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Electronic Payment Systems

Electronic payment systems are becoming central to online business process innovations as company look for ways to serve customers faster and at lower cost. Emerging innovation in the payment for goods and services in electronic commerce promise to offer a wide range of new business opportunities.

Electronic Payment Systems and E-commerce are linked given that online consumers must pay for products and services.

Electronic payment systems are non-credit card online payment systems. The goal of their development is to create analogs of checks and cash on the Internet, i.e. to implement all or some of the following features:

1.    Protecting customers from merchant’s fraud by keeping credit card numbers unknown to merchants.

2.    Allowing people without credit cards to engage n online transactions

3.    Protecting confidentiality of customers

4.    In some cases providing anonymity of customers (“electronic cash”)

The problems in implementing electronic payment system, especially anonymous electronic money, are:

(i)    Preventing double spending: copying the “money” and spending it several times. This is especially hard to do with anonymous money.

(ii)    Making sure that neither the customer nor the merchant can make an unauthorized transaction.

(iii)    Preserving customer’s confidentiality without allowing customer’s fraud.

While electronic payment systems have not gained a very wide popularity, except for paypal system used on online auctions. Such as eBay, they may become ore popular in the future if more businesses stat using them. Electronic payment systems may be more convenient for international online business due to differences in credit card customer protection laws in different countries.

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