11-03-2014, 04:12 PM
Electronic Payment Systems
Electronic Payment.pptx (Size: 1.31 MB / Downloads: 17)
E-Check Process
1. Consumer obtains e-check book from an authorised bank.
2. Consumer issues E-check to pay for purchase.
3. (i) Merchant authenticates consumer id.
(ii) Merchant authenticates issuing bank.
4. Merchant deposits E-check.
5. Central Reserved Bank certifies public keys of bank.
6. Consumer’s Bank transfers fund to Merchant’s bank.
SET Payment Transactions
SET-protected payments work like this:
Consumer makes purchase by sending encrypted financial information along with digital certificate
Merchant’s website transfers the information to a payment card processing center while a Certification Authority certifies digital certificate belongs to sender
Payment card-processing center routes transaction to credit card issuer for approval
Merchant receives approval and credit card is charged
Finally transaction amount is deposited into merchant’s account.