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Sunday, June 26, 2011

Electronic payment systems


Electronic payment systems are most preferred nowadays due to its acceptability, convertibility, flexibility, scalability, reliability, efficiency, security and usability. eCash is a payment system which is software based and is anonymous and untraceable. It ia available on UNIX, WINDOWS and MCINTOSH platforms. Withdrawal and purchase transactions can be carried out with eCash with ease and comfort. Withdrawal connects consumer to bank and purchase connects customer to seller via eShop. Mondex purse is a smart card alternative to cash. The hardware used by Mondex system are Mondex smart card, Mondex retailer terminal, Mondex wallet, Mondex balance reader, Mondex hotline and Mondex ATM. Millicent system uses a form of token called Scrip with a limited validity. This scrip is valid with specific vendours and brokers who come across consumers. For making small purchases over the internet, Micromint payment mechanism is used. Other payment mechanisms widely used are NetBill, Mini-Pay, NetFare and CyberCash.

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