Often viewed to be one and the same however they are not.
Like the serial numbers on real currency notes, the E-cash numbers are unique.
3
4) Merchant checks with Bank that e-cash is
valid
2
1
5) Bank verifies that e-cash is valid
1 2 3
Future of E Cash
Digital
Wallet
Digital
Wallet
E Wallet or Digital Wallet
is a payment scheme that
operates like a carrier of
E Cash
Functions of E Wallet
similar to a physical wallet
stores shipping and billing info, including a consumers first and last
names, street address, city, state, country, and zip or postal code
Types of E wallet
BASED ON WHERE THE INFORMATION IS STORED
A server side electronic wallet stores a customer info on the remote server
belonging to a particular merchant or wallet publisher
A client side electronic wallet stores customer info on his/her own computer.
Many of the electronic wallet were client side wallet that require users to
download the wallet software
TYPES OF E WALLET BASED ON
USAGE
Closed wallet Open wallet
Semi-closed wallet
A company issues to its Can be used for purchase of
consumers for in-house Can be used for goods goods and services,
goods and services and services, including including financial services
only. financial services, at such as funds transfer at
These instruments do select merchant merchant locations or
not carry the advantage locations or point-of-sale terminals that
of cash withdrawal or establishments that accept cards, and also cash
redemption have a contract with withdrawals at automated
teller machines or business
the issuing company to
correspondents
accept these payment
instruments.
Process
Decide on an online site where you would like to shop
BENEFIT TO BENEFITS TO
BUYERS SELLERS
1. Convenience of Electronic payment methods provide a wide range of payment options and enhanced financial
management tools through which individuals can pay for numerous different types of
global acceptance transactions ranging from parking payments to travel tickets pr payments in foreign currency.
2. Universal With electronic payment methods payments can be made over the phone, on the internet, and
acceptance through the post and accepted everywhere.
3. Greater Electronic payment system is safe and secure as it follows strict encrypted secure system for
making payments keeping buyers identity and details completely confidential and reduced
security liability for stolen or misused cards.
4. Consumer The electronic payment system provides additional insurance by facilitating
disputes resolution in the case of unsatisfactory receipt of goods and services
protection .
4. Accessibility to E-payment system allow consumers to transfer funds, purchase stocks, and
offer a variety of other services without having to handle physical cash. Using
immediate credit credit card it is very easy to make payments.
6. Better control Electronic payment also provides the ability to control payment for goods and
services over time by allowing buyers to pay at will whenever they want or
over payments have sufficient funds to make payments.
BENEFITS TO SELLERS
EPS ensure faster processing of transaction from verification and
1. Speed and security authorization to clearing and settlement . It reduces the visibility of
information.
2. RECURRING CUSTOMER It is used when you pay a bill through a regularly scheduled direct debit from
TO VENDOR PAYMENT your checking account or an automatic charge to your credit card.
3. AUTOMATIC BANK TO In this, your bank offer a service called online bill pay.
VENDOR PAYMENT
MAJOR CHALLENGES IN ONLINE PAYMENT SYSTEMS