- UNIT-I
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Architecture of the Internet
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Extranet products & services
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Electronic Payments & Protocols
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Managerial Issues
Security Schemes in Electronic payment systems
Security Schemes In Electronic Payment Systems
Four essential security requirements for safe electronic payments are:
1. Authentication: A method to verify the buyer’s identity before payment is authorized.
2. Encryption: A process of making messages unreadable except by those who have an authorized decryption key.
3. Integrity: Ensuring that information will not be intentionally or unintentionally altered or destroyed during transmission.
4. No repudiation: Protection against customers’ denying the orders placed and against merchants’ denying the payments made.
Electronic Credit card system on the Internet
Electronic commerce, commonly known as e-commerce or eCommerce, or e-business consists of the buying and selling of products or services over electronic systems such as the Internet and other computer networks. The amount of trade conducted electronically has grown extraordinarily with widespread Internet usage.
"The electronic payment system has grown increasingly over the last decades due to the growing spread of internet-based banking and shopping. As the world advances more with technology development, we can see the rise of electronic payment systems and payment processing devices. As these increase, improve, and provide ever more secure online payment transactions the percentage of check and cash transactions will decrease."
The definition of an electronic payment system is a way of paying for goods or services electronically, instead of using cash or a check, in person or by mail. An example of an electronic payment system is Pay Pal. An example of an electronic payment system is the use of a credit card.
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