ElectronicPaymentSystems电子支付系统幻灯片.ppt

Electronic Payment Systems  Outline Types of money Fiduciary v. scriptural Token v. notational Types of payment systems Cash Credit cards SSL (TLS) protocol Intermediaries PayPal Smart cards Electronic Bill Presentment Types of Money:Fiduciary vs. Scriptural Fiduciary money (fiat money, legal tender) Issued by a central (government) bank Has real “discharging power” (to discharge debts) Cannot be refused Scriptural money (not legal tender) Money not issued by central bank Examples: bank accounts, travelers checks, gift certificates, scrips Discharging power based on trust in issuer Can be refused Types of Money:Token vs. Notational Token money (value represented by physical article) Represented by a physical article (e.g. cash, gift certificate, traveler’s check) Can be lost Notational money (value held in account balance) Examples: bank accounts, frequent flyer miles Transferred by order Requires clearance (determining net effect of multiple orders) Requires settlement (payment in fiduciary money) Hybrid money Check, telephone card (carries promise of future service) Cash Transaction Ecommerce Payment Ranges Types of Payment Systems Credit card SSL, SET protocols Payment orders, direct transfers, checks Automated Clearing House (ACH) Online Banking Wingspan Intermediaries PayPal Stored-Value Cards, Smart Cards, Wallets Mondex Octopus Types of Payment Systems Micropayment (usually below $0.10) Millicent Aggregation Centralized account for merchants + customers (Qpass) Digital Scrip Flooz, Beenz (both now bankrupt) Electronic Cash eCash Credit Cards The most expensive ePayment mechanism MasterCard: $0.29 + 2% of transaction value A $100 charge costs the merchant $2.29 Currently the most convenient method Advantage: allows credit People can buy more than they can afford Disadvantages: doesn’t work for small amounts (too expensive) doesn’t work for large amounts (too expensive) Parties to a Credit Card Transaction Secure Sockets Layer (SSL) PayPal Pay anyone,