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Internet Payment Services. ABSTRACT Research on Internet Economics attempts to
improve our understanding of the Internet as an economic system. ...
... formalized payment protocols which allow for Internet payments in ... a positive balance
with the payment server, it ... the merchant and consumer for services much in ...
... service possible. Customers can pay their bills via the Internet using
a secure payment services from around the world. They can ...
... goods and services, to "meta" services to facilitate ... to another, and initiating wire
payment to another ... and financial institutions use the internet to exchange ...
... Many payments made over the Internet are of ... data, preserve the integrity of payment
data and ... algorithms and protocols necessary for these security services. ...
Submitted by baked356 on November 10, 2005
Category: Science
Words: 2098 | Pages: 9
Views: 261
Popularity Rank: 42,040
Average Member Grade: N/A (Add a Comment / Grade this Paper)
ABSTRACT
Research on Internet Economics attempts to improve our understanding of the Internet as an economic system. Recently proposed and implemented payment methods follow one of three models: electronic currency, credit-debit, and secure credit card transactions. Such payment services have different strengths and weaknesses with respect to the requirements of security, reliability, scalability, anonymity, acceptability, customer base, convertibility, efficiency, ease of integration with applications, and ease of use. Within this paper I shall analyze these payment services as well as their respective strengths and weaknesses. This paper discusses some of the desired characteristics of payment systems for an open networks and the benefits and drawbacks of alternative approaches, and describes how the different methods can be used together to provide financial infrastructure for the Internet.
INTRODUCTION
The bursting of technology-based stock bubbles occurred repeatedly at the turn of the 20th century, a time when major innovations of the Industrial Age dramatically changed business and individual lives, but only after slow incubation periods that lasted decades. Such as the introduction of the telephone, electricity, the car and the radio. Each of these inventions spawned the creation of hundreds, if not thousands, of enterprises seeking to cash in on the new technology, only to result in a wave of business failures and then consolidation among the relatively few survivors. Collectively, these experiences demonstrated that it takes an extensive supporting infrastructure for users to realize the benefits of these technologies (i.e., roads and tires for cars, and power plants and transmission lines for electricity), and major changes in consumer or business behavior to adapt to and make full use of the new technologies. The result, an incubation period of 20-30 years. When the Internet, including e-payments, first...
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