Analysis on electronic payments

Abstract

As the Internet has been accepted widely as a medium, electronic commerce emerged as a new business domain. And the growth of electronic commerce has gone beyond our imagination. Though electronic commerce has widely been diffused to businesses and customers, the development of electronic payments supporting electronic commerce is requisite for the diffusion of electronic commerce. From this recognition of problem, this paper commenced its work from defining electronic commerce narrowly. The meaning of electronic commerce was restricted in this paper only when it is conducted by Internet, open network. And the definition on electronic payments is restricted in the same way. From this narrow definition, existing ATM (Automated Teller Machine), EFT (Electronic Funds Transfer) in the banking system, etc. could be excluded from electronic payments. But these traditional (existing) payment systems including banking systems and credit card systems were analyzed as an important infrastructure for electronic payments. For the framework and modeling of electronic payments, Internet banking, PG (Payment Gateway) services, new technologies for credit card system, Financial EDI (Electronic Data Interchange), EBPP (Electronic Bill Presentment & Payment), P2P e-mail payment, electronic money were analyzed in this paper. Because of its importance, electronic money was analyzed separately, and it was classified as card-based systems, network-based systems. Through these classification and grouping for electronic payments, some important requirements and properties of electronic payments were extracted. Requirements for electronic payments were arranged like these: Timeliness, Security, Convenience, Efficient Transaction Cost, Scaleability, Accessibility, Interoperability, and Independence. And properties of electronic payments such as Atomicity, Consistency, Isolation, Durability, Anonymity, and Traceability were clarified in this paper. From these require...