Electronic Payment System (continuation)

Category: Education

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SMART CARDS – are chip-embedded plastic cards which enable them to hold more money information than ordinary credit cards with magnetic strips. TWO TYPES OF SMART CARD CONTRACT- Smart cards need to be placed in a smart reader in order to read information on the smart card and update information on the computer chip. CONTACTLESS- smart card has both a coiled antenna and a computer chip inside thus enabling the card to transmit information.

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DIGITAL CURRENCY- refers to money in specific currency stored electronically to be able to make online payments. FOLLOWING E-WALLET WEBSITES www.visa.com/pd/ewallet/main.html www.entrypoint.com www.MBNAwallet.com www.brodia.com MICROPAYMENTS - Refers to small-amount-payments, which could have more hassle and expense on the part of the online merchant.

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ELECTRONIC WALLET Electronic wallets or simply E-wallets facilitate credit card order process and allow tracking of billing and shipping information so that it can be entered with one-click at participating merchants sites. It also store e-checks and credit card information for multiple cards.

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MICROPAYMENTS It refer to small-amount-payments, which could have more hassle and expense on the part of the online merchant. THE PAYPAL PAYMENT SCHEME PayPal- is a payment system that is widely used worldwide ( www.paypal.com .) PayPal- act as intermediary in a payment scheme that does not require any outlay on the part of the merchant . It establishes an online account that makes it easy to send money from a variety to variety of recipients without sharing the financial information of the online merchant to anyone.


PAYPAL ABOUT THE ADVANTAGES OF ITS PRODUCT OR SERVICE IN THE FORM OF THE FOLOWING MERITS: FAST- PayPal lets you instantly send payment online using your bank account, credit card, and other sources. No more waiting for the mail or standing in line at the bank. EASY- Make payments securely with the click of the button. With PayPal, there is no more hassle typing in credit card information every time you make a purchase. SECURE- Your financial information is never shared, so merchants never see your credit card or bank account numbers. Plus, our experienced fraud prevention team helps fight fraud before it happens.

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GLOBAL- PayPal is trusted worldwide, with more than 100 million PayPal account and growing. PayPal is accepted by hundreds of thousands of businesses across the globe. FREE- It is free to pay for purchases or send money to anyone with an e-mail address in 55 countries and regions. MOZCOM’S EPAYMENT SCHEME Mozcom is one of the pioneering Internet-based companies in the Philippines having served as an ISP at the inception of the Internet system in the system in the Philippines. Other than providing Internet-related services to its clients, the company ventured into value added service by making its platform a venue for allowing payments online.

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ONLINE PAYMENT SYSTEM OR PAY EASY It simplifies the online payment process by providing a secure, unified interface to merchants. It can process major credit cards, ATM debit cards, mobile payments and proprietary currencies like PayPal and UCPB 1Time payment. It involves around the concept of a wallet wherein a person who wishes to purchase goods or services from a PayEasy merchant must open a wallet account.

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THE SUPPORTED FUNDING SOURCES International credit cards : Visa, MasterCard , American Express and Discover PayPal ( http://www.paypal.com ) BancNet ATM debit cards ( http://www. Bancnet.net/corporate/ faq /FAQBOL. htm ) MegaLink ATM debit cards ( http://megalink.com.ph/content.php?page=faqs Global G-cash ( http://www.payeasy.ph/faq-gcash.asp ) United coconut Planters Bank ( UCPB) my1time ( http://www.ucpb.com/my1time/faq/faq.asp )

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THE NATURE AND CONTEXT OF Ecommerce Since computer was invented and made its debut as a vital tool the conduct of trade and commerce, transactions between and among business organization as well as between a company and its customers or end users have changed radically. BRICK-AND-MORTAR- business mode built around the concept of a marketplace referring to a venue or physical structure where sellers and buyers meet to sell or buy goods and services then physically hand over the payment is now getting to be a thing of the past in some business sectors. MARKET SPACE- somewhere in the cyberspace where buyers and sellers conduct their business using a network of computers linked by wires and cable courtesy of the wonders of convergence of information and communication technology and in particular the Internet system.

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eCommerce mode involves a transaction between the parties that are done electronically or digitally thus doable using mouse and keyboard hence the lingo click-and-mortar in the era of eCommerce . CONTEXTUALIZING eCOMMERCE eCommerce is contextualizing as trade and commerce activities or transactions largely between and among producers and processors of goods and services rather than between procedures or processors and the final consumers or end user of such goods or services.

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