Electronic Payment Systems

Indrajit Ray, Colorado State Univesity


Requirements for Electronic Payment Systems

Need to Ensure Integrity for Payer, Payee, and Payment System

Privacy for Payer and Payee

Fair Exchange

Types of Electronic Payment Systems

Electronic Cash

Electronic Purse or Stored-Value Card

Electronic Wallets

Electronic Check

Automated Clearing House

Electronic Bill Presentment and Payment Systems

Credit Card-Based Systems

Debit Card-Based Systems

Electronic Fund Transfer Systems

Representative Technologies

Electronic Cash Systems

Stored-Value Card Systems

Electronic Check Systems

Electronic Bill Presentment and Payment Systems

Electronic Wallet Systems

Credit Card Payment Systems

Micropayment Systems

Conclusion and Further Reading


Cross References



Throughout the ages, from ancient times to the present day, money has played a very important role in the ordinary business of the life of different people. Money can be best defined as “anything that is widely used for making payment and accounting for debts and credits” (Davies, 2002). All sorts of things have been used as money at different times in the history of mankind including amber, beads, cowries, drums, eggs, feathers, gongs, hoes, ivory, jade, kettles, leather, mats, nails, oxen, pigs, quartz, rice, salt, thimbles, umiacs, vodka, wampum, yarns, and zap-pozats (decorated axes) (Davies, 2002). In recent times, we are witnessing the emergence of more intangible form of ...

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