AMVPayword: Secure and Efficient Anonymous Payword-Based Micropayment Scheme

Abstract

Electronic payment systems are increasingly in need of improvement as they constitute the base for electronic commerce which is rapidly dominating much trade and particularly retail. One such system that allows payments of low value is known as micro payment system the main requirement for which is naturally ‘low cost of transaction’. Pay word is a micro payment system which uses hash chains and achieves better computational performance. It is a credit-based protocol involving a customer, vendor and broker. However, in this system users have to generate a new pay word chain for each vendor from which they make a purchase and also their payment process is not anonymous. MVPayword was an extension to Pay word which enables the user to make purchases from different vendors using only one hash chain. In this paper we shall introduce AMVPayword which is an extension to MVPayword and provides anonymity for customers. So users can be sure about the protection of their privacy in payment system.