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Electronic Payment Systems (EPS)

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Electronic Payment Systems (EPS)
Sahan Walpitagamage
Created 01/10/2013

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Electronic Payment Systems (EPS)

  1. 1. Electronic Payment Systems (EPS) Sahan Yariru Walpitagamage Mscit/13/065
  2. 2. Agenda What is Electronic Payment Systems Types of electronic payments Latest trends in EPS Some Secure EPS Infrastructure How to Select best EPS
  3. 3. Electronic Payment Systems (EPS)  EPSs enable a customer to pay for the goods and      services online by using integrated hardware and software systems. An electronic payment is defined as a payment services that utilize ICT, including cryptography and telecommunications networks EPS increase efficiency, improve security, enhance customer convenience and ease of use. Electronic transfer: small but growing Electronic payments totaled 84.5 billion in 2009 for a value of $40.6 trillion in the United States. The number of electronic payments increased at average annual rate of 9.3 percent between 2006 and 2009 in the United States.
  4. 4. Use of electronic payments
  5. 5. Types of electronic payments Payment Cards Electronic Funds Transfer (EFT) Electronic Cash Systems Electronic wallets Electronic Check (Echeck) Micro Payment Systems
  6. 6. Payment Cards  Electronic card payments continue to have a meaningful impact on the world.  Most of consumers use credit cards to pay for online purchases.  Card transaction volume grew at an annual growth rate of 10.8% in 2010, compared to 8.4% growth in 2009.  More than 85% of worldwide consumer Internet purchases are paid for with credit cards.     Credit Cards Debit Cards Web Cards Charge Cards
  7. 7. Payment Gateway  Service that authorizes card payments for e- businesses.
  8. 8. Electronic funds transfer (EFT)  EFT is used for transferring money from one bank account directly to another without any paper money changing hands  It can be Direct debit payments or Electronic bill payment in online banking
  9. 9. Electronic Check (E-check)  An E-check is an electronic version of paper check.  Fast check processing and very low transaction cost.  Digital signatures can be seen.
  10. 10. Electronic Cash Systems  System usually is developed based on an electronic payment protocol which supports payment transactions.  Basic attributes are Acceptability, Guaranteed payment, No transaction chargers and Anonymity  PayPal is still growing rapidly with 78 million active accounts (200 million total) worldwide.  Paypal  MyCheckFree  Bitcoin
  11. 11. Electronic wallets • Allows customer to store name, address, credit card information on the site. • Allow high speed efficiency and high security for shoppers.  Microsoft .NET Passport  Yahoo!Wallet Micro Payment Systems  Transaction can become costly when customers purchase inexpensive items.  Used for small payments on the Web  Clickshare  IBM micro-payment systems
  12. 12. Latest trends  Growing Smartphone sales, and increasing adoption of online card payments.  Hybrid payments combining online and mobile methods are expected to emerge. MasterCard already introduced such a solution earlier this year, while Visa entered a partnership with Samsung to encourage development of mobile  Multi-Channel Gateways Become Retail Payment Hubs.
  13. 13. Social Network Payments:  Social Network Payments : Consumers are buying a growing number of virtual goods used in online social network games.  Nonetheless, this is a rapidly growing area, with U.S. consumers spending more than $2.3 billion on virtual goods last year.
  14. 14.  Acquirers are investing in technology enhancement projects to make card transactions more secure, faster, and easier to process.  Verified Visa and Smart Cards are the some of the new security methods introduced.
  15. 15. The Future is Mobile  It is estimated that there are over 326 million cell phones, the vast majority are smart phones, and over 60 million tablets were sold in the last two years alone.  Another important aspect to m-commerce are quick response (QR) codes, which encourage consumers to scan barcodes with their camera so they can be directed to an advert, voucher or special offer.
  16. 16.  NFC (Near Field Communication) is the latest payment method introduced to the world.  It is not based on cash in the wallet but storing card information on the phone to be used in a mobile wallet or to use NFC.
  17. 17. SOME SECURE EPS INFRASTRUCTURE  Authentication  Many tools available to confirm the authenticity of a user.  Passwords and ID numbers are used mostly  Public Key Cryptography  Use one public and one private to encrypt and decrypt data  Sender can then encrypt the message with the public key and receiver can use the private key to decrypt the message.  Digital Signature  An electronic one use to authenticate the identity of the sender of a message
  18. 18. SOME SECURE EPS INFRASTRUCTURE  Secure Sockets Layer (SSL)  commonly used protocol for managing the security of a message transmission  Uses the public-and-private key encryption system  program layer located between HTTP and TCP  Certificate  The issuer verified the identity of the individual  Symantec Certificates  GeoTrust
  19. 19. How to Select best One  Is it Security ?  Is it Reliable?  Is it Easy to Use?
  20. 20. References  Raja, J., Velmurgan, M.S., “E-payments: Problems and     Prospects”, Journal of Internet Banking and Commerce, April 2008, vol. 13, no. 1, (http://www.arraydev.com/commerce/jibc/) Ecommerce, Strategy, Technology and Implementation, Gary P Schneider The 2010 Federal Reserve Payments Study by Noncash Payment Trends in the United States: 2006 – 2009 The Impact of Electronic Payments on Economic Growth February 2013. Electronic Cash Payment Protocols and Systems By Jerry Gao
  21. 21. Thank You