Electronic Payment System Essay -- Technology Essays

Electronic compensation System I. IntroductionWith the continuing rapid growth of E-commerce, actions on the Internet have been increasing exponentially. And such effects require more or less reliable and secure payment systems. In fact, one of the key factors in the success of E-commerce is the development of convenient, reliable and secure electronic payment system. To sympathize the issues and current activities regarding the development of electronic payment system, I discuss the pursual in this musical theme. live idea-based payment system Major issues in intention an electronic payment system Electronic payment system II. existing paper-based payment systemThe existing paper-based payment system can be largely classified as paper checks and recognize card systems. In a paper checks processing system, the cost of normal operations is a great deal outweighed by the cost associated with exception handling. If a typical transaction cost US 5 cents to process, and the manual labor associated with handling errors and exceptions comes to an average of $25, flush with an error rate of only two per thousand, exception costs go forth equal normal processing costs. As electronic processing drives knock pass the cost of normal transactions, exception handling becomes relatively more significant. salary systems must therefore be implemented to the highest standards of reliability, with automated procedures for recovering from errors whenever possible. On the other hand, the recognition card system was designed to provide quick gratification of the wants of consumers by allowing them to purchase goods or services on credit... ...tions of functions, price, and performance. The paper world, after all, has many different instruments, which embody different tradeoffs among risk, cost, complexity, responsiveness, and the time until the transaction is final. The same vari ety should be expected in electronic credit and debit systems. Yet new technologies uncover new ways to grant risk, liability, and cost among the parties to a transaction. They leave take both(prenominal)what longer to develop, however, as they require changes in regulatory assumptions, case law, and participant behavior, all of which formulate much more slowly than technology does. Reference 1. Credits and Debits on the Internet, Marvin A. Sirbu, Carnegie Mellon University, 19972. http//www.cybercash.com3. http//www.setco.org Electronic defrayment System Essay -- Technology EssaysElectronic pay System I. IntroductionWith the continuing rapid growth of E-commerce, transactions on the Internet have been increasing exponentially. And such transactions require some reliable and secure payment systems. In fact, one of the key factors in the success of E-commerce is the development of convenient, reliable and secure electronic payment system. To view the issues and current activities regarding the development of electronic payment system, I discuss the followers in this paper. Existing paper-based payment system Major issues in designing an electronic payment system Electronic payment system II. Existing paper-based payment systemThe existing paper-based payment system can be largely classified as paper checks and credit card systems. In a paper checks processing system, the cost of normal operations is ofttimes outweighed by the costs associated with exception handling. If a typical transaction costs US 5 cents to process, and the manual labor associated with handling errors and exceptions comes to an average of $25, thus far with an error rate of only two per thousand, exception costs will equal normal processing costs. As electronic processing drives down the cost of normal transac tions, exception handling becomes relatively more significant. Payment systems must therefore be implemented to the highest standards of reliability, with automated procedures for recovering from errors whenever possible. On the other hand, the credit card system was designed to provide warm gratification of the wants of consumers by allowing them to purchase goods or services on credit... ...tions of functions, price, and performance. The paper world, after all, has many different instruments, which embody different tradeoffs among risk, cost, complexity, responsiveness, and the time until the transaction is final. The same variety should be expected in electronic credit and debit systems. Yet new technologies uncover new ways to unfold risk, liability, and cost among the parties to a transaction. They will take somewhat longer to develop, however, as they require changes in regulatory assumptions, case law, and participant behavior, all of which produce much more slowly than technology does. Reference 1. Credits and Debits on the Internet, Marvin A. Sirbu, Carnegie Mellon University, 19972. http//www.cybercash.com3. http//www.setco.org