E-Commerce Payment System

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PRESENTATION ON E-commerce Payment System : 

PRESENTATION ON E-commerce Payment System PRESENTED BY: ABHISHEK VARSHNEY

Electronic Payment System : 

Electronic Payment System Electronic payment systems are becoming central to on-line business process innovation as companies look for ways to serve customers faster and at lower cost. E-payment is a subset of an e-commerce transaction to include electronic payment for buying and selling goods or services offered through the Internet. E-payment systems are proliferating in banking, retail, health care, on-line markets and government.

Electronic Payment System : 

Electronic Payment System In early 1970, emerging e-payment technology was labeled as Electronic funds transfer {EFT}. EFT is defined as ---     »any transfer of funds initiated through an electronic terminal, telephonic instrument, or computer or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. »

Types of Electronic Payment System : 

Types of Electronic Payment System 1. On-line Electronic commerce Payments :- a) Digital Token-based systems Electronic Cash (e.g. Digi cash) Electronic Checks (e.g. Netcheque) Smart Cards or Debit Cards (e.g Mondex Electronic currency card) b) Credit Card- based systems: Encrypted credit cards (e.g. www form based encryption) Third party authorization numbers (e.g First virtual)

Types of Electronic Payment System : 

Types of Electronic Payment System 2. Banking and Financial Payments: a) Large-scale or wholesale payments (e.g. Bank to Bank transfer) b) Small-scale or Retail Payments – (e.g. ATM and Cash dispensers) c) Home Banking (e.g. Bill Payment)

Types of Electronic Payment System : 

Types of Electronic Payment System 3. Retailing Payments: a) Credit Cards (e.g. VISA or Master Card) b) Private label Credit/Debit Cards (J.C. Penney Card) c) Charge Cards (e.g. American Express)

Digital Token based Payment system : 

Digital Token based Payment system A. Electronic Cash (Digicash) Essentially, digital cash mimics the functionality of paper cash. Digital cash is a payment message bearing a digital signature which functions as a medium of exchange or store of value. It combines computerized convenience with security and privacy.

Properties of Digital Cash : 

Properties of Digital Cash Monetary value Security Anonymous Portable User friendly

How does Digital Cash work? : 

How does Digital Cash work? BANK PERSON A PERSON B SEND DIGITAL CASH ASK FOR PAYMENT ISSUE OF DIGITAL CASH

Digital Token based Payment system : 

Digital Token based Payment system B. Electronic Cheque Electronic cheque are the electronic version of a paper cheque, used to conduct transactions over the Internet. Electronic cheque are designed to accommodate the many individuals and entities that might prefer to pay on credit or through some mechanism other than cash.

Advantages of Electronic Checks : 

Advantages of Electronic Checks Reduce Processing costs- Cost to process a cheque electronically is generally lower than credit cards. Reduce billing costs – Less need for invoicing and lower cost of accounts receivable administration. Receive deposits sooner- deposit funds nearly twice as fast as paper- based cheque processing. Increase sales – convert sales that would otherwise be lost.

How does Electronic check works? : 

How does Electronic check works?

Digital Token Based Payment System : 

Digital Token Based Payment System C. Smart Cards or Debit Cards (Mondes Electronic Currency Card) A smart card is a small device which contains a tiny integrated chip between layer of plastic. The chip can store significantly greater amounts of data, estimated to be 80 times more than a magnetic stripe. Smart card technology forms the basis for the Mondex system.

Advantages of Mondex System : 

Advantages of Mondex System Mondex was developed to replicate the main features of physical cash and thus to constitue an alternative to notes and coins. It can provide portability and ease of access. It is programmable and can store frequently changing data. They are more resistant to tampering. They can be reloaded with value.

How does Mondex system works? : 

How does Mondex system works?