Panel - Internet Payment Mechanisms: Requirements and Architectures

Abstract

Electronic payments for services rendered or products purchased are extremely common in much of the developed world. For instance, many large companies in USA regularly conduct seventy to eighty percent of their interactions with suppliers and banks electronically. The Electronic Data Interchange (EDI) standards and products used to achieve this are fairly mature. Typically such transactions occur computer to computer using direct dial-up connections or using Value Added Networks (VANS). ED1 technology is rapidly spreading to smaller businesses and it is rapidly becoming economical for even the smallest of businesses to “do EDT’. However, ED1 is generally restricted to “business to business” electronic commerce. The primary “individual customer to business” electronic payment mechanism is credit-cards. Customers ordering supplies from a paper catalog or on a television shopping network, typically read out credit card numbers over the phone.