E-Commerce Payment Systems

Commercial Transactions and the rise of currency 3

Electronic Commerce and the World Economy 7

Electronic Commerce and Business Strategy 9

The Effects of Electronic Commerce 11

PAYMENT SYSTEMS USED IN ELECTRONIC COMMERCE 12

Issues associated with Micropayments 21

SECURITY ISSUES ASSOCIATED WITH ELECTRONIC COMMERCE 24

Public Key Infrastructure and Electronic Commerce 32

Digital Signatures and Certificate Authorities 33

Increased competition between PayPal-type systems and Traditional Payment Systems 35

Issues Associated with Mobile Payments 38

Although the Internet is an increasingly large part of the commercial environment, it continues to represent only a small fraction of the total commercial transactions taking place during any given day. Nonetheless, there are important factors that need to be taken into account with regard to electronic comme

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funds to the PayCash account. These can be transferred from a bank account, PayPal, or traditional payment forms such as personal check, money order, cashier's check or Western Union transfer. Funds can be added at 7-11 kiosks, as well. Outside the United States, funds can be added by wire transfer, Western Union transfer or cashier's check. To make a purchase, the consumer shops at a PayCash-affiliated online merchant, such as jewelrysprite.com. At checkout, the consumer clicks on the PayCash logo. The funds are transferred from the consumer's account to the merchant account; the merchant's Web site also checks to ensure that the wallet is installed on the consumer's computer, or at the kiosk where the consumer is accessing the Web ("Cyphermint PayCash" n.p.). Merchant fees in the United States are only two percent of the transaction; they were originally three percent, but the company reduced the fee when it was determined that chargebacks a common problem with credit card transactions were not a significant problem for PayCash. Rates vary in other countries from one percent in Latvia to two percent in the European Union ("Cyphermint PayCash" n.p.). PayCash is expanding its product offerings and blurring the lines bet

Category: Economics - E