This document provides a quick reference guide to the world of cashless payments. It begins with an introduction to the author, Sandeep Arora, and his background. It then discusses key aspects of the payments industry including electronic payments, the four corner model, payment gateways, payment service providers, and developments in various global regions. Emerging trends are also examined such as mobile payments, hardware solutions, and forecasts for future growth of ecommerce and mobile transactions. Challenges in pricing wars between new and established players are also noted. The document aims to give readers a high-level overview of the innovative world of electronic payments.
Hong Kong has a mature payment card market with 25 million cards in circulation and 3.5 cards per consumer on average. China UnionPay is the fastest growing card scheme and makes up over half of newly issued cards. While payment cards are widely used, credit cards are particularly popular for e-commerce due to their convenience. Mobile proximity payments are seen as beneficial but have security concerns. The payment landscape is forecast to experience continued growth in cards, e-commerce and mobile payments in the coming years.
Accepting card payments means never turning away a customer again. However, too many small business owners are missing out because they don't know where to get started. This free guide explains all you need to know to get going with card payments for your business.
Cash is still dominant in Japan, accounting for over 80% of transactions in 2014. However, card usage is growing, reaching 16% of payments that year. The largest card network in Japan, JCB, is looking to expand internationally to drive business growth, as the transition to digital payments is slow domestically. JCB has partnered with banks in countries like Russia, Myanmar, and Mongolia to begin issuing co-branded cards. This international expansion helps offset the current dominance of cash in Japan.
Debit cards act as electronic checks, transferring funds from a customer's bank account to the merchant's account. Historically, debit card transactions involved manual processing that took days and was prone to fraud, but electronic processing now clears funds within seconds while nearly eliminating fraud. However, Visa and MasterCard's control of the debit card networks allows them to set high "interchange fees" on transactions that are largely passed back to the large banks. This lack of competition has kept fees high despite improved efficiency, harming merchants and consumers. The Durbin Amendment aimed to limit these fees but was resisted by banks through lobbying and new fees.
Why & how to do cashless transactions matteraamopen
This document proposes solutions to eliminate black money and corruption in India by making all transactions cashless using mobile phones and bank accounts linked to Aadhaar numbers. It estimates that conducting elections through mobile voting could save Rs. 30,126 crores annually spent on elections. Taking a 2% tax on all cashless transactions could generate tax revenue to replace current taxes and free up resources to improve public services like judiciary and healthcare. Going fully cashless within 2 years by requiring Indians to disclose assets and sign agreements on foreign holdings could curb the generation of new black money.
The document provides information on various debit cards issued by State Bank of India (SBI). It discusses the features and uses of different SBI debit cards including the Classic, Silver International, Global International, Gold International, Platinum International, SBI INTOUCH Tap & Go, and Mumbai Metro Combo cards. The key details provided include cash withdrawal limits, accepted locations for use, available benefits like insurance and rewards points, and security precautions for safe debit card transactions.
Credit card fraud involves stealing credit card information through hacking websites, payment processors, or banks. This information is then sold on black markets. Buyers use the stolen cards to purchase goods, targeting payment gateways with lax security checks. Mules are employed to receive shipments of goods purchased fraudulently to then resell them for cash. Hackers, skimmers, phishers and cashiers each play a role in the process and receive a cut of the profits. The schemes outline real examples of how fraudsters have stolen credit card numbers, verified funds, bypassed security measures and laundered money from the illegal activities.
Hong Kong has a mature payment card market with 25 million cards in circulation and 3.5 cards per consumer on average. China UnionPay is the fastest growing card scheme and makes up over half of newly issued cards. While payment cards are widely used, credit cards are particularly popular for e-commerce due to their convenience. Mobile proximity payments are seen as beneficial but have security concerns. The payment landscape is forecast to experience continued growth in cards, e-commerce and mobile payments in the coming years.
Accepting card payments means never turning away a customer again. However, too many small business owners are missing out because they don't know where to get started. This free guide explains all you need to know to get going with card payments for your business.
Cash is still dominant in Japan, accounting for over 80% of transactions in 2014. However, card usage is growing, reaching 16% of payments that year. The largest card network in Japan, JCB, is looking to expand internationally to drive business growth, as the transition to digital payments is slow domestically. JCB has partnered with banks in countries like Russia, Myanmar, and Mongolia to begin issuing co-branded cards. This international expansion helps offset the current dominance of cash in Japan.
Debit cards act as electronic checks, transferring funds from a customer's bank account to the merchant's account. Historically, debit card transactions involved manual processing that took days and was prone to fraud, but electronic processing now clears funds within seconds while nearly eliminating fraud. However, Visa and MasterCard's control of the debit card networks allows them to set high "interchange fees" on transactions that are largely passed back to the large banks. This lack of competition has kept fees high despite improved efficiency, harming merchants and consumers. The Durbin Amendment aimed to limit these fees but was resisted by banks through lobbying and new fees.
Why & how to do cashless transactions matteraamopen
This document proposes solutions to eliminate black money and corruption in India by making all transactions cashless using mobile phones and bank accounts linked to Aadhaar numbers. It estimates that conducting elections through mobile voting could save Rs. 30,126 crores annually spent on elections. Taking a 2% tax on all cashless transactions could generate tax revenue to replace current taxes and free up resources to improve public services like judiciary and healthcare. Going fully cashless within 2 years by requiring Indians to disclose assets and sign agreements on foreign holdings could curb the generation of new black money.
The document provides information on various debit cards issued by State Bank of India (SBI). It discusses the features and uses of different SBI debit cards including the Classic, Silver International, Global International, Gold International, Platinum International, SBI INTOUCH Tap & Go, and Mumbai Metro Combo cards. The key details provided include cash withdrawal limits, accepted locations for use, available benefits like insurance and rewards points, and security precautions for safe debit card transactions.
Credit card fraud involves stealing credit card information through hacking websites, payment processors, or banks. This information is then sold on black markets. Buyers use the stolen cards to purchase goods, targeting payment gateways with lax security checks. Mules are employed to receive shipments of goods purchased fraudulently to then resell them for cash. Hackers, skimmers, phishers and cashiers each play a role in the process and receive a cut of the profits. The schemes outline real examples of how fraudsters have stolen credit card numbers, verified funds, bypassed security measures and laundered money from the illegal activities.
Payforit and Mobile Casinos: The Ultimate GuideDroid Slots
Payforit is a mobile payment method which allows uers to pay with their mobile phone account. When users choose Payforit, the charge is added to their mobile phone bill or deducted from their prepaid credit.
Payforit is a set of payment flows and a trustmark; developed by the four UK Mobile Network Operators – Three, Vodafone, EE and O2, as well as PhonepayPlus.
This guide explains everything you need to know about the scheme, and how it is offered at mobile casinos.
Q 1. Write a detailed note on the credit card payment system and how many parties and involved in this process?
Q 2. What is the difference between E-cash, E-money, and E-wallets?
Q 3 what are the main challenges faced by developing countries in the implementation of E-business?
Q 4 How you will start E-business? explain with your own example.
Q 5 Explain the role and importance of Social Media in E-business
Q 6 write a note on the planning and designing of a website.
The presentation provides an basic overview on the payment card industry from history to future technology adoption. Work in progress for in-depth presentation.
The document discusses the upcoming EMV deadline in October 2015, where healthcare providers who accept credit card payments will be liable for fraud if their payment terminals are not EMV compliant. It explains that EMV uses chip technology for more secure transactions compared to magnetic stripe cards. It advises healthcare providers to contact Corral Solutions to prepare for the deadline and get EMV-ready payment terminals to avoid fraud liability.
This document provides an overview of EMV chip card technology. It explains that EMV chip cards contain an embedded microprocessor chip that encrypts transaction data dynamically for each purchase. The chip technology, used in conjunction with a PIN or signature, provides two-factor authentication to combat fraud. It notes that the first U.S. payment card to use EMV technology was issued in 2010. The document also discusses EMV standards for contact and contactless cards, verification methods like chip-and-PIN versus chip-and-signature, and how EMV encryption and authentication works to improve payment security.
A cashless society refers to a system where all transactions are electronic and there is no physical paper money or coins in circulation. Electronic payment systems like electronic funds transfer and smart cards using microchips, fingerprints, or retinal scans would be used for all purchases. Transitioning to a fully cashless system could impact education, economic implications, and universal acceptance. While it increases security by creating electronic records of transactions and reducing human errors, it also poses security risks from potential technology misuse and new forms of cybercrime. Some controversies exist around reduced privacy, increased spending and debt, and difficulties for those reliant on cash. Overall, a cashless system could provide benefits once people adapt, though it also has risks that may disadvantage certain
This presentation provides an overview of EMV (Europay, Mastercard, and Visa) chip cards for payment transactions. It defines key terms like smart cards, chip cards, and contactless cards. It explains that EMV uses chip technology and cryptograms to authenticate cards and transactions, improving payment security. It also outlines the different payment methods, verification methods like chip-and-PIN and chip-and-signature, and authentication methods including online PIN and offline cryptogram verification. The presentation aims to help readers better understand the basics of EMV technology.
Digital payment modes financial literacy initiative by syndicate bankVikash Yadav
The document summarizes a workshop held by Syndicate Bank on digital payment modes such as debit/credit cards, POS, internet banking, IMPS, UPI, AePS, and USSD. The workshop covered whether cash is still needed, other available payment options, benefits of digital payments, how to use options like IMPS and e-wallets, and precautions to take with digital payments. It concluded that electronic banking and digital payments are convenient, secure, environment friendly and help build a less-cash society.
What payment is? What Payment Gateway/ Payment aggregator is?
How PG/Aggregator to be selected/charges/make money?MID & LiveID. What is Transaction, Refund? What are the Risk their understanding? What are Payment Pages, how to save cards, transaction routing & integration?
The document is an attempt to give insights into digital payments space on the whole. It describes the different payment scenarios or methods and how the underlying technology works. Topics covered - NFC;;contacless payments;Mobile Payments;smart cards chips technology;apple pay;Card operating system
This document discusses digital transactions in India. It defines digital transactions as seamless, non-cash systems involving multiple participants. The objectives of digital transactions are outlined as reducing corruption, costs of printing currency, and transaction burdens while improving tracking of money flows and reviving the banking sector. Common digital payment methods in India like UPI apps, AEPS, USSD, debit/credit cards, e-wallets are described. Advantages include convenience, discounts and records while disadvantages are technical challenges and security/spending risks.
My slide deck on VC investment in the blockchain and cryptocurrency space globally, recent regulatory developments in Southeast Asia, and a summary of enterprise-grade blockchain solutions launched in Thailand. Presented 26 April 2019 at the Fintech on the Block networking night and fireside chat in Bangkok hosted by Bitkub. Many thanks to Vasharada Lapcharoen of Digital Ventures, who did much of the research and created many of the slides.
Clear2Pay is a payments consulting firm that helps financial institutions meet EMV and payments standards. They provide expertise on launching EMV card programs and implementing chip and contactless payment technologies. To become an EMV issuer, a financial institution must obtain a BIN from a card network, which allows them to issue cards and facilitates transaction processing. There are typically multiple entities involved in an EMV issuance program, each playing distinct roles in areas like card production, account management, and financial risk.
Credit card fraud has been an issue since credit cards were first introduced in the 1950s. The document discusses the history of credit cards and common forms of credit card fraud such as skimming, where card information is stolen, and application fraud. It provides examples of famous cases of credit card fraud and recommends precautions like monitoring credit card statements and using encryption to help prevent fraud.
Banking on the Internet (e-banking) is in many countries for a decade already an everyday tool for millions of persons. Operating direct on the stock exchanges is no more limited to experts. Even wallets are turning out to be used more electronically.
Getting your account balance via alerts, making micro-payments in shops or to friends, creating savings for the unbanked customers, … A lot is moving fast for financial (e.g. banks) and nonfinancial agents (e.g. telecoms) in these new channels.
This can generate a lot of questions:
- What are the risks of these new developments and how to tackle them?
What are the commercial and technical challenges for the future?
Prepaid payment instruments allow users to store funds that can be used for transactions and include items like smart cards, magnetic strip cards, internet accounts, and mobile wallets. They provide convenience compared to cash and allow for e-payments. The Reserve Bank of India regulates prepaid payment instruments in India and classifies them into closed systems only usable with one company, semi-closed systems usable at identified merchants, and open systems usable anywhere with cash withdrawal. Non-bank companies can only issue closed and semi-closed instruments while banks can issue all types and interest is earned on funds depending on the system and agreements. As mobile phone usage exceeds bank accounts in India, prepaid payment instruments and mobile wallets are becoming increasingly important for digital
The most comprehensive App containing thousands of UK venues, hundreds of events & offers on a daily & weekly basis all within 50 Cities around the UK.
This document discusses the responsibilities of teachers, which include following curriculum guidelines, meeting Common Core standards, assessing student progress, accommodating student needs, continuing their own education, and protecting students. It also explains that Common Core standards are guidelines that outline what students should know in English and math by 12th grade and serve as a framework, while there is no national curriculum. Additionally, the document notes that education is constantly changing with technology, requiring ongoing professional development for teachers through school and district programs.
Payforit and Mobile Casinos: The Ultimate GuideDroid Slots
Payforit is a mobile payment method which allows uers to pay with their mobile phone account. When users choose Payforit, the charge is added to their mobile phone bill or deducted from their prepaid credit.
Payforit is a set of payment flows and a trustmark; developed by the four UK Mobile Network Operators – Three, Vodafone, EE and O2, as well as PhonepayPlus.
This guide explains everything you need to know about the scheme, and how it is offered at mobile casinos.
Q 1. Write a detailed note on the credit card payment system and how many parties and involved in this process?
Q 2. What is the difference between E-cash, E-money, and E-wallets?
Q 3 what are the main challenges faced by developing countries in the implementation of E-business?
Q 4 How you will start E-business? explain with your own example.
Q 5 Explain the role and importance of Social Media in E-business
Q 6 write a note on the planning and designing of a website.
The presentation provides an basic overview on the payment card industry from history to future technology adoption. Work in progress for in-depth presentation.
The document discusses the upcoming EMV deadline in October 2015, where healthcare providers who accept credit card payments will be liable for fraud if their payment terminals are not EMV compliant. It explains that EMV uses chip technology for more secure transactions compared to magnetic stripe cards. It advises healthcare providers to contact Corral Solutions to prepare for the deadline and get EMV-ready payment terminals to avoid fraud liability.
This document provides an overview of EMV chip card technology. It explains that EMV chip cards contain an embedded microprocessor chip that encrypts transaction data dynamically for each purchase. The chip technology, used in conjunction with a PIN or signature, provides two-factor authentication to combat fraud. It notes that the first U.S. payment card to use EMV technology was issued in 2010. The document also discusses EMV standards for contact and contactless cards, verification methods like chip-and-PIN versus chip-and-signature, and how EMV encryption and authentication works to improve payment security.
A cashless society refers to a system where all transactions are electronic and there is no physical paper money or coins in circulation. Electronic payment systems like electronic funds transfer and smart cards using microchips, fingerprints, or retinal scans would be used for all purchases. Transitioning to a fully cashless system could impact education, economic implications, and universal acceptance. While it increases security by creating electronic records of transactions and reducing human errors, it also poses security risks from potential technology misuse and new forms of cybercrime. Some controversies exist around reduced privacy, increased spending and debt, and difficulties for those reliant on cash. Overall, a cashless system could provide benefits once people adapt, though it also has risks that may disadvantage certain
This presentation provides an overview of EMV (Europay, Mastercard, and Visa) chip cards for payment transactions. It defines key terms like smart cards, chip cards, and contactless cards. It explains that EMV uses chip technology and cryptograms to authenticate cards and transactions, improving payment security. It also outlines the different payment methods, verification methods like chip-and-PIN and chip-and-signature, and authentication methods including online PIN and offline cryptogram verification. The presentation aims to help readers better understand the basics of EMV technology.
Digital payment modes financial literacy initiative by syndicate bankVikash Yadav
The document summarizes a workshop held by Syndicate Bank on digital payment modes such as debit/credit cards, POS, internet banking, IMPS, UPI, AePS, and USSD. The workshop covered whether cash is still needed, other available payment options, benefits of digital payments, how to use options like IMPS and e-wallets, and precautions to take with digital payments. It concluded that electronic banking and digital payments are convenient, secure, environment friendly and help build a less-cash society.
What payment is? What Payment Gateway/ Payment aggregator is?
How PG/Aggregator to be selected/charges/make money?MID & LiveID. What is Transaction, Refund? What are the Risk their understanding? What are Payment Pages, how to save cards, transaction routing & integration?
The document is an attempt to give insights into digital payments space on the whole. It describes the different payment scenarios or methods and how the underlying technology works. Topics covered - NFC;;contacless payments;Mobile Payments;smart cards chips technology;apple pay;Card operating system
This document discusses digital transactions in India. It defines digital transactions as seamless, non-cash systems involving multiple participants. The objectives of digital transactions are outlined as reducing corruption, costs of printing currency, and transaction burdens while improving tracking of money flows and reviving the banking sector. Common digital payment methods in India like UPI apps, AEPS, USSD, debit/credit cards, e-wallets are described. Advantages include convenience, discounts and records while disadvantages are technical challenges and security/spending risks.
My slide deck on VC investment in the blockchain and cryptocurrency space globally, recent regulatory developments in Southeast Asia, and a summary of enterprise-grade blockchain solutions launched in Thailand. Presented 26 April 2019 at the Fintech on the Block networking night and fireside chat in Bangkok hosted by Bitkub. Many thanks to Vasharada Lapcharoen of Digital Ventures, who did much of the research and created many of the slides.
Clear2Pay is a payments consulting firm that helps financial institutions meet EMV and payments standards. They provide expertise on launching EMV card programs and implementing chip and contactless payment technologies. To become an EMV issuer, a financial institution must obtain a BIN from a card network, which allows them to issue cards and facilitates transaction processing. There are typically multiple entities involved in an EMV issuance program, each playing distinct roles in areas like card production, account management, and financial risk.
Credit card fraud has been an issue since credit cards were first introduced in the 1950s. The document discusses the history of credit cards and common forms of credit card fraud such as skimming, where card information is stolen, and application fraud. It provides examples of famous cases of credit card fraud and recommends precautions like monitoring credit card statements and using encryption to help prevent fraud.
Banking on the Internet (e-banking) is in many countries for a decade already an everyday tool for millions of persons. Operating direct on the stock exchanges is no more limited to experts. Even wallets are turning out to be used more electronically.
Getting your account balance via alerts, making micro-payments in shops or to friends, creating savings for the unbanked customers, … A lot is moving fast for financial (e.g. banks) and nonfinancial agents (e.g. telecoms) in these new channels.
This can generate a lot of questions:
- What are the risks of these new developments and how to tackle them?
What are the commercial and technical challenges for the future?
Prepaid payment instruments allow users to store funds that can be used for transactions and include items like smart cards, magnetic strip cards, internet accounts, and mobile wallets. They provide convenience compared to cash and allow for e-payments. The Reserve Bank of India regulates prepaid payment instruments in India and classifies them into closed systems only usable with one company, semi-closed systems usable at identified merchants, and open systems usable anywhere with cash withdrawal. Non-bank companies can only issue closed and semi-closed instruments while banks can issue all types and interest is earned on funds depending on the system and agreements. As mobile phone usage exceeds bank accounts in India, prepaid payment instruments and mobile wallets are becoming increasingly important for digital
The most comprehensive App containing thousands of UK venues, hundreds of events & offers on a daily & weekly basis all within 50 Cities around the UK.
This document discusses the responsibilities of teachers, which include following curriculum guidelines, meeting Common Core standards, assessing student progress, accommodating student needs, continuing their own education, and protecting students. It also explains that Common Core standards are guidelines that outline what students should know in English and math by 12th grade and serve as a framework, while there is no national curriculum. Additionally, the document notes that education is constantly changing with technology, requiring ongoing professional development for teachers through school and district programs.
The document provides an overview of the ePayments industry and includes the following:
- An introduction to the author Sandeep Arora and his background in eCommerce and payments.
- A definition of electronic payments and a description of the "four corner model" for electronic payment transactions.
- Overviews of the payments industries and regulations in the US, EU, and UK.
- Emerging trends in the payments space like social commerce, mobile payments, and hardware point-of-sale devices.
- Potential future developments and challenges in the industry.
This short document promotes the creation of presentations using Haiku Deck, an online presentation tool. It includes two stock photos and text suggesting the reader may be inspired to create their own Haiku Deck presentation. A call to action is given to get started using the tool on SlideShare.
Dokumen tersebut membahas proses grinding dan jenis mesin grinding seperti cylindrical grinding dan surface grinding. Grinding digunakan untuk menghilangkan serpihan logam dan menghaluskan permukaan benda kerja dengan tingkat ketelitian tinggi. Mesin grinding seperti cylindrical grinding dan surface grinding dapat mencapai toleransi sangat ketat hingga 0,0001 inci.
EU Pays has been a reliable & affordable payment gateway service provider to varied business segments comprising of payment gateway solutions for tech support, thereby providing quality payment gateway services for technical support business.
This document provides an overview of different electronic payment systems including payment cards, electronic cash, check free, check share, electronic wallets, and smart cards. It discusses the basic concepts and workings of these various e-payment methods. Key points covered include how payment cards like credit, debit, and charge cards work as well as their acceptance and processing. Advantages and disadvantages of payment cards and electronic cash are also summarized. The document also gives brief descriptions of different electronic wallet and smart card systems.
UPI is a single-window mobile payment system launched by NPCI that allows users to instantly transfer money between bank accounts using only a virtual payment address. It eliminates the need for users to enter sensitive bank details with each transaction. To use UPI, a user simply downloads a participating bank's app, registers with their virtual ID like phone number, and can then send and receive money instantly. For online purchases, a user only needs to provide their virtual ID to the merchant and authenticate the transaction via their bank app. UPI aims to facilitate a digital and cashless society in India by making payments simple, secure and convenient through a single mobile interface.
UPI is a single window mobile payment system launched by NPCI that allows users to instantly transfer money between bank accounts using only a virtual payment address. It eliminates the need for users to enter sensitive bank details with each transaction. To use UPI, a user simply downloads a participating bank's app, registers with their bank account details and virtual ID, then can make or receive payments by providing only this virtual ID to the payee. This simplifies payments and promotes a cashless economy.
Webinar - Navigating Payment Processing for Nonprofits - 2015-07-23TechSoup
Payment gateways, merchant accounts, credit card terminals, oh my! Overwhelmed by the credit card payment options out there and unsure of how to select the right one for your organization's needs? You've come to the right webinar!
TechSoup and Dharma Merchant Services present a jargon-free walk-through of what all those things mean and some tips on selecting the right services for your organization.
From in-person payment terminals and mobile-friendly card swipers to online merchant accounts and payment gateways, we clear the murky waters of accepting credit cards for donations, event registrations, membership dues, and purchases of branded gear at your events.
The document discusses electronic payment systems (EPS) and electronic fund transfers. It begins by defining money and its functions, then defines EPS as a system that allows online payments. It describes different EPS methods like electronic cash and debit/credit cards. Key elements of EPS include client software, merchant servers, and payment processing. Common EPS are online bill payments and reservations. Infrastructure challenges to EPS adoption include lack of reliable networks and automation in some areas. Electronic fund transfers allow transferring money electronically, with examples like ATM transfers, direct deposit, wire transfers. NEFT, RTGS and IMPS are common electronic fund transfer modes in India.
Fraud Prevention in International CommerceSecure Trading
SecureTrading's Head of Sales & Marketing, Tim Allitt's presentation to the BT Fresca client conference on 25th May 2011. Tim presented to over 75 retailers about the benefits of 3-D Secure, International Payment methods and current counter-fraud measures.
Skrill is Europe's largest independent e-wallet company, operating in over 200 countries. It has over 84,000 merchants and 18 million customers. Skrill provides a digital payments solution that allows users to send and receive money across borders and currencies through various payment options from any device. It has disrupted the payments industry by intermediating the traditional value chain and solving key pain points for both merchants and users through its e-wallet platform and services.
The document discusses India's transition to a cashless society through digital payments. It outlines various digital payment methods like UPI, mobile wallets, debit/credit cards, and Aadhaar Enabled Payment System (AEPS). It provides details on how these digital payment methods work, their benefits in reducing cash usage and transactions costs, and promoting financial inclusion. Statistics on growth of digital transactions in India over the past few years are also presented.
This document provides an overview of internet payment systems and electronic payment methods. It discusses key topics like:
- Common internet payment methods including credit cards, digital cash, electronic checks, and payment gateways.
- Electronic payment security issues and protocols like Secure Electronic Transaction (SET) that aim to securely transmit payment information online.
- Specific payment technologies like e-cash, e-wallets, smart cards, and their processing workflows.
- Regulations and growth of electronic payments in India, highlighting channels used and key players in the payments processing market.
The document aims to educate about the various methods available for collecting payments online from customers, while maintaining security of financial information transmitted over the internet.
This document discusses various aspects of e-commerce including essential e-commerce processes, electronic payment systems, security requirements, and ethical issues. It describes key e-commerce processes like access control, profiling, catalog management, and payment. It also summarizes the most prevalent electronic payment methods including net banking, PayPal, electronic cash, e-wallets, smart cards, and credit/debit cards. Finally, it addresses security needs, technologies to achieve security, and ethical considerations of e-business.
This PPT includes the explanation on various types of Electronic payment systems used its working and the recent trends in E-commerce and Electronic payments with special reference to India, It also speaks of various security issues related with e commerce and the use of e-payment systems.
1) Ethiopia has high potential for e-commerce growth given its large population and rapid infrastructure development, but card-not-present transactions present security risks.
2) 3D Secure is a global standard that adds an extra authentication layer for online payments, reducing fraud liability for merchants. It works by requesting additional identity verification from the cardholder during checkout.
3) While 3D Secure reduces fraud, some countries still experience high costs of billions from card-not-present fraud each year, showing the ongoing need to implement secure online payment solutions.
The document provides information about contactless payments for businesses. It discusses how contactless payments work using near-field communication technology, are growing in popularity due to their convenience allowing transactions under £20 to be completed in less than a second, and are as secure as chip and pin payments. The document also provides details on how businesses can implement contactless payments including ensuring staff are trained and having signage and explains the benefits to businesses of offering contactless payments such as reducing queues and increasing sales.
This document summarizes trends in digital commerce based on a presentation by Samee Zafar of Edgar, Dunn & Company. It discusses the transition from physical to digital payments as new technologies like mobile devices and digital wallets emerge. It also examines how these innovations could impact existing payment systems and the players involved, including the potential for non-traditional players to drive growth in digital payments. Regulatory intervention in payment economics is also discussed as a potential hurdle for innovation.
Innovation of Products & Services in BankingSaad Sair
The document discusses the innovations in the Pakistani banking industry brought about by information technology. It outlines various digital banking services that have emerged, including automated teller machines (ATMs), point of sale (POS) terminals, mobile banking, smart cards, online and offline debit cards, and e-banking/internet banking. It also mentions several examples of Pakistani banks adopting new technologies or partnering with telecom companies to expand digital services.
Epayments system in India and globally iit project abhiROCKS1103
IIT project on epayments. Including all the method uses and innovations in e payments and the growth of epayments in the modern world and rapid growth in india after demonetization.
This document discusses various electronic payment systems used in banking. It begins by defining banking and describing how banking services have expanded over time to include debit/credit cards, ATM services, online fund transfers. It then discusses core banking functions like accessing accounts from any location. Other sections cover virtual banking without physical branches, various payment systems like ATM cards, credit cards, debit cards and electronic fund transfers. Mobile banking and online shopping are also summarized. The document concludes by describing internet banking and its history and procedures.
1. The Innovative World of ePayments 2014
A Quick Reference Guide to the world of CASHLESS
payments
1Author: Sandeep Arora
2. About the Author
2
Sandeep Arora, an expert & Professional with high level of experience in the
area of online & offline sales , marketing, e- commerce & customer engagement.
He believes that his life's strategy evolved from the tale of the bird who
accidentally got frozen inside ice. A cow defecated on the bird which brought
back warmth into the birds body. When it was thawed completely, it started to
chirp. A passerby cat got curious & came to inspect the dung & found the bird
inside.
It killed the bird and ate it. MORAL: Not everyone who puts you in shit is necessarily your enemy; Not
everyone who gets you out of that shit is a friend & when you are deep in shit, you better learn to keep your
mouth shut..
He is fond of reading and learning new skills & loves to keep abreast with technology. Also fond of exercising
and cooking in his leisure time . Apart from working as a full time Senior Marketing and Business
Development Consultant, he enjoys writing blogs inspiring people around the world who are in search of
success and self discovery.
This useful eBook is a result of his hard work and curious attitude. This eBook can be used as a quick
reference guide by anyone who is interested in the sector of online payments and would like a quick update
on the current and future developments in the industry.
Sandeep lives with his wife in beautiful & quiet vicinity of Heemstede which is a small district based in
Northern Holland, The Netherlands. He can be reached via e- mail at sandeepinspires@gmail.com.
3. 3
A Note of Thanks from the Author
I first and foremost am grateful to the great almighty divine which has always been a guiding
buoy for me at times when I desperately needed its guidance.
My sincere gratitude to all the readers and fans who follow my articles and blogs religiously.
I appreciate their comments and feedback which helps in my personal development.
I have tried putting in my best efforts to gather all the possible information and add it here.
However, if I missed touching up on some critical information about the financial sector ,I will
be happy to review and add it if you step on something useful and bring it to my notice.
As always, I will highly appreciate a note from you letting me know your feedback and
suggestions.
I could be reached by e- mail at sandeepinspires@gmail.com.
Many Thanks once again & Enjoy Reading!!
-Sandeep Arora
Statutory Declaration: All trademarks or registered trademarks, product names, company
names and logos appearing in this electronic book are the property of their respective owners.
They have only been used for illustrative purposes. All images are acquired from the public
domain resources.
-Author
4. 4
Table of Contents
The Payment Industry: A Simple Definition……Page 5
A quick peek into the history of credit cards……Page 5
An Electronic Payment……Page 6
The Four Corner Model for an Electronic Payment Transaction……Page 6
Security……Page 7
Payment Gateway……Page 7
Payment Service Provider……Page 8
US Financial & Payments Sector......Page 9
EU Financial and Payments Sector……Page 10
UK Financial and Payment Sector……Page 11
The Present Podium……Page 13
Donations Like Never Before……Page 15
Social Commerce……Page 16
A Token of Security……Page 16
Payments On The Move……Page 17
Hardware and Software MPOS bundles……Page 18
A Glimpse in FUTURE……Page 19
Challenges……Page 21
Glossary……Page 22
• Online Transaction Process......Page 22
• The Ibeacon: Customer Discovery Tool......Page 24
• Table of Acronyms......Page 25
Please Note: For details on terms marked with *, see Glossary
5. The Payment Industry: A Simple Definition
Payment industry evolved as a cash-substitutes to traditional payment systems such as cash,
drafts (e.g. checks) and documentary credits such as letters of credit leveraging computers and
electronic communications. These incorporate using payment methods like debit cards, credit
cards, electronic funds transfers, direct credits, direct debits, internet banking etc.
A quick peek into the history of credit cards
Credit card market started in early 2000, when issuers first began
launching products. In just eight years, growth on Visa card
purchases went from $306 million in 2002 to $61.5 billion in 2010.
Merchants accepting Visa cards also increased from 21,000 to
331,000 during the same period. Major card brands include
American Express, Discover Financial Services, Japan Credit
Bureau, MasterCard Worldwide and Visa International.
5
6. An Electronic Payment
The term electronic payment can refer narrowly to e-commerce which is a payment for buying
or selling of goods or services offered through the Internet.
The Four Corner Model for an Electronic Payment Transaction
For a descriptive version of the electronic payment transaction process, Please refer to the glossary
section at the end of this presentation
6
7. Security
7
The payment industry consists of all the organizations which store, process and transmit data
for debit cards and credit cards. Individual card brands have their own compliance programs in
place and they also are required to follow security standards developed by the Payment Card
Industry Security Standards Council, the PCIDSS* compliance used throughout the industry.
Payment Gateway
A payment gateway is an e-commerce application equivalent of a physical point of
sale terminal located in most retail outlets facilitating the transfer of information between a
payment portal (such as a website, mobile phone or IVR*) and the Front End Processor or
acquiring bank. Many payment gateways also provide tools to automatically screen orders for
fraud and calculate tax in real time prior to the authorization request being sent to the
processor. Tools to detect fraud include geo location, velocity pattern analysis, 'black-list'
lookups, delivery address verification, computer finger printing technology, identity morphing
detection, and basic AVS* checks.
8. Payment Service Provider
A payment service provider (PSP) offers shops online services for accepting electronic
payments by a variety of payment methods. Typically, they use a software as a service model
and form a single payment gateway for their clients (merchants). A PSP can connect to
multiple acquiring banks, card, and payment networks. In most cases, the PSP will fully
manage these technical connections, relationships with the external network and bank
accounts. This makes the merchant less dependent on financial institutions and free from the
task of establishing these connections directly, especially when operating internationally.
Furthermore, by negotiating bulk deals they can often offer cheaper fees.
A full-service PSP can offer risk management services for card and bank based payments,
transaction payment matching, reporting, fund remittance and fraud protection in addition
to multi-currency functionality and services. Some PSPs provide services to process other next
generation methods (payment systems) including cash payments, wallets, prepaid cards or
vouchers, and even paper or e-check processing. There are more than 900 Payment Providers
in the world.
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9. US Financial & Payments Sector
United States uses a magnetic stripe on a card to process transactions and its security relies on
the holder's signature and visual inspection of the card to check for features such as hologram.
This system will be outmoded and replaced by EMV in 2015. EMV a global standard for inter-
operation of integrated circuit cards (IC cards or "chip cards") and IC card capable POS
terminals and ATM*.
US finance and payments are regulated by the Federal Reserve System & FDIC*.
Initiatives to prevent financial frauds in the US are following:
i. FBI Internet Crime Complaint Center
ii. NCSA*
iii. American Bankers Association's Center for Payments and Cyber security
iv. FinCEN*
v. FFETF*
A few Member Banks:
First National Bank; Peoples National Bank; City National Bank; Chase Bank; Merchants
National Bank; Bank of America; Wells Fargo
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10. 10
EU Financial and Payments Sector
The EPC*supports and promotes the creation of the Single Euro Payments Area.
The EPC is the decision-making and coordination body of the European banking industry in
relation to payments. The EPC* develops the payment schemes and frameworks which help to
realize SEPA*. SEPA is a EU* integration initiative in the area of payments.
The EACT*, TWIST*, The European Central Bank, the European Commission, the European
Payments Council, the EACHA*, payments processors and pan-European banking associations
– EBF*, EACB* and the ESBG* play an active role in defining the services which SEPA delivers.
19 states that fall under SEPA are following:
Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lith
uania, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia, Spain.
Initiative to prevent financial fraud in the EU:
i. National Fraud Initiative
A few Member Banks:
ABN AMRO; Credit Europe; Royal Bank of Scotland; Bank Austria; Sparebanken; Alior Bank;
Alpha Bank; Citibank; Barclays; Deutsche Bank; Swiss Bank; Allianz
11. 11
UK Financial and Payment Sector
The UKPA is a United Kingdom trade organization that brings together all payment
systems organizations and gives banks, building societies and card issuers a forum where they
can work together on non-competitive issues. It covers most forms of payments within the UK
including cash, credit cards, debit cards, cheques, and automated payments such as direct
debits and online/phone transactions.
The UKPA standards define both procedural and technical practice for:
i. Debits (including cheques)
ii. Coin packaging and banknote wrappers
iii. Magnetic media interchange
iv. Interchange data formats
v. EFTPOS* device communications
Initiatives to prevent financial frauds in the UK:
i. FFA: Financial Fraud Action
ii. DCPCU: dedicated cheque and plastic crime unit (a police unit fully sponsored by the
banking industry devoted to identifying and controlling financial fraud activities in the UK)
12. 12
A few Member Banks:
Bank of America; DnB NOR Bank; NAB; Bank of England; Nationwide Building Society; Bank of
Ireland; GE Capital; National Westminster Bank; HSBC; Royal Bank of Scotland; Barclays;
Citigroup
13. 13
The Present Podium
Money Gets Money: The year 2014 has not only registered growth in new innovations and
technology, where startup companies like Payoneer, mPowa and Stripe have managed to
capture interest of some great investors world wide. Venture capital investment in payment
technologies hit a five-year high in the first quarter of 2014.
14. i. Stripe Inc. has raised $70 million in a financing round that values the digital-payments
startup at $3.5 billion.
ii. Amsterdam-base Adyen announced a $250 million funding round in December, led by
global growth equity investor General Atlantic.
iii. Digital River breaks away from Wall Street in favor of an acquisition by an investor group
led by Siris Capital Group for $840 million.
iv. Ingenico’s billion-dollar plus acquisition of Global Collect.
14
15. 15
Mobile donations are up by 71% compared to last five years.
The ice bucket challenge was a chance to give money to charity. ALS* research is estimated to
have raised $100 million because people the world over dumped ice water on their heads.
The example was closely followed by a Lather challenge which dumps soapy water on
participants as a reminder about how to stop spreading Ebola. A rice bucket challenge to raise
awareness about world hunger.
Apple Pay pushed Apple Red – a campaign to support AIDS* research.
Donations Like Never Before
16. 16
A Token of Security
Social Commerce
2014 was the year for social media players also to poke their heads out of their foxholes.
i. Twitter added a “Buy” button to help use Tweets to push sales.
ii. Face book initiated with its group selling app and buy button.
Apple Pay’s specialized token-based security platform kicked-off mass enthusiasm. Before its
launch in September 2014, only few payment’s devotees had any idea what a token was.
A token is the process of substituting a sensitive data into small encrypted, garbled packets
before relaying it on the information highway. These packets are meaningless until they reach
the intended destination, decrypted and recompiled into their original state. Tokens, and their
ability to reshape the secure payment’s landscape has been a popular topic of conversation
17. 17
Payments On The Move
The era of mobile payments also registered a significant rise in the year 2014. This also has
brought forth a lot of improvements in the m- commerce sector with the adoption 4th
generation technologies like NFC* and bio metric scan. This was on the charts for a long time
but a real-time experience was only possible after the launch of Apple pay. Not very far behind
Samsung has also announced teaming with China UnionPay to introduce the NFC* payment
services.
The desire of improvement and exceptional consumer
experience has also encouraged the key players in mobile app
development to integrate the capability of payment or fund
transfers in their apps.
i. S- money app in France already has enabled 3.5 million Twitter users to send payment's
via a tweet.
ii. Smartchat integrated smartpay services powered by Square, a peer to peer fund transfer
feature
iii. Facebook is working on introducing a payment system soon in conjunction with its
messenger application.
18. 18
Hardware and Software MPOS bundles
2014 was the year that MPOS* Tablets not only became more functional but some platforms
helped merchants future-proof their businesses by incorporating payment acceptance options
for NFC*, crypto currencies (Bit coin), QR Code*, EMV* and Apple Pay.
A few current developments are listed below for your reference:
i. First Data launched its Clover tablet solution, which provides a hardware and open software
platform including loyalty solutions, CRM*, data analytics and acceptance of Apple Pay.
ii. SumUp announced the acceptance of Bitcoin in its mPOS* solution through BitPay.
iii. Square struck a deal with Whole Foods to accept payments at checkout at in-store venues,
like sandwich, juice, coffee, wine and beer bars.
iv. ShopKeep had a deal for new customers. Any new customers that signed up for a iPad-
based in-store point-of-sale system would get free equipment to handle Apple Pay,
contactless, traditional magnetic stripe and EMV* (developmental phase) chip payment
cards.
v. PayAnywhere 3.0 launched as a way to offer new features and a redesigned user interface
focused on speed and simplicity for PayAnywhere Storefront. The new version also
integrates with PayPal through Discover’s processing network. This feature makes NAB the
first payments company to provide its distribution partners with a margin neutral solution
for PayPal transactions aligning with the other four major credit cards.
vi. ROAM, an Ingenico company, launched ROAMmcm5 to be the first enterprise-ready mPOS
solution and the first EMV*-ready solution to enable businesses to quickly deploy and
centrally manage global mPOS* environments. ROAM also launched an EMV compliant
mPOS platform for the U.S.
19. 19
A Glimpse in FUTURE
2015 promises to be a lot better as hardware gets slicker and the software platforms that
power them become even more robust. EMV-ready solutions will clearly accelerate in the U.S.
Everyone, everywhere, will pay attention to enabling new forms of payments providing the
ability to transact anytime, anywhere securely.
Figures and Forecasts
20. 20
The research from BI Intelligence shows leaps and bounds of growth for the mobile Payment
sector and a stable going for the web shoppers (ecommerce).
The other sources referred, forecast global e-commerce sales to increase by nearly 21% in
2015. It will go up to $1.592 trillion and account for 6.7% of all retail sales around the world.
By 2018 the number is projected to be around to $2.5 trillion compared to $1.316 trillion in
2014, up 22.2% from $1.077 trillion in 2013.
Online sales accounted for around 4% of global retail sales in 2014. However, those numbers
are expected to keep climbing offering yet a promising future year after year for the cashless
payments sector.
Clicks With Brick-And-Mortar Retail
Starbucks Story: The Start buck app shows customers the closest location and offers Mobile
Order & Pay. The option is only available on the iPhone app for now, but will be released to
android users in 2015. Starbucks is already close to hitting an average of 7 million transactions
a week, 16 percent of which are made on mobile devices.
Macy’s Story: In 2014 Macy’s had become one of the most active large retailers, with the chain
now getting about 10 percent of its sales from online orders. This was with the adoption of
high-profile rollout of the new Apple Pay mobile payment system in Macy’s towards the end of
the year. It is also making big with implementation of the Apple’s iBeacon (see extras)
technology at all Macy’s stores nationwide, which lets customers receive personalized
discounts, rewards and recommendations on their mobile phones.
21. 21
Challenges
The Never Ending Price War: New entrants are
taking a hit at the revenue which is important to all
conventional payment companies. LevelUp doesn't
charge for payments, Groupon and Square are
promoting new reduced pricing options. Major
merchants such as Walmart are also challenging the
recently proposed multi-billion dollar settlement over
interchange pricing.
Money Changing Faces: Even Cash is being ambushed by ambitious new currencies like
Bitcoin or virtual currencies like Facebook Credits and World of Warcraft gold. This is creating a
never ending loop of possibilities, new developments and more investments for the financial
institutions.
A Wipe Out Possibility: According to sources Groupon and Fiserv are both choosing to
distribute their new payment readers without the help of ISOs. Is it a possible WIPE OUT
indication for the ISO* sector to accept the change and start looking for alternatives?
22. 22
Online Transaction Process
• A customer places order on website by pressing the 'Submit Order' or equivalent button, or
perhaps enters their card details using an automatic phone answering service.
• If the order is via a website, the customer's web browser encrypts the information to be sent
between the browser and the merchant's web server. In between other methods, this may be
done via SSL* encryption. The payment gateway may allow transaction data to be sent directly
from the customer's browser to the gateway, bypassing the merchant's systems. This reduces
the merchant's PCIDSS compliance obligations without redirecting the customer away from the
website.
• The merchant then forwards the transaction details to their payment gateway. This is another
SSL encrypted connection to the payment server hosted by the payment gateway.
• The payment gateway forwards the transaction information to the payment processor used by
the merchant's acquiring bank.
• The payment processor forwards the transaction information to the card association (e.g.,
Visa/MasterCard/American Express). If an American Express or Discover Card was used, then the
card association also acts as the issuing bank and directly provides a response of approved or
declined to the payment gateway. Otherwise [e.g.: a MasterCard or Visa card was used], the
card association routes the transaction to the correct card issuing bank.
Glossary
23. 23
• The credit card issuing bank receives the authorization request and does fraud and credit or debit
checks and then sends a response back to the processor (via the same process as the request for
authorization) with a response code [e.g.: approved, denied]. In addition to communicating the
fate of the authorization request, the response code is used to define the reason why the
transaction failed (such as insufficient funds, or bank link not available). Meanwhile, the credit
card issuer holds an authorization associated with that merchant and consumer for the approved
amount. This can impact the consumer's ability to further spend (e.g.: because it reduces the line
of credit available or because it puts a hold on a portion of the funds in a debit account).
• The processor forwards the authorization response to the payment gateway
• The payment gateway receives the response, and forwards it on to the website (or whatever
interface was used to process the payment) where it is interpreted as a relevant response then
relayed back to the merchant and cardholder. This is known as the Authorization or "Auth"
• The entire process typically takes 2–3 seconds.
• The merchant then fulfills the order and the above process is repeated but this time to "Clear" the
authorization by consummating the transaction. Typically the "Clear" is initiated only after the
merchant has fulfilled the transaction (e.g.: shipped the order). This results in the issuing bank
'clearing' the 'auth' (i.e.: moves auth-hold to a debit) and prepares them to settle with the
merchant acquiring bank.
• The merchant submits all their approved authorizations, in a "batch" (e.g.: end of day), to
their acquiring bank for settlement via its processor.
• The acquiring bank makes the batch settlement request of the credit card issuer.
• The credit card issuer makes a settlement payment to the acquiring bank (e.g.: the next day)
• The acquiring bank subsequently deposits the total of the approved funds into the merchant's
nominated account (e.g.: the day after). This could be an account with the acquiring bank if the
merchant does their banking with the same bank, or an account with another bank.
• The entire process from authorization to settlement to funding typically takes 3 days.
Source: Wikipedia
24. 24
The Ibeacon: Customer Discovery Tool
iBeacon is a new technology that extends Location Services in iOS*. Your iOS device can alert apps
when you approach or leave a location with an iBeacon. In addition to monitoring location, an app
can estimate your proximity to an iBeacon. iBeacon uses a Bluetooth low energy signal, which iOS
devices detect. iBeacons can help a phone show notifications of items nearby that are on sale (retail
promos etc.), and it can enable payments at the POS* where customers don’t need to remove their
wallets or cards to make payments. The best part is that the app is capable of detecting the devices in
the vicinity with compatible apps and activate or wake up these devices remotely even when the app
is not on standby or active mode or blue tooth on the device is not 'ON'. This feature is not yet
available for android users. They can still get alerts provided they have compatible app running in the
background and the blue tooth is 'ON' on the handset.
Source: apple support, Wikipedia
25. 25
Table of Acronyms
• PCIDSS: Payment Card Industry Data Security Standards
• IVR: Inter Active Response
• AVS: Address Verification System
• PSP: Payment Service Provider
• ISO: Independent Sales Organization
• FDIC: Federal Deposit Insurance Corporation
• POS: Point of Sale
• ATM: Automated Teller Machine
• NCSA: National Cyber Security Alliance
• FBI: Federal Bureau of Investigation
• FinCEN: Financial Crimes Enforcement Network
• FFETF: Financial Fraud Enforcement Task Force
• EACT: European Associations of Corporate Treasurers
• TWIST: Transaction Workflow Innovation Standards Team
• EACHA: European Automated Clearing House Association
• EBF: European Banking Federation
• EACB: European Association of Co-operative Banks
• ESBG: European Savings Banks Group
• EPC: European Payments Council
• SEPA: Single Euro Payments Area
• EU: European Union
• UKPA: UK Payments Administration Ltd
• ALS: Amyotrophic Lateral Sclerosis
• NFC: Near Field Communication
• MPOS: Mobile Point of Sale
• EMV: Europay, MasterCard and Visa, a global standard for inter-operation of integrated circuit cards
• QR: Quick Response (QR code: Quick Response Code is the trademark for a type of matrix barcode which can be scanned at
POS for product description and relative payment.
• CRM: Customer Relations Management
• SSL: Secure Socket Layer
• IOS: Input Output System
• AIDS: Acquired Immune Deficiency Syndrome
• EFTPOS: Electronic Fund Transfer through Point of Sale