E-Business

This chapter discussed different electronic payment systems, which can be classified into conventional payment process and electronic payment process. In conventional payment process, buyer uses either cash, or cheques to make payment. But electronic payment systems include credit cards, cybercash, digicash, Mondex, etc. Electronic payment systems can be divided into payment clearing services, NFT and digital currency payment systems. In the payment clearing services, an intermediary settles payments, verifies the authenticity of seller and buyer identities, and confirms ordering and payment requests but the sensitive information such as credit card numbers, account numbers, etc. is not transferred online. NFT payment transaction system works by transferring the sensitive payment information with orders. In the case of DCPS, only the monetary value is transferred. There are two types of money systems - inside money and outside money. Outside money can be defined as the hard currency that is in circulation in a monetary system. There are different forms of inside monies like transit coupons, casino chips, stadium cards, paper money for amusement parks, etc.