eloped for making payments on the internet are electronic versions of the traditional payment systems that we use everyday. In our daily life we use cash, credit cards or cheques to make payments. All these systems are digitally incorporated on the web as e-cash, electronic cheques and credit cards.
(1)Credit Card:
Credit cards are the most popular payment method for cyberspace customer shopping today.
(a) The card holder- A customer or a corporate purchaser who uses credit cards to pay merchants.
(b) The merchant- the entity that accepts credit cards and offers goods or services in exchange for payments.
(c) The card issuer- A financial institution that establishes accounts for cardholders and issues credit cards.
(d) The acquirer- A financial institution that establishes an accounts for merchants and acquires the vouchers of authorized sales slips.
(2)Electronic Wallet Or Digital Wallet:
Secure electronic transaction (SET) protocol was initially designed by visa and master card in 1997. SET protocol meets the four security requirements for EC as SSL does: authentication, encryption, integrity and non repudiation. In addition, SET defines the message format, certificate format, and procedure of message exchange. The role of payment gateway is to connect the internet and proprietary networks of banks. Each participating entity needs its own certificates. To keep the consumer's certificate in his or her personal computer or IC card, software called the electronic wallet or digital wallet.
(3)Debit Card:
It is also known as check card, is a card that authorizes the EFT. EFT ,Designed to transfer a certain amount of money from one account to another. The customer's terminal can be automatic teller machine (ATM), PC, or telephone terminals. When we use a debit card, the amount is immediately deducted from our checking or savings accounts. The debit card allows we to spend only what is in our bank account.
Advantages Of Using Debit Card :
1.Obtaining a debit card is much easier than obtaining a credit card .
2.Using a debit card instead of writing checks saves you from showing personal identification .
3.Using a debit card frees we from carrying cash, travelers checks or a check book.
4.Marchants accepts debit cards more readily than checks.
(4)Smart Cards:
At present we carry many plastic cards such as credit cards, debit cards, charge cards, diving licenses, health insurance cards, employee or student identification cards and other.
Now for a moment if we think that all these cards are replaced by a single plastic card carrying all the information of the dozen or fifty cards. Not only dose it lighten our load, it makes identification and purchasing easer for us. Credit, debit and charge cards currently store limited information about us in a magnetic stripe. And unlike a smart card, a credit card dose not contain cash - it only contains a number of an account that can be charged.
A smart card can store hundred times more information than a magnetic striped plastic card. A smart contains private user information such as financial facts, private encryption key, account information, credit cards numbers, health insurance information and so on. The current generation of smart cards includes IC chips with programmable functions.
(5)Closed Vs Open Electronic Cash System:
Electronic cash system can be
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