methods of e payment system
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methods of e payment system Presentation Transcript

  • 1. E- CASH SMART CARDS E- WALLETS DEBIT CARDS
  • 2. E-Cash
  • 3. Electronic Cash Security Complex cryptographic algorithms prevent double spending. Serial numbers can allow tracing to prevent money laundering.
  • 4. E-Cash Processing Merchant 2) Bank sends e-cash bits to consumer (after charging that amount plus fee) 5 4 Bank 1 Consumer 3 2 1) Consumer buys e-cash from Bank 3) Consumer sends e-cash to merchant 4) Merchant checks with Bank that ecash is valid (check for forgery or fraud) 5) Bank verifies that e-cash is valid 6) Parties complete transaction
  • 5. Advantages and Disadvantages of Electronic Cash  Advantages  More efficient, eventually meaning lower prices.  Lower transaction costs.  Anybody can use it, unlike credit cards, and does not require special authorization.  Disadvantages  Susceptible to forgery.
  • 6. E-Wallet
  • 7. Procedure for using an e-wallet 1. Decide on an online site where you would like to shop. 2.Download a wallet from the merchant’s website. 3.Fill out personal information such as your credit card number, name, address and phone number, and where merchandise should be shipped. 4.When you are ready to buy, click on the wallet button, the buying process is fully executed.
  • 8. Smart Cards
  • 9. Smart card Processing
  • 10. Smart Card Applications  Ticketless travel  Seoul bus system:  Authentication, ID  Medical records  Ecash  Store loyalty programs  Personal profiles  Government  Licenses  Mall parking
  • 11. Advantages 1.Atomic, debt-free transactions. 2.Feasible for very small transactions (information commerce). 3.Anonymous. 4.Security of physical storage. 5.currency-neutral.
  • 12. Disadvantages: 1.Low maximum transaction limit. 2.High Infrastructure costs . 3.Not (yet) widely used.
  • 13. Debit Card
  • 14. Credit card VS Debit card  You can obtain credit in credit card but not in debit card.  Credit card charges interest for using the bank's money.  debit card is free from this problem.