management.