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Electronic Payment Systems (EPS)
 

Electronic Payment Systems (EPS)

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Electronic Payment Systems (EPS)

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

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    Electronic Payment Systems (EPS) Electronic Payment Systems (EPS) Presentation Transcript

    • Electronic Payment Systems (EPS) Sahan Yariru Walpitagamage Mscit/13/065
    • Agenda What is Electronic Payment Systems Types of electronic payments Latest trends in EPS Some Secure EPS Infrastructure How to Select best EPS
    • 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.
    • Use of electronic payments
    • Types of electronic payments Payment Cards Electronic Funds Transfer (EFT) Electronic Cash Systems Electronic wallets Electronic Check (Echeck) Micro Payment Systems
    • 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
    • Payment Gateway  Service that authorizes card payments for e- businesses.
    • 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
    • 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.
    • 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
    • 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
    • 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.
    • 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.
    •  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.
    • 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.
    •  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.
    • 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
    • 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
    • How to Select best One  Is it Security ?  Is it Reliable?  Is it Easy to Use?
    • 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
    • Thank You