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.. CSE CSO5185Notes-11

Electronic payment systems are used widely in banking, retail, and by governments to efficiently deliver products and services with lower costs and higher quality customer service. Electronic funds transfer (EFT) was introduced in the early 1970s and allows financial institutions to debit or credit accounts electronically. EFT systems are divided into banking/financial systems, retailing payment systems, and online payment systems. Digital token-based electronic payment systems use electronic cash, checks, or credit as an analog to physical forms of payment backed by financial institutions. Transactions can be settled in real-time with e-cash or use pre-paid debit tokens or post-paid credit tokens verified by banks. Evaluation of payment instruments considers the transaction type, settlement means,

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130 views2 pages

.. CSE CSO5185Notes-11

Electronic payment systems are used widely in banking, retail, and by governments to efficiently deliver products and services with lower costs and higher quality customer service. Electronic funds transfer (EFT) was introduced in the early 1970s and allows financial institutions to debit or credit accounts electronically. EFT systems are divided into banking/financial systems, retailing payment systems, and online payment systems. Digital token-based electronic payment systems use electronic cash, checks, or credit as an analog to physical forms of payment backed by financial institutions. Transactions can be settled in real-time with e-cash or use pre-paid debit tokens or post-paid credit tokens verified by banks. Evaluation of payment instruments considers the transaction type, settlement means,

Uploaded by

mahesh_gottapu
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© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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ELECTRONIC PAYMENT SYSTEMS: Electronic payment system are used in banking ,retail, online government.

Organizations are motivated by the needs of deliver products and services of efficiently with less cost and provide higher quality of services to the customers.

Electronic funs transfer (EFT): It is introduced in early 1970s. It is defined as any transfer of funds initiated through an electronic terminal or computer or magnetic tape so as to order , instruct or authorize a financial institution to debit or credit an account.

Electronic funs transfer (EFT ) work divided into three categories : 1.Banking and Financial Systems * large scale / whole sale payments * small scale / retail payments * Home banking 2. Retailing payment systems * credit cards * private label credit /debit cards *charge cards example: American express 3. Online payment system It is further divided into two types which are as follows a) Token based system * e-cash * e-check and Digi cash * net cheques and smart cards b) Credit card system * encrypted credit card * third party authentication or authorization numbers

DIGITAL TOKEN BASED ELECTRONIC PAYMENT SYSTEMS Electronic token is a form of electronic cash or money or cheque. This tokens are designed as electronic analog of various forms of payments backed by bank or financial institution .

1. Cash or real-time : In this transactions are settled with exchange of electronic currency (e cash) 2. Debit /pre paid : In this , users pay in advance for privilege of getting information or service. 3. Credit or post paid : In this users need not pay in-advance but getting the total service. The server authenticates customer and verifies with bank fund or adequate before service. Example : credit card , debit card

The following view points are evaluated for the payment instrument in electronic commerce : 1. The nature of transaction for which the instrument is designed. 2. The means of settlement used tokens are backed by cash , credit , e-cash etc 3. Approaches to the security and anonymity 4. The question of risk at what time occurs , tokens suddenly become worthless and customer have currency that no body will accept.

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