Articles >> Payment Protocol Models
Payment Protocol Models
Digital Economy : Basically there are three primary ways in which consumers pay for their goods:
Electronic Cash: Cash consists of a token, which may be authenticated independently of the issuer. This is commonly achieved through use of self authenticating tokens or tamper proof hardware.Electronic cash, e-cash, digital money, or digital cash provides the means to transfer money between parties over a network such as the Internet.
Electronic Cheques & Funds transfer: Cheques are payment instruments whose validity requires reference to the issuer. Electronic funds transfer has been in existence for several years. It has consisted of three forms of transactions:
Paying fees through the ATM (automatic teller machine) network
Paying bills through monthly bank account deductions
Transfer of large sums of money among banks across the world. Electronic chequeing pertains to the use of networking services to issue and process payments that emulate real-world chequeing. The payer issues a digital cheque to the payee, and the payee deposits it in the bank to redeem the money.
Electronic chequeing differs from electronic funds transfer in several ways. For electronic chequeing, electronic versions of cheques are issued, received and processed. So, the payee issues an electronic cheque for each payment. For electronic funds transfer, automatic withdrawals are made for monthly bills or other fixed payments: mp cheques are issued.
Electronic Credit Card: Card payment schemes provide payments mechanism through the existing credit card payment infrastructure. Such schemes have many structural similarities to cheque models except that solutions are constrained by that structure. A key feature of card payment systems is that every transaction carries insurance. This digital economy scheme is using credit cards for electronic commerce. In electronic credit, conversational credit cards may be used along with a PIN. The PIN is a secret code that the consumer must enter while using the credit-card online. As such, this will prevent misuse of credit card in case it is stolen.
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Information last updated: 8th May 2006.