Transmission of directives in the E-Payment

Yoshua Marchiano
2301953441

Electronic currency, sometimes known as digital cash, was created at a very early stage in the development of electronic commerce. The actuality of the ecash company, on the other hand, has proven to be less than exhilarating. Within the first few years, the companies that issued e-cash either went bankrupt (as in the case of DigiCash), discontinued the product (as in the case of CyberCash), or diversified into an other line of business (First Virtual). Given the failure of the aforementioned e-cash mechanisms, as well as the widespread use of credit cards on the Internet (in the United States, credit cards account for 95 percent of all online payments, according to Singh (1999, p. 762), the question of what payment schemes are appropriate for the e-business environment arises. Singh (1999, p. 762) suggests that electronic check payments are inadequate. Additionally, economic and societal reasons have a significant impact in the adoption of online payments, in addition to technical concerns. There are four e-payment systems, and describing the technical, economic, and social characteristics that distinguish these systems is the objective of this study. It then outlines the assumptions and processes that must be followed in order to carry out the analytic hierarchy method (AHP).

Because of the increase in mobile membership rates across nations and the installation of intelligence systems in telecommunication networks, the telephone bill seems to be a potential form of m-commerce payment. This is where the payment mechanisms come in.

The Credit Card is a kind of payment card that allows you to make purchases online.

When purchasing online, credit cards remain the most common payment option, despite their susceptibility to security breaches when used on the internet in recent years (Turban et al., 2000, p. 277). The secure sockets layer (SSL) protocol was developed in 1994 to prevent fraudulent use of information. A credit card is a means of payment that is postpaid.
The stored-value card is a kind of credit card.
The stored-value card is often referred to as a prepaid payment option. Indeed, credit cards, stored-value cards, and smart cards all work in the same way as magnetic strip cards, but they have a different payment time frame attached. The stored-value card is utilized in online commerce, and in order to use it, users must type in certain identifying numbers that correspond to the information stored on the magnetic strip of their card. This is followed by a deduction by the card reader, followed by rewriting the information back onto the card. The stored-value card may be either anonymous or recognizable depending on the situation. Greenstein and Feinman (2000, p. 305–306) explain that anonymous cards have the benefit of being transferable from one person to another, but identified cards cannot be transferred.
The Smart Card is an electronic identification device.
When it comes to real-time payments, the smart card is the gold standard since it is the only payment technique that can turn previously-stored value back into actual money. Because of the greater encryption technology used by the smart card, it is less prone to security breaches than the conventional credit card. Another advantage of the smart card is its ability to support peer-to-peer payment, which is a relatively new feature.
The Telecommunications Act of 1996
Due to the popularity of telecommunications services in many countries, telecommunication bills may easily be used to replace other payment methods for a variety of reasons. First and foremost, telecommunication service providers are the only ones who have access to their clients’ online buying activity. First and foremost, the telecommunication billing system is capable of handling micropayments, as proven by its billing accuracy and dependability of over 99 percent (Standage, 2001, p. 10).
QR Code (Quick Response Code)
Due to its rapid reading and increased storage capacity when compared to regular barcodes, the QR Code method has grown more popular. A QR code (Quick Response code) is a particular matrix barcode that can be read by specialist QR barcode readers or smartphones that have a high-resolution camera to scan it. The QR code is made up of black modules organized in a square pattern on a white backdrop, with the black modules being the most visible. Text, alphanumeric digits, a URL, or other data are often used to encode information in QR codes.