Author(s)

M. Madhoushi & E. Mohebi

Abstract

This paper is an overview of electronic payment methods and analyses and compares some types of electronic payment systems which can be grouped into three broad classes: traditional money transactions, digital currency and credit– debit payments. Such payment systems have a number of requirements: e.g. security, acceptability, convenience, cost, anonymity, control, traceability and control of encryption methods. It also evaluates their advantages and disadvantages to the customer, the merchant, the e-payment service provider and the financial institution. These systems employ cryptography to provide security, however many consumers are still reluctant to purchase over the Internet because they are concerned about hackers accessing their financial information. Keywords:

Keywords