E-payment pdf

By using our site, you agree to our collection of information through the use of cookies. To learn more, view our Privacy Policy. To browse Academia. Log in with Facebook Log in with Google. Remember me on this computer. Enter the email address you signed up with and we'll email you a reset link. Need an account? Click here to sign up. Download Free PDF. Kayode Akintoye.

A short summary of this paper. Download Download PDF. Translate PDF. Akintoye O. B , Ado-Ekiti, P. This comes from the increased use of a Transaction Type: This has to do with the type of transaction the system supports. That is to say, whether system supports the Internet for commercial business transactions, which gives transactions that are consummated immediately such as deliver birth to electronic fraud e-fraud problems. M ost business of on-line information for payment vis-a vis transactions in transactions are concerned with three types of security.

First, which delivery is at a later date. The former may be associated they wish to ensure the positive identity of the customer, and that all transactions are sent to the right customer. Second, they with micro payments while the later supports large payments. And third, they want to make sure that the substitutes. These may include; cash, credit which may come data is not altered or changed as it is transmitted across the from banks or other traditional lending agencies such as through Internet.

This study seeks to redress this situation through the bank cards, credit cards and debit cards or electronic funds development of a model of the process of e-fraud, using the transfer. Based on a broad definition of both e-crime and e-fraud, the resultant model describes the five key c Operational Characteristics: This has to do with whether the elements of e-fraud: perpetrator, mode of attack, target system, payment systems are on-line or off-line.

That is to say the target entity and impact. It is envisaged that the model will allow customer has to be on an active on-line connection to a financial the mechanics and context of e-fraud to be more fully institution or other third party to validate payment whenever he understood, thus assisting in the development and wants to consummate a transaction. Similarly, another implementation of effective countermeasures. For example, does the customer Electronic fraud, Electronic business, Electronic crime, Fraud, need to have a key certificate before using the system and then Identity fraud does the user of a token pay for it.

In terms of payment, prepayment is used in smart cards and electronic purse that store 1. On the other hand, the user can pay on a credit or transactions, which bear its roots and strength from the current postpaid basis. That is to say, the payment is made at some time explosion in information and computer technology under the after the transaction. Credit cards and electronic cheques are aegis of Network technologies.

M anning [1] and Wortington [2] used for this type of arrangement. Can there be a provision for an audit trail for all However, these methods took some time for consumers to transactions and what happens when a token is lost? What about become familiar with them and trust worthy enough for use. The the secrecy of the content and the issues of authentication and methods no doubt provided for fast, easy, paperless transactions, non-repudiation?

These matters would have to be addressed in which have cost benefits and savings. One particular feature of on-line payment systems. That is, not on a personal computer or on the Internet. Who takes what risk? The banking industry and software companies have been Supposing the delivery was not made or unsatisfactory.

We can classify these payment systems d The Secure Electronic transactions SET : This is a payment into the following groups: protocol that is becoming one of the most acceptable and functional means of settling business transactions using the on- - Credit Card Based Systems line payment system. We shall look at protecting payment cards purchases made over the Internet and these very briefly, except the SET system that we may give a other open networks, [4].

It does not involve the use of encryption. To use this type of system in settlement of financial obligations, the Integrity of data merchants and consumers or buyers are required to register with Consumer account First Virtual Holdings. During registration, a buyer forwards his credit card details including electronic mail address and receives Authentication a pass phrase called virtual PIN thereafter. Similarly, the merchant during registration supplies his bank details to the M erchant authentication and interoperability company and in return, he obtains a merchant Virtual PIN.

To support this assertion, Kalokata and Whinston [5] had observed b CARI: We have this as a unique and simple system that that banks now favor inter-bank transfer and debit cards to the allows physical goods to be ordered by credit cards through t he use of paper cheques. World Wide Web. Although Electronic cheques work in similar way to their paper cheque counter parts, yet they seem to have more Usually, the system uses a web server where vendors post a web flexibility in handling since it is being conveyed across page, which is capable of accepting orders.

An order is placed computer networks. CARI collects the order from the web server and cheque, it is assumed that users are enrolled in some kind of verifies it before forwarding it to the merchant. Now, once registered; a consumer can contact a seller of goods. Arrangement within this c The Cyber cash: This was launched in and uses special payment system may include: Netbill; Netcheque; Electronic bill wallet software which enables consumers to make secure presentation and payment EBPP , and Integrator Financial purchases using major credit cards from Cyber cash wallet is the Network IFN.

Electronic Cash Payment Systems Every user chooses a unique Cyber cash ID and pass phrase, Payment through cash had remained the most prevalent form of which are registered with the cyber cash payment server.

They settlement of financial obligations in consumer transaction. Suffice it to say that the electronic cash systems so Thereafter, the actual credit cards purchase is authorized and developed did not have all the properties of payment through captured in the existing banking network.

The most popular among the electronic cash payment result. Electronic M icro Payment Systems 2. A good classified.

M uch of the variation in classification schemes would example is the stock quoted in the stock market. ACH Wire transfer services It handles payment transactions between businesses and banks Business to Business and to and from Government.

Business to Govt. Payment using cards: The electronic purse also is known as pay before the purchase. In Person to Business. Type Electronic purse this system, the buyer will pay before to the service provider and Person to Business. As we have already discussed different types of payments in the above paragraphs.

A payment gateway creates a connection between Payer and Payee over the internet. Payer knew as the payment sender while the payee knew as the payment receiver; in other words, the payee is the merchant; however, the payer is the consumer.

Page 9 of 17 Before discussing the e-payment system further, the reader must know about e-commerce; e-commerce is a primary method for conducting commercial business over the internet, e-commerce is primarily divided into five stages.

Figure 8. How e-payments works 5. E- payments are dependent upon e-commerce, or in other terms, we can say e-payments are an integral part of the e-commerce business.

One of the significant reasons for becoming famous in e-commerce transactions is perhaps the rapid development of e-payments systems. In developed countries, credit card has been used most of the time even before the advent of the internet. E-payments can be grouped into three categories 1 e-cash systems, 2 credit card payment system, and 3 e-cheque system. E-payments system has various requirements to become famous worldwide; some are listed below, commonly seen in the literature.

These are security, acceptability, convenience, cost, anonymity, control, and traceability. Therefore, instead of focusing on the technical specifications of various electronic payment systems, scholars have distinguished electronic payment systems based on available features. Table 5 [14] presents a comparison of various electronic payment systems. Page 10 of 17 Table 5.

Checks Unable to meet internet It cannot meet Like online credit cards, popularity for certification and total standards in the areas of international standards, and is becoming more purchases. Anonymity Partially or entirely Entirely No anonymity Entirely, but if needed by the central processing agency can ask.

Small payments Transaction costs high. Low transaction cost. It allows stores to Transaction costs are So, not suitable. Suitable accumulate debts until it low, like electronic reaches the limit before cheques. Limit on transaction It depends upon the credit It depends upon how No limit. It depends on how much card limit. Mobility Yes No No Yes 5. Table of differentiating factors between traditional payments and e-payments in terms of security As discussed in the previous section that traditional payments were named 1 cash payment, 2 check payment, 3 credit transfer or Grio, and 4 automated clearing house ACH , and generally, the electronic payment system was divided into five categories 1 pre-paid card, 2 electronic-cash, 3 debit cards, 4 credit cards, and 5 electronic checks [,28].

Why we need security in e-payment: The trust upon the e-payment method is solely dependent upon security because a strong and long-lasting relationship is entirely dependent upon security [23]. The online transaction does not mean to develop the business over the internet, but it is more critical to create trust over the internet because there are lots of fraud methods, so security requirements are part of strong customer relationship [13,,28].

For the most part, security is a set of techniques, systems, and computer programs to verify the source of data and guarantee the trustworthiness and protection of the data information to go without this situation to prompt to a hardship monetary of information or system assets. The below table list down the security components mostly used to implement the e-payments system [13,22,23,25].

Page 11 of 17 Table 6. Basic building blocks of security mechanisms Name of security mechanisms Description Encryption It provides confidentiality, authentication, and integrity. Table of differentiation factor between conventional payment type and electronic Type of security factor Description Systems security The technical infrastructure and implementation should be as secure as needed to protect loss. Transaction security The information should be kept safe as described on the manual or website page.

Legal security A legal frame for electronic payment. Listed above are the factors that differentiate a traditional and electronic payment system. Figure 9 [22] describes the overall picture of security-related factors.

Figure 9. Netscape Inc. On getting fame now, it is implemented in most web browsers [22,26]. SSL was designed to achieve two main objectives. A certificate is nothing else than a piece of secure data that includes an encrypted key associated with the server, other related information knowingly owner's certificate, expiry date, and the server's domain name. Market acceptance and user confidence became the most highly factors for being famous in a secure electronic protocol environment, so the use of this protocol is very high.

Figure Secure Electronic Transaction Protocol: Financial sectors wanted a very immediate solution to how a credit card works to successfully perform a transaction without facing security and trust, business-related groups, and communities [27].

SET is known as a very secure electronic payment handler; it prevents fraud, and it was one of the main objectives behind the appearance of the set [13,]. As we saw in our previous protocol, SET uses different techniques to prevent fraud using rigorous authentication measures and encryption.

SET, Secure Electronic Transaction provides a high level of security and privacy for its customers and ensures that the information will only see by the Bank. Furthermore, Figure 11 depicts the working of the SET protocol [13,33,34]. Page 13 of 17 Figure SET Transaction steps Table 8. It was designed to replicate real-world transactions where consumers can select their choice products, vendor and choose their payment method w.

The originators of IOTP expect that this convention will be the most widely used language of Internet business known as e-commerce, similarly as EDI has turned into the standard document language for real commerce. Therefore, the payment method will be more widely available [13]. Vendors: They will have more capacity to offer more a more extensive number of payment brands. They can be increasingly sure that the client will have the software to finish the purchase.

By receiving payment and delivery receipts from their clients, vendors will give customer care knowing that they are dealing with the individual or organization they initially traded [13]. Figure 12 demonstrates the general flow of an IOTP-based purchase. Note that it may be more appropriate to relate IOTP as a shopping protocol instead of a payment protocol [13]. Page 14 of 17 Figure General flow IOTP protocol RQ4: Defining Electronic Commerce E-Commerce , its categories and size of the business in each category The term E-commerce is termed as electronic commerce, the world of e-business termed as an electronic business.

E- commerce is a service provided by merchants for their consumers. Consumers can purchase electronically without the influence of any physical activity; it may or may not include payment electronic payment method from which merchants can receive payments electronically []. Electronic commerce is purely connected with business and its types— the term business is known as an activity between buyer and seller known as business activity [43]. Electronic Commerce entirely depends upon the types of business that occur in daily life.

The size of business depends upon the amount of order or quantity of order [17,50]. The amount of price depends upon the quantity of the order. The value of business or volume of business is highly greater than contrasting business terms such as business to the consumer, which is small in the amount of business. Business to Business was also known in the context of communication.

Because nowadays, many businesses use social media for advertising their products and targeting their consumers for generating business; however, in this case, their consumers are also other business parties, so this category is known as business to business.

The short term B2B was originally invented to describe the electronic communications between businesses or traders to differentiate it from the communications between businesses to consumers [17,]. This type of business has developed too fast because of the fame of the web, and various online stores exist earlier and making business in Million Dollar per day. An example of a business-to-consumer transaction could be a customer buying an electronic mobile device from a retailer when the product is made available for a customer.

This type of business model differs from business to consumer, or it is reverse in operation. An example for this category would be like this an individual author offers his book on Amazon. However, the percentage from that sold book can be transferred to the author in return for services or goods [39]. Page 15 of 17 d Consumer to Consumer C2C — Consumer to Consumer is a business model in which consumers themselves sell their services or goods over the internet.

Buyer trust over the provider of that service in other terms electronic commerce website or online portal where the product was being offered or auctioned. An example of this business model could be a consumer post his services or goods, and one of the needy consumers bid that post, the third party will apply some flat commission charges for providing a platform [].

Most of the literature only describes the basic four models; hence, we define four models and left three models as undefined.

Table 9 depicts the general types of electronic commerce in a graphical representation [39,42]. Table 9. B2C Business to Consumers Online business, selling to individuals. C2C Consumers to Consumers Consumers are selling to other consumers. P2P Peer to Peer Peer-to-peer technology is a communications model in which each party has the same capabilities, and either party can initiate a communication session. M-Commerce Mobile Commerce Use of wireless digital tech devices to perform transactions over the internet for business growth.

Both models fall into the same category, and both are relatively small in terms of an amount compared to business to business and business to consumer. Furthermore, authors Cavarretta and de Silva [50] also add three more categories to categorize the e- commerce model in terms of business. Conclusion This study presented an overview of electronic payments by conducting a systematic review study on articles published during the year to year A multi-step model was used to include and exclude the studies depicted in Figure-1; these studies were searched from the highly reputed database using keywords related to our study; all the things were presented in the above tables.

In order to answer each question, we identified many studies from which we extracted and summarized the data related to our study. Conflicts of interest.

There is no conflict of interest. References [1] Gogoski, R. Payment systems in economy- Present and future tendencies. Electronic payment systems. In Digital Rights Management. Springer Berlin Heidelberg. Awareness of electronic banking in Pakistan. Classification and characteristics of electronic payment systems. Springer, Berlin, Heidelberg. A New Technical Approach. Acta U. Knowledge maps: A systematic literature review and directions for future research. Knowledge transfer challenges and mitigation strategies in global software development—A systematic literature review and industrial validation.

Page 16 of 17 [8] Glass, R. Research in software engineering: an analysis of the literature. The state of the art in electronic payment systems. Computing Practices. Intention of adoption of mobile payment: An analysis in the light of the unified theory of acceptance and use of technology UTAUT. A wireless payment system. Payment processing systems and security for e-commerce: A literature review.

The emergence of payment systems in the age of electronic commerce: The state of the art. IEEE, p. Electronic payment systems: an analysis and comparison of types. An empirical study of smart card technology.

Securing payment systems in the age of electronic commerce. Technology of Internet Business. Technische Universiteit Eindhoven, Eindhoven, p. The market for lemons: quality uncertainty and the market mechanism. Net Pay: An off-line, decentralized micro-payment system for thin-client applications.

Electronic Commerce. Thomson Course Technology, Canada. Concept of security and trust in electronic payments. Pay Cash: A secure and efficient internet Payment System. Emergence of payment systems in the age of electronic commerce: The state of art. Global J. IEE Proceed. An electronic payment system architecture for composite payment transactions.

On the role of metaphor and language in design of third party payments in e- banking: usability and quality. International J. Mobile payment adoption: Classification and review of the extant literature. Overview of the mobile payments market through Gartner Res. R, Secure untraceable off-line electronic cash system. Using payment gateways to maintain privacy in secure electronic transactions. Prentice Hall.

Past, present and future of mobile payments research: A literature review. Page 17 of 17 [37] Lee, I. The concept of security and trust in electronic payments. Taking a look at different types of e-commerce.