Professional Documents
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Electronic Payment Systems 2017
Electronic Payment Systems 2017
Electronic Payment Systems 2017
Sanjay Verma
Confidentiality
Integrity
Availability
Authenticity
Non-Repudiability
Auditability
What an E-Payment System
Should Have?
Scalability
Acceptability
Interoperability (Different payment systems and their
technical counterparts)
Open Systems
Possibility of micro-payments
Costs
Problems with Any Payment
System
Traditional means of payments are not devoid of
problems
Counterfeit
Forged signature
Bounced checks
Electronic money has same problems
Easy to copy
Digital signature can be reproduced by anybody who
knows the secret cryptographic signing key.
The buyers name is associated with payment lack of
anonymity.
Means of Electronic Payment (1)
Retailing Payments
Credit cards (e.g. VISA and MasterCard)
Private label credits/debit cards (e.g., dinners card)
Charge cards (e.g., American Express)
Means of Electronic Payment (2)
Debit or Pre-paid
Credit or Post-paid
Digital Token Based Electronic
Payment System
Issues
Nature of transaction
Means of Settlement
Question of risk
Benefits of Cash
Legal tender
Bearer instrument
No clearing time
Cash Vs. Cards
Cards cannot be given away
No risk to acceptor
Electronic Cash
A string of digits
Country Specific
Black Money
Mechanism
Steps
Bank distributes its public key to the buyer and sellers
Customers establish account with bank and initialize
account
Customers ecash software on browser decides how many
coins need to be generated and in what denomination
Mechanism
Ecash software will generate random serial numbers for these coins
along with a blinding number.
The Bank signs it with its secret key and sends it back to the
customer. Debits buyers account.
Spending:
BOB DEPOSITS
Traditional Model
Annonymity (Prepaid),
Credit Cards Based Internet Payment Systems
Details based on
Plain Credit Card Details
Service that provides a bridge between your on-line store front and
your banks credit processing company( Verisign)