Smart Card
Introduction
An e-commerce payment system facilitates the acceptance of electronic payment for online transactions. Also known as a sample of Electronic Data Interchange (EDI), e-commerce payment systems have become increasingly popular due to the widespread use of the internet-based shopping and banking.
Over the years, credit cards have become one of the most common forms of payment for e-commerce transactions. In North America almost 90% of online B2C transactions were made with this payment type. Turban et al. goes on to explain that it would be difficult for an online retailer to operate without supporting credit and debit cards due to their widespread use. Increased security measures include use of the card verification number (CVN) which detects fraud by comparing the verification number printed on the signature strip on the back of the card with the information on file with the cardholder 's issuing bank. Also online merchants have to comply with stringent rules stipulated by the credit and debit card issuers (Visa and MasterCard) this means that merchants must have security protocol and procedures in place to ensure transactions are more secure. This can also include having a certificate from an authorized certification authority (CA) who provides PKI infrastructure for securing credit and debit card transactions.
Despite oscine this widespread use in North America, there are still a large number of countries such as China, India and Pakistan that have some problems to overcome in regard to credit card security. In the meantime, the use of smartcards has become extremely popular. A Smartcard is similar to a credit card; however it contains an embedded 8-bit microprocessor and uses electronic cash which transfers from the consumers’ card to the sellers’ device. A popular smartcard initiative is the VISA Smartcard. Using the VISA Smartcard you can transfer electronic cash to your card from your bank account, and you can then use your card at various
An e-commerce payment system facilitates the acceptance of electronic payment for online transactions. Also known as a sample of Electronic Data Interchange (EDI), e-commerce payment systems have become increasingly popular due to the widespread use of the internet-based shopping and banking.
Over the years, credit cards have become one of the most common forms of payment for e-commerce transactions. In North America almost 90% of online B2C transactions were made with this payment type. Turban et al. goes on to explain that it would be difficult for an online retailer to operate without supporting credit and debit cards due to their widespread use. Increased security measures include use of the card verification number (CVN) which detects fraud by comparing the verification number printed on the signature strip on the back of the card with the information on file with the cardholder 's issuing bank. Also online merchants have to comply with stringent rules stipulated by the credit and debit card issuers (Visa and MasterCard) this means that merchants must have security protocol and procedures in place to ensure transactions are more secure. This can also include having a certificate from an authorized certification authority (CA) who provides PKI infrastructure for securing credit and debit card transactions.
Despite oscine this widespread use in North America, there are still a large number of countries such as China, India and Pakistan that have some problems to overcome in regard to credit card security. In the meantime, the use of smartcards has become extremely popular. A Smartcard is similar to a credit card; however it contains an embedded 8-bit microprocessor and uses electronic cash which transfers from the consumers’ card to the sellers’ device. A popular smartcard initiative is the VISA Smartcard. Using the VISA Smartcard you can transfer electronic cash to your card from your bank account, and you can then use your card at various
References: * Advantages & Disadvantages of Using Smart Cards, [online] Available at :< http://www.ehow.com/facts_4843889_advantages-disadvantages-using-smart-cards.html> [Accessed 10 July 2012]. * Cyber Cash: The secure internet payment service,[online] Available at:< http://safire.net/support/cybercash.html> [Accessed 11 July 2012]. * Cyber Cash, [online] Available at :< http://www.virtualschool.edu/mon/ElectronicProperty/klamond/Cyberpmt.htm> [Accessed 11 July 2012]. * The Importance of Managing Money, [online] Available at :< http://www.mtstcil.org/skills/budget-12.html> [Accessed 12 July 2012]. * Advantages and Disadvantages of Credit Cards, [online] Available at :< http://www.ukcreditcard.me.uk/creditcards-explained/advantages-disadvantages-creditcards.html> [Accessed 12 July 2012]. * Electronic funds transfer (EFT) - Advantages and Disadvantages , [online] Available at :<http://education.mu/forum/index.php?topic=341.0> [Accessed 12 July 2012].