23-06-2012, 12:53 PM
Electronic Payment System
Electronic Payment System.ppt (Size: 4.39 MB / Downloads: 165)
E-Payment System
The term 'electronic payment' is a collective phrase for the many different kinds of electronic payment methods available (also meaning online payment), and the processing of transactions and their application within online merchants and ecommerce websites.
Special Features required in EPS
Ease of Automated Processing:
Immediacy of result
Openness and accessibility
Loss of collateral information
Globalization
New business models
Currency Server
Currency Server can load currency exchange rate data in a variety of data formats and transmission protocols, supporting major official and free data feeds, as well as commercial and subscription-based services. Automatic updates of non-exchange rate data (such as currency names and codes) are also supported, and are covered in the Currency World Monitor.
Electronic Purses
The E-wallet is another payment scheme that operates like a carrier of e-cash and other information.
The aim is to give shoppers a single, simple, and secure way of carrying currency electronically.
Trust is the basis of the e-wallet as a form of electronic payment.
Why use an electronic purse?
The development of electronic purses has been driven by commercial and technological organisations rather than by demand from consumers.
The organisations operating electronic purse systems gain from the use of the money stored on the cards. For banks, there are advantages in reducing the handling of cash and cheques which have to be transported securely and are labour intensive to handle. Electronic purses are also seen as a means to protect the bank and card holder relationship which is perceived to be important in today's competitive environment.
For the retailer, the advantages are the reduction in handling of currency and cheques. This includes reducing the delay in money being credited to the retailer's bank account. Another advantage is reducing the risk of theft.
Business Issues and Implications
High Cost of Transaction.
Need third party Intermediate
Dependent on the Internet Connectivity
Dependent on Electricity
Fraudulent mails
Hackers involving in transactions
Depends completely on electricity
Produces electronic garbage