The Definition of Electronic Payment
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1 Part IX: epayment
2 Learning Targets What are the electronic means of payment? What is the difference between pico-, micro- and macro-payment? How can we classify the e-payment systems? How can secure transactions be implemented? 2
3 3
4 The Definition of Electronic Payment E-payment consists of services for the process of paying over an electronic network including: - Pico-payments (amounts from a fraction of a cent up to 1 Euro) - Micro-payments (payments between 1 and 30 Euros) - Macro-payments (amounts from 30 Euros up to several thousand Euros) 4
5 Classification of E-Payment Systems Technological concept - Account based concept (cheques & online accounts) - Holder-based concept with software (electronic coins) - Holder-based concept with hardware (credit cards & smart cards) Confidentiality and anonymity of the transaction concept - Anonymous transactions - Non-anonymous transactions Efficiency and range of application - Pico-payment - Micro-payment - Macro-payment Scalability 5
6 Credit Card based Concept Instead of just encrypting the credit card information with the Secure Socket Layer method (SSL), these concepts are based on a dedicated organization or software which is responsible for the processing of the payment data. Actors of a credit card transaction: - The card holder as customer - The merchant who has an installed payment server - The payment server for the communication between acquirer and seller - The card issuer (a financial service provider) ensures the seller that the amount to pay is available - The acquirer processes the payments for the seller (authorized by the issuer) - The certification center (Secure Electronic Transaction concept, SET) is responsible for the certificates of the customer, the seller and the payment gateway (authentication of the actors) 6
7 Credit Card based Concept: Paypal Customer s PC 1. Order 2. Invoice and PayPal Registration Data 8. Delivery Merchant: Web- Server with CashRegister 4. Send money 6. Accept Payment 7. Information: Payment accepted PayPal Server 5. Information: Money received 7
8 Customer s PC Credit Card based Concept: Cyber Cash 1. Order 2. Invoice 3. Payment request 9. Delivery Merchant: Web-Server with CashRegister 4. Authorization request Gateway Server 8. Validation 5. Decoding of the authorization request 7. Validation Bank of the customer 6. Authorization Bank of the merchant 8
9 Deposit Card Concept Before the buying transaction, the deposit card is charged with an amount of money. Every transaction is debited from the card until the deposit on the card is used up. Actors of a deposit card transaction: - The card holder (customer) can charge the card at special terminals or pay with it (PIN code necessary) - The bank of the customer holds an account for the card where the charging status and the turn over of the card are stored - The merchant provides a terminal for the paying transactions of his customers (he has to identify himself to the terminal with a merchant card) - The bank of the merchant is only involved if paying transaction to the bank account of the merchant are executed - The charging terminal - The evidence center is an interface for all payment transactions 9
10 Deposit Card Concept: CASH CASH Chip (no PIN code) Customer Pays with Goods card Merchant: CASH Terminal Charging Reimbursement request Charging Terminal Charging status EUROPAY CASH-Pool Reimbursement Bank of the merchant 10
11 Electronic Money Concept Electronic money systems are very similar to real money in cash. It has the same properties like anonymity and the splitting in value units. The coinage process: 1 Customer Customer s Bank 3 11
12 Electronic Money Concept: ecash Customer 1. Order 10. Delivery Retailer (Server) 5. Confirmation or rejection Customer s Cyber-wallet 4. Transaction report 9. Confirmation 3. Payment request 6. Payment 2. Payment request Merchant s Cyber-wallet 9. Confirmation 0.A Blank coins 0.B Verified coins 7. Online validation 8. Confirmation or rejection Bank Server 12
13 Electronic Money Concept: ecash Customer s Cyber-wallet 1. Order 2. Payment request 3. Payment 6. Delivery 4. Presentation for collection Bank Server Merchant s Cyber-wallet 5. Exchange for new coins 13
14 Billing Concept The billing concept is different from cash oriented or deposit oriented systems. It s flexibility allows to create different systems for billing and accounting. The main principle of this concept is based on the separation of the payment process in to levels: - On one level, the accounting system just creates an account posting for each payment transaction in the operators account - On the payment level, the operator balances the accounts of all participants regularly by credit transfer or direct debiting The billing system is known from telecommunications service providers. The phone companies book every call unit in the customers account. And every month, the system creates an invoice request for each customer. 14
15 Billing Concept: MilliCent Web- Browser HTTP access & payment with SCRIP Soft-Goods & change Web- Server Euro Scrip License Euro Broker 15
16 Debit Advice Concept With this concept, the merchant (who has proved his creditworthiness over a long period of time) has the possibility to debit the necessary amount of money directly from the account of the corresponding customer. But normally the merchant needs a written agreement from his customer to execute these transactions. Therefore, most of the debit advice transactions are not executed directly between the customer and the merchant. A third party acts as a proxy for the merchant and processes the transactions. 16
17 Debit Advice Concept: Electronic Direct Debit (EDD), Germany The EDD company creates a so called Data-Carrier-Set (DCS). The DCS has standardized format for the transmission of a debit advice. The EDD server sends a report to the merchant, so he can deliver his goods & services to the customer. Then the DCS is transmitted to the merchant s bank and the buyer gets an confirmation for his payment transaction. A EDD payment is done in about 15 sec. 17
18 Mobile Payment A new way to pay for services is using mobile devices like cellphones or Personal Digital Assistants (PDAs). It is possible to adapt the payment methods for stationary computers on mobile devices. However, there are new payment methods created that work only with cellphones. The most famous one is Pay-box, which provided a complete solution for mobile Payment. In January 2003, Pay-box has closed it s service in Germany due to the very slow development of the m-payment market. 18
19 Mobile Payment: Pay-box Customer 1. Order with Pay-box Registration Nr. 6. Goods Merchant: web-server, reg. Pay-box account 3. Calls Customer on Cellphone 4. Authorization 2. Send Merchant Nr. and Customer Nr. And amount 5. Payment confirmation Pay-box server 19
20 Security: Secure Socket Layer (SSL) Customer 1. Order 2. Payment request &...<java applet> HTTP request & confirmation Merchant: web-server with payment server 3. Loading of the payment applet (java) SSL 4. Transmission of the payment information Gateway server 5. HTTP request & confirmation 20
21 Security: Secure Electronic Transaction (SET) Customer 1. PurchaseInitRequest 2. PurchaseInitResponse 3. PurchaseRequest K public,merchant (order information) K public,payment Gateway (payment information) 6. PurchaseResponse Merchant: web-server with payment server 4. AuthRequest K public,payment Gateway (payment information) 5. AuthResponse Payment Gateway 21
22 Security: SET Dual Signature K public,merchant Customer message to merchant Customer message to bank K public,bank MDigest 1 MDigest 2 (hash) (hash) MDigest 3 (hash) K private,customer 22
23 Security: SET Certificates Customer 1. PurchaseInitRequest 2. PurchaseInitResponse Cert PG 3. PurchaseRequest PubK merchant (order information) PubK PG (payment information) Cert Customer 6. PurchaseResponse Cert Merchant Cert Merchant Merchant: web-server with payment server Trust Center 4. AuthRequest PubK PG (payment information) Payment Gateway Cert Customer 5. AuthResponse Cert PG 23 24
24 Economic Efficiency of E-Payment Concepts 24
25 Economic Efficiency of E-Payment Concepts 1.50 Transaction Costs in USD Internet PC Banking Cash Automat Phone Bank 25
26 E-Payment: Literature on the Internet Mobile Payment Forum White Paper: Enabling Secure, Interoperable, and User-friendly Mobile Payments ( Institute for ecommerce, E-PaymentLinks, available at: euro.ecom.cmu.edu/resources/elibrary/epaylinks.shtml 26
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