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  1. 1. Payment Methods
  2. 2. Understanding Online Payment
  3. 3. Credit Cards  Pre-approved credit which can be used for the purchase of items now and payment of them later.  Particulars Displayed On Credit Cards  Name of the customer  16-digit card number  Validity date  The VISA hologram and the VISA logo  Name of the issuing bank  Signature period  Magnetic strip  PIN
  4. 4. CLASSIFICATION OF CREDIT CARDS Based on mode of credit recovery Based on status of credit card Based on geographical validity Based on franchise/ Tie-up Based on issuer Category Charge Card Revolving credit card Standard Card Domestic card Internation al Card Individ- ual Cards Corpor- ate Cards Proprie- tary card Business Card Gold Card Master Card VISA Card Domestic Tie-up Card
  5. 5. Mechanics of Credit Card Operation Contract for credit card (1) Issue of credit card (2) Payment of credit card(3) Clearing and settlements (7) Charging of credit card Purchase of and raising bills (4) goods and services (3) Submission of bill for collection (5) Payment for bills (6) Card Issuing Bank Card User / Customer Marchant’s bank Merchant establishment
  6. 6. Credit Card Transaction
  7. 7. Credit Card Video
  8. 8. What does 16 digit means
  9. 9. E-Wallets  An Electronic Wallet is any device or software which allows a user to store, manipulate, and pay with various types of payment instruments such as electronic cash and credit cards.  They make it unnecessary to retype credit card numbers and addresses each time a purchase is made.
  10. 10. Security  Your information is protected with a password that you choose. Then when you shop at an Internet store the site will prompt you to select a payment method from your wallet and to authorize it by typing your password.  Many newly released E-Wallets will use a new standard called the Electronics Commerce Modeling Language (ECML) that will work with any web security software.
  11. 11. Digital Token-Based E-Payments  Cash or Real Time – e-Cash  Debit or Prepaid - Debit Card, Smart Card, e-Wallets  Credit or Post paid – Credit Cards, e-Cheque
  12. 12. Desirable Properties of Digital Money  Universally accepted  Transferable electronically  Divisible  Non-forgeable, non forgeable, non-stealable  Private (no one except parties know the amount)  Anonymous (no one can identify the payer)  Work off-line (no on-line verification needed)
  13. 13. E-cash Concept  Consumer buys e-cash from Bank  Bank sends e-cash bits to consumer (after charging that amount plus fee)  Consumer sends e-cash to merchant  Merchant checks with Bank that e-cash is valid (check for forgery or fraud)  Bank verifies that e-cash is valid  Parties complete transaction: e.g., merchant present e-cash to issuing back for deposit once goods or services are delivered
  14. 14. Properties of e-Cash  Monetary Value  Interoperability  Retrievability  Security
  15. 15. Two storage methods  On-line  Individual does not have possession personally of electronic cash  Trusted third party, e.g. online bank, holds customers’ cash accounts  Off-Line  Customer holds cash on smart card or software wallets  Fraud and double spending requires tamper proof encryption
  16. 16. Advantages and Disadvantages  Advantages  More efficient, eventually meaning lower prices  Lower transaction costs  Anybody can use it, unlike credit cards, and does not require special authorization  Disadvantages  Tax trail non-existent, like regular cash  Money laundering  Susceptible to forgery
  17. 17. Electronic Cash Security  Complex cryptographic algorithms prevent double spending  Anonymity is preserved unless double spending is attempted  Serial numbers can allow tracing to prevent money laundering  Does not prevent double spending, since the merchant or consumer could be at fault
  18. 18. Past and Present E-cash Systems  Checkfree  Allows payment with online electronic checks  Clickshare  Designed for magazine and newspaper publishers  Purchases are billed to a user’s ISP, who in turn bill the customer
  19. 19. Past and Present E-cash Systems  CyberCash  Combines features from cash and checks  CyberCoins  Stored in CyberCash wallet, a software storage mechanism located on customer’s computer  Used to make purchases between .25c and $10
  20. 20. Past and Present E-cash Systems  DigiCash  Allowed customers to purchase goods and services using anonymous electronic cash  Coin.Net  Electronic tokens stored on a customer’s computer is used to make purchases  Works by installing special plug-in to a customer’s web browser  Merchants do not need special software to accept eCoins.
  21. 21. Past and Present E-cash Systems  MilliCent  Developed by Digital, now part of Compaq  Electronic scrip system  Customers can purchase items of very low value

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