Electronic Payment System

UNIT – 3 Electronic Reimbursement Rule Contents • What is E-payment? • Marks of E-reimbursement Rules • Digital Token-installed Electronic Reimbursement Rules • Bpromote Cards & Electronic Reimbursement Rules • Confidence Card-installed Electronic Reimbursement Rules • Promote & Electronic Reimbursement Rules • Cunning Electronic Reimbursement Rule What is E-reimbursement ? • E-reimbursement rules is the erancy of sellring capital pit the Internet and technology referableorietyd in this sell is denominated as EFT. EFT defined as “ any sell of stock indoctrinated through an e-terminal, telephonic erant, or computer or magnetic tape to dispose, inarrange or remit a financial cem to obligation or confidence an recital. It is mainly referableorietyd control Vocation to vocation (B2B) modify where companies doing vocation concurrently watch to referableoriety electronic basis reciprocation (EDI) rule to bestow each other imputess and referable attributable attributableices of reimbursement. E-Reimbursement • Referableification online offline $
Products/services Utilitys of E-Reimbursement • • • Increase reimbursement obtainingness – Reduce action absorbs – Enable traffic in commodities and benefits of very unworthy treasure Increase unoccupied-time of making reimbursements – Reimbursement can be made swiftly and remotely using several projects Can be referableorietyd control – e-modify / e-Traffic – Control other purposes approve rapiding imputess, taxes, anticipation MBA-II, EBF (FT-204C) Unit-3, Study representative compiled by Prof. Vanita Joshi, SOM, SIMS, Indore 1
Categories of EFT Banking and financial reimbursements * Extensive-lamina or wholesale reimbursement * Narrow lamina or hawk reimbursement * Home banking Hawking reimbursements * Confidence cards * Obligation cards On-line electronic modify reimbursements * Token-installed reimbursement rule ~ Electronic coin ~ Electronic controls ~ Bpromote cards or obligation cards * Confidence card-installed reimbursement rules ~ Encrypted confidence cards ~ Third-verge authorization aggregate Main factors when selecting e-reimbursement course • Availforce (bank rule, laws and regulations) • The motive of magnitude and mark of vocation, mark of a target colprecipitation of consumers, marks of products and benefits. The controlce to agree assurance opposing robberyulent apparition • Life absorb efficient control unworthy treasure action fees • Life protective of the solitude of the referableorietyrs • Easy to referableoriety, and life suitable control purchasing on the construction installed e-vocation Token-installed E-Reimbursement Rules Electronic tokens are the upstart financial erants which are in the controlm of electronic coin/capital or controls.

Electronic tokens are selfselfcorresponding as coin that is tailed by bank. They are of three marks: 1. Coin or developed-time ( e-cash) 2. Obligation or Prehired (bpromote cards, e-purses) 3. Confidence or Posthired (credit/obligation cards, e-checks) E-coin Electronic coin is a consumer-oriented electronic reimbursement. Though it replaces the coin except quiescent coin is entirely dominant controlm of reimbursement control three reasons: 1. Lack of duty in banking rule 2.
Inefficient defecation and colonization of non-coin action 3. Negative developed curiosity-behalf rates hired on bank bond Utilitys of coin pit confidence cards • It is negotiable • Coin is a juridical watcher • Coin is a bearer erant • It demand claim bank recital to own-effect • No promote on the separate of acceptor that the moderation of modify may referable attributable attributable attributable be cheerful MBA-II, EBF (FT-204C) Unit-3, Study representative compiled by Prof. Vanita Joshi, SOM, SIMS, Indore 2
Properties of e-coin E-coin must own cethcoming disgusting properties: Monetary treasures: Interoperforce Retrievforce Assurance E-coin in Action • E-coin installed on cryptographic rules denominated “digital attestation” • • • This course involves couple of couple numeric clews (very extensive compute or integer) that product in tandem (cycle): single control encoding and another control decoding. Missive encoded with single numeric clew can merely be decoded with other numeric clew and nsingle other. The encoding clew is kept special period the decoding clew is made referableorious. E-checks • E-checks are another controlm of electronic tokens. • • A upstart electronic recital of article control. E-control is an informion to a financial cem to rapid a abandoned quantity of capital to the rapidee. It is a chiefly controlmatted email missive sent pit the Internet. It contains as the selfselfcorresponding referableification as on article installed control. Control benefit agreers RapidByControl (http://www. rapidbycheck. com) CyberSource (http://cybersource. com) Action Reimbursement Sequence in E-control rule Rapider Sell e-control Rapidee Bond e-control Controlward e-control control rapider referableoriety Bank Recitaling Server MBA-II, EBF (FT-204C) Unit-3, Study representative compiled by Prof.
Vanita Joshi, SOM, SIMS, Indore 3 Action Reimbursement Sequence in E-control rule • Buyer must register with third separatey recital server using electronic control. • On receiving the control, the seller presents it to recitaling server control genuineness and reimbursement. • The recitaling rule verifies the digital attestation on the control. • Properly identified and endorsed controls can be electronically modifyd betwixt financial cems through electronic defecation stock. Utilitys of E-Control • They product in the selfselfcorresponding method as transmitted controls. • E-checks are suited control micro reimbursements. Reject the demand control valuable mode reengineering and importation utility of the banking assiduity. • Financial promote is inconsequent by recitaling server. • E-checks generate a bear through third-verge recitaling server. They mould capital extinguished of buyers and sellers action by providing bond recital. Difference b/w EFT and E-control • In E-Cheque, electronic recitals of the cheque are manifestationd, current & modeed. So, rapidee manifestations an E-Cheque control each reimbursement. • In EFT sell efforthither withdrawals are made control monthly imputess or other unwandering reimbursements; no cheques are manifestationd.
Bpromote cards • A bpromote card is a pliant card with an embedded microchip containing referableification abextinguished you. • A bpromote card can treasury abextinguished 100 times the quantity of referableification that a magnetic bare pliant card can treasury. • A bpromote card contains special referableorietyr referableification, such as financial axioms, special encryption clews, recital referableification, confidence card aggregate, sanity insurance referableification, anticipation. • So distant referable attributable attributable attributable coerciontunate in U. S. , except common in Europe, Germany, Singapore and Japan to rapid control referableorious phsingle circumvent, conduct.
Mondex Bpromote Card • Holds and dispenses electronic coin (Smart-card installed, treasuryd-treasure card) • Developed by MasterCard International • Claims biased card reader, denominated Mondex marginal, control importer or customer to referableoriety card pit Internet • Supports micropayments and products twain online and off-line at treasurys or pit the telephsingle • Secret chip-to-chip sell protocol • Loaded through ATM – ATM does referable attributable attributable attributable apprehend sell protocol; connects with detain project at bank MBA-II, EBF (FT-204C) Unit-3, Study representative compiled by Prof. Vanita Joshi, SOM, SIMS, Indore Mondex Bpromote Card Modeing Mondex Bpromote Card • Disadvantages – Card carries developed coin in electronic controlm, creating the possibility of larceny – No plentiful (overdue) reimbursement as with confidence cards – coin is dispensed presently Marks of Bpromote cards Bpromote cards are basically of couple marks: 1. Relationship-installed Bpromote Cards 2. Electronic Purses and Obligation Cards Relationship-installed Bpromote Cards It is the repair of existing card benefits that exhibit customers distant amend options approve: 1. Way to multiple recitals (debit, confidence, e-cash) on single card. 2.
Exhibit several functions ( coin way, imputes reimbursement, pit interrogation, stock sell) 3. Multiple way options at multiple precipitation using multiple way project (ATM, PC, PDA or screenphsingle anticipation) Electronic Purses and Obligation Cards Electronic Purses or E- wallet are the bpromote cards embedded with programmable microchip that treasury incorporate of capital instead of coin. Once a purse is loaded with capital it claim card reader vending channel which verifies its verity . Then succeeding quantity is deducted from pit. It shows the cherishing pit on the card hence reject the narrow imputes in industrious treasurys.
E-wallets when depleted can be recharged with capital . MBA-II, EBF (FT-204C) Unit-3, Study representative compiled by Prof. Vanita Joshi, SOM, SIMS, Indore 5 Confidence cards-installed e-reimbursement rule Confidence Cards • A confidence card is a narrow pliant card manifestationd to referableorietyrs communication in e-commerce. Most confidence cards are the selfselfcorresponding cast and magnitude, as bounded by the ISO 7810 test. • A confidence card is divergent to a obligation card in that it does referable attributable attributable attributable abstract capital from the referableorietyr’s recital succeeding complete action. In the predicament of confidence cards, the manifestationr lends capital to the consumer (or the referableorietyr) to be hired to the importer.
Confidence cards-installed e-reimbursement rule Customers who donation any commodities bestow their confidence card details to the benefit agreer compromised and the confidence card cem obtain manera this reimbursement. Online confidence card reimbursement has cethcoming categories: 1. Reimbursement using homely confidence card details 2. Reimbursements using encrypted confidence card details 3. Reimbursement using third-verge genuineness Entities compromised in Confidence card Action Consumer (Buyer or Card holder) Importer (Seller) Card Manifestationr (Consumers’ Bank) Acquirer or Principal (Merchant’s Bank) Card Association (Visa, Master Card anticipation) Third separatey modeor How an Online Confidence Action Products
Encryption and Confidence cards Encryption mode starts when confidence card referableification is entered into a browser and sent detainly pit netproduct betwixt buyer to seller. Encryption mode includes cethcoming steps: 1. Customer presents his confidence card referableification detainly to importer. 2. Importer validates the verity of card holder 3. Importer relays this referableification to its bank or on-line card modeor. MBA-II, EBF (FT-204C) Unit-3, Study representative compiled by Prof. Vanita Joshi, SOM, SIMS, Indore 6 4. The bank relays the referableification to customer’s bank control authorization commendation 5.
The customer’s bank returns the confidence card , impute referableoriety and authorization to the importer Modeing Reimbursement with Encrypted Third-verge authorization and Confidence cards In third separatey modeing, consumer register with third separatey on the internet to fulfill emicrotransaction. The companies providing third separatey reimbursement benefit on internet are: ( Primeval Virtual) • http://www. fv. com • http://www. openmarket. com • http://www. 2checkout. com/ • http://www. rapidpal. com/ Reimbursement can be made by confidence card via defecation stock.
Online Third-Verge Modeor (OTPPs) has cethcoming steps control buying referableification online. 1. Consumer chronicles control an OTPP a/c that is tailed by confidence card. 2. To donation customer petition importer by her OTPP recital no. 3. Importer then apposition the OTPP reimbursement server with customer’s recital no. 4. OTPP reimbursement server verifies the customer’s recital no. control vender (merchant) & controls control tit stocks. 5. OTPP server bestow a missive to buyer that can be responded tail by buyer as ; yes/agree; No/disagree; robbery. 6.
If OTPP gets ‘Yes’ from customer, importer is informed & then customer is recognized to download representative. MBA-II, EBF (FT-204C) Unit-3, Study representative compiled by Prof. Vanita Joshi, SOM, SIMS, Indore 7 Online Reimbursement Modeing using a Third-verge Modeor Promote in using Confidence cards • Customer referableorietys a stolen card or recital compute to robberyulently donation commodities or benefit online. • Numerous community who obtain be on the Internet own referable attributable attributable attributable equal had their primeval Construction knowledge. • Hackers furnish the methods into an e-modify importer’s reimbursement modeing rule and then manifestation confidences to hacker card recital aggregate. Numerous referableorietyrs are so approvely to be pubescenter and own hither way to confidence and obligation cards • Numerous donations they mould obtain be micropayments. • Confidence cards canreferable attributable be referableorietyd control extensive incorporates of B2B actions • Customer untruly claims that he or she did referable attributable attributable attributable entertain a shipment Limitations of Online Confidence Card Reimbursement Rules • Assurance – neither importer nor consumer can be easily verified. • Absorb – control importers, about 3. 5% of donation worth plus action fee of 2030 cents per action. • Community food in sylvan areas don’t own selfselfcorresponding way to computers and Internet that others do. Social equity – numerous community do referable attributable attributable attributable own way to confidence cards (pubescent and ancient era), disabled, people who are referable attributable attributable attributable computer savvy and people who canreferable attributable bestow cards ( unsatisfactory confidence promote). Cunning Electronic Reimbursement Rules Cethcoming criteria should be acquiescent period cunning any upstart E-reimbursement Rule: 1. Solitude 6. Pricing 2. Assurance 7. Tests 3. Intuitive Interface 4. Basisbase Integration 5. Brokers MBA-II, EBF (FT-204C) Unit-3, Study representative compiled by Prof. Vanita Joshi, SOM, SIMS, Indore 8

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