Dissertations / Theses on the topic 'Electronic payments'

Thesis (M.S. in Management) Naval Postgraduate School, June 1993.
Thesis advisor(s): Martin J. McCaffrey ; James M. Fremgen. "June 1993." Includes bibliographical references. Also available online.

Financial inclusion is a public policy objective that fosters development through access to financial services for all. Financial inclusion can be defined as access, usage and quality of financial services. Inclusion of individuals and small enterprises has made considerable progress but it has also reached excesses in some situations. Regulatory changes and technological innovation have helped the expansion of financial services. Our contribution to the literature is threefold. First, we expand the large body of research that focuses on financial inclusion based on access to credit, through our analysis of payments. We provide an unique analysis of the quality dimension of payments, which we define as a catalyst between the access and usage dimensions. Second, we provide a detailed analysis of the Brazilian payment market, which transacts close to $400bn per year, in the scarce literature on developing countries. Third, we isolate the determinants of electronic payments through statistical methods, including a principal component analysis and auto regressive models (SARIMA, SARIMAX), which have not yet been used by researchers. We find that four macro characteristicshave a strong explanatory power: bank credit card lending, active population, retail sales and cash-in-circulation. Suprisingly, we find that cash-in-circulation presents a positive relationship with electronic payments, suggesting a possible distrust of citizens towards the banking system, high levels of informality, and shedding a new light on the precautionary principle described by Keynes. Our analysis is based on monthly deflated card payment data for Brazil from January 2007 to March 2017.
A Inclusão financeira é um objetivo de política pública que procura desenvolvimento através do acesso de todos aos serviços financeiros. Esse conceito pode ser definido com as suas três dimensões de acesso, uso e qualidade dos serviços. A inclusão de indivíduos e empresas conheceu uma melhora significativa, e em algum casos, apresentou excessos. Adaptações regulatórias e inovação tecnológica serviram de pano de fundo para a inclusão. Apresentamos as três contribuições da nossa pesquisa. Primeiro, existe ampla literatura sobre inclusão financeira com foco em crédito, e apresentamos um estudo original sobre pagamentos e sua dimensão de qualidade, definida como o catalisador entre acesso e uso. Segundo: nossa pesquisa apresenta uma análise única do setor de pagamentos no Brasil, um setor com faturamento de mais de R$1.2 trilhões de reais anuais, no âmbito da escassa literatura sobre economias em desenvolvimento. A terceira contribuição apresenta os determinantes dos meios de pagamentos eletrônicos, usando modelos estatísticos originais, como componentes principais e modelos auto regressivos (SARIMA, SARIMAX), que não tinham sido usados na literatura de inclusão financeira. Identificamos quatro características com significância para explicar meios eletrônicos: crédito bancário, população ativa, vendas do varejo e dinheiro em posse das famílias. De maneira surpreendente, dinheiro em posse das famílias apresentou correlação positiva com meios eletrônicos, sinalizando uma desconfiança dos consumidores com o setor bancário ou um maior grau de informalidade da economia brasileira, e trazendo uma interpretação original ao princípio de precaução descrito por Keynes. Nossa pesquisa se baseou em dados agregados e deflacionados de pagamentos para o Brasil entre Janeiro de 2007 e Março de 2017.

The purpose of this thesis work was to make a survey of current on-line payment technologies and find out which are they and how do they work? Compare and analyze them from a security point of view, as well as a usability point of view. What is good? What is bad? What is lacking?

To achieve this purpose, an overview of the current on-line payment technologies was acquired through academic books and papers, Internet sites, magazines. Basic cryptographic and security related techniques were studied for the security analysis of current on-line payment systems.

In this work, various current on-line payment systems were classified into two groups [Macro and Micro on-line payment systems]. This classification was based on the mode of on-line payment transactions. To analyze these on-line payment systems, a set of payment system requirements were formed [Security Issues, Usability Issues, Anonymity, Scalability etc].

Under the category of Macro payment system, Credit Card payment system, Debit Card payment system, Stored Value Card payment system, Electronic Check payment system, Electronic Cash payment system, Electronic account transfer payment system and mobile payment system transactions were examined.

Under the category of Micro payment system, Hash Chain based Payment System, Hash Collisions and Hash sequences based Payment Systems, Shared Secrete Keys based Payment Systems and Probability based payment systems were examined.

Based on the requirements of payment system, these on-line payment systems were analyzed and compared. In the analysis phase, the advantages and drawbacks of these payment systems were figured out.

It was found from the study that the credit card based payment systems are the most widely used means of conducting on-line payments. It is evident that credit card based payment systems satisfy stakeholder requirements the best, as they offer more flexible payment options, having a large user-base, benefit from familiarity and simplicity of use and also allow international payments. The other on-line payment systems lack this flexibility

It can also be extracted from the study that users want more simplified, convenient and secure on-line payment systems. Thus the futuristic on-line payment systems will have all secure payment options into one system.

The number of economic opportunities on the Internet is growing together with the intensive expansion of internet users. It is important to connect the internet sale of goods and services with electronic payment methods in order to be effective. The aim of the thesis is to describe electronic payments placed on the Internet, description of their different usage and popularity in accordance with geographical location of the customer, assets and risks, and payment costs and fees. This text offers facts that the provider should consider before choosing some payment method, and on the other hand facts which the payers (end users) consider important. Paid-service provider is introduced to different payment instruments with reference to the use in Czech internet environment. Each type of payment method is illustrated by an example with detailed description of installation progress in practical part of the text.

Les nouveaux protocoles de réseautage et cryptographiques peuvent considérablement améliorer les systèmes de paiement électroniques en ligne. Le présent mémoire porte sur la conception, la mise en œuvre et l’analyse sécuritaire du GNU Taler, un système de paiement respectueux de la vie privée conçu pour être pratique pour l’utilisation en ligne comme méthode de (micro-)paiement, et en même temps socialement et moralement responsable. La base technique du GNU Taler peut être dû à l’e-cash de David Chaum. Notre travail va au-delà de l’e-cash de Chaum avec un changement efficace, et la nouvelle notion de transparence des revenus garantissant que les marchands ne peuvent recevoir de manière fiable un paiement d’un payeur non fiable que lorsque leurs revenus du paiement est visible aux autorités fiscales. La transparence des revenus est obtenue grâce à l’introduction d’un protocole d’actualisation donnant lieu à un changement anonyme pour un jeton partiellement dépensé sans avoir besoin de l’introduction d’une évasion fiscale échappatoire. De plus, nous démontrons la sécurité prouvable de la transparence anonyme de nos revenus e-cash, qui concerne en plus l’anonymat habituel et les propriétés infalsifiables de l’e-cash, ainsi que la conservation formelle des fonds et la transparence des revenus. Notre mise en œuvre du GNU Taler est utilisable par des utilisateurs non-experts et s’intègre à l’architecture du web moderne. Notre plateforme de paiement aborde une série de questions pratiques telles que la prodigue des conseils aux clients, le mode de remboursement, l’intégration avec les banques et les chèques “know-your-customer (KYC)”, ainsi que les exigences de sécurité et de fiabilité de la plateforme web. Sur une seule machine, nous réalisons des taux d’opérations qui rivalisent avec ceux des processeurs de cartes de crédit commerciaux globaux. Pendant que les crypto-monnaies basées sur la preuve de travail à l’instar de Bitcoin doivent encore être mises à l’échelle pour servir de substituant aux systèmes de paiement établis, d’autres systèmes plus efficaces basés sur les Blockchains avec des algorithmes de consensus plus classiques pourraient avoir des applications prometteurs dans le secteur financier. Nous faisons dans la conception, la mise en œuvre et l’analyse de la Byzantine Set Union Consensus, un protocole de Byzantine consensus qui s’accorde sur un (Super-)ensemble d’éléments à la fois, au lieu d’accepter en séquence les éléments individuels sur un ensemble. Byzantine Set consensus peut être utilisé comme composante de base pour des chaînes de blocs de permissions, où (à l’instar du style Nakamoto consensus) des blocs entiers d’opérations sont convenus à la fois d’augmenter le taux d’opération
We describe the design and implementation of GNU Taler, an electronic payment system based on an extension of Chaumian online e-cash with efficient change. In addition to anonymity for customers, it provides the novel notion of income transparency, which guarantees that merchants can reliably receive a payment from an untrusted payer only when their income from the payment is visible to tax authorities. Income transparency is achieved by the introduction of a refresh protocol, which gives anonymous change for a partially spent coin without introducing a tax evasion loophole. In addition to income transparency, the refresh protocol can be used to implement Camenisch-style atomic swaps, and to preserve anonymity in the presence of protocol aborts and crash faults with data loss by participants. Furthermore, we show the provable security of our income-transparent anonymous e-cash, which, in addition to the usual anonymity and unforgeability proper- ties of e-cash, also formally models conservation of funds and income transparency. Our implementation of GNU Taler is usable by non-expert users and integrates with the modern Web architecture. Our payment platform addresses a range of practical issues, such as tipping customers, providing refunds, integrating with banks and know-your-customer (KYC) checks, as well as Web platform security and reliability requirements. On a single machine, we achieve transaction rates that rival those of global, commercial credit card processors. We increase the robustness of the exchange—the component that keeps bank money in escrow in exchange for e-cash—by adding an auditor component, which verifies the correct operation of the system and allows to detect a compromise or misbehavior of the exchange early. Just like bank accounts have reason to exist besides bank notes, e-cash only serves as part of a whole payment system stack. Distributed ledgers have recently gained immense popularity as potential replacement for parts of the traditional financial industry. While cryptocurrencies based on proof-of-work such as Bitcoin have yet to scale to be useful as a replacement for established payment systems, other more efficient systems based on Blockchains with more classical consensus algorithms might still have promising applications in the financial industry. We design, implement and analyze the performance of Byzantine Set Union Consensus (BSC), a Byzantine consensus protocol that agrees on a (super-)set of elements at once, instead of sequentially agreeing on the individual elements of a set. While BSC is interesting in itself, it can also be used as a building block for permissioned Blockchains, where—just like in Nakamoto-style consensus—whole blocks of transactions are agreed upon at once, increasing the transaction rate

The past thirty years have seen rapid advances in the technological component of banking services and as a consequence new legal issues have come to the fore, especially with regard to Electronic Fund Transfers (EFTs) which are now used to transfer money around the world, and have made fund transactions between payers and payees easier, faster and more secure. The method involves risks for both banks and customers, due to the possibility of unauthorized payments risks, credit and insolvency problems, and confidentiality issues. Most contracts and obligations now depend on the new technology, although there is a variety of methods for dealing with the concomitant risks. EFTs share a number of similarities with paper-based funds transfers in regard to methods of regulation, and the careful observer can identify patterns and themes. Today, the business world depends heavily on EFT systems for its procedures; and government and academia have also taken a keen interest in EFTs. This thesis reviews and examines the existing legal position of liability of banks and customers for risks associated with EFT transactions: unauthorized EFT instruction and the problem of customer identity, credit risk and privacy, especially, the systems employed for safeguarding the customer’s transactions and data. The thesis also makes recommendations for change. The rules for the allocation of risk are based on the various mechanisms used to access the account. Also, due to the complexities of EFT, consumer protection becomes a paramount goal and is a subject of much concern, particularly when it comes to determining liability for losses. The UK government implemented the Payment Services Directive 2007 by adopting the Payment Services Regulations 2009, to regulate the system. However, such Regulations do not constitute a comprehensive regime that applies to all legal issues arising in the context of the EFT system. This study argues the necessity for a re-examination of existing laws and proposes a model for the future approach to the issues associated with EFT payment. Different approaches to EFT will be assessed, and the comparative and contrasting elements will be analysed in order to propose a comprehensive solution to the deficiencies in the current framework. Central to the problem is the absence of any uniform standard: individual banks offer differing contractual terms and conditions and different means of accessing accounts. Consequently it is time to formulate new and comprehensive rules for the allocation of liability of risks associated with EFT transactions.

This master's thesis describes the process of integration of electronic payment terminals into another technological solutions and eventually enabling the opportunity to make electronic payments using these solutions. It analyses the current situation on the field of electronic payments and the possibilities of own solution for these payments. It discusses the security aspects of payment operations and terminals and it also describes current legal situation involving the electronic payments in Czech Republic. It describes the process of implementation of the application for payment terminal integration and analyses the results of testing.

Alternatyvių atsiskaitymų e. versle sistemos pradeda kelti rimtą grėsmę tradiciniams atsiskaitymams elektronine bankininkyste, mokėjimo kortelėmis ar grynaisiais pinigais. Todėl būtina detaliau išsiaiškinti kokie yra alternatyvių atsiskaitymų ypatumai, kurie veiksniai vartotojams yra svarbiausi ir kokie yra alternatyvūs atsiskaitymo būdai. Tai siekiama padaryti išanalizuojant mokslinę literatūrą, pateikiant pagrindines alternatyvių atsiskaitymų sistemas, atliekant alternatyvių atsiskaitymų palyginamąją analizę ir vartotojų bei verslo subjektų naudojimosi alternatyviais atsiskaitymais ypatumų tyrimą. Tyrime ir darbe naudojami įvairūs mokslinės analizės metodai. Įvairios mokslinės literatūros, leidinių, straipsnių, naujienų ir kitų tyrimų ir šaltinių teorinė analizė. Įvairi statistika paimta iš įvairių statistiką renkančių tinklalapių bei institucijų, bei atliktas nestandartinis empirinis tyrimas anketinė apklausa ir tirta tikslinė internetinė bendruomenė, kuri naudojasi alternatyviais atsiskaitymais. Šiuo tyrimu siekiama atskleisti alternatyvių atsiskaitymų ypatumus ir tendencijas. Darbo rezultatai teigia, jog pagrindinės naudojamos sistemos yra PayPal, Mokėjimai.lt, Skrill, WebMoney, BitCoin ir kitos anonimiškumu pasižymėjusios nebeveikiančios sistemos (E-Gold, LibertyReserve ir kt.). Respondentai renkasi alternatyvius atsiskaitymo metodus atsiskaitant gyvenime ir perkant internetinėje parduotuvėje, jei tik yra tokia galimybė. Taip pat galima daryti išvadą, jog respondentai... [toliau žr. visą tekstą]
Alternative payments in e. business begin to pose a serious threat to the traditional payments such as electronic banking, credit and debit cards or cash. Therefore, it is necessary to find out what are the features of alternative payment methods, which factors are the most important and what are the trends. All this work is done by analyzing the scientific literature, introducing main alternative payment systems, making the alternative payment system comparative analysis and making a survey of consumer and business use of the alternative payment system features and trends. There are various techniques used in this study. Theoretical analysis is done in the use of various scientific literatures, publications, articles, news and other sources of research papers. Various statistics are taken from various websites and other sources. The study includes a non-standard empirical survey on target group of the online community, which uses alternative payment systems. This study aims to reveal the alternative payment features and trends. The results display that the main system used are PayPal, Mokėjimai.lt, Skrill, WebMoney, BitCoin and other distinguished defunct anonymous systems (E-gold, LibertyReserve, etc.). Respondents prefer alternative methods when buying in e. shop if there is only such a possibility. It can also be concluded that the respondents are more likely to give up banks and their payment methods rather than cash payments. Respondents also notice that the use of... [to full text]

Bakalauro baigiamajame darbe nagrinėjama Lietuvoje veikiančių komercinių bankų elektroninės bankininkystės paslaugos 2006 – 2010 m. laikotarpiu. Pirmoje darbo dalyje pateikiami teoriniai elektroninės bankininkystės aspektai. Antroje darbo dalyje atlikta elektroninės bankininkystės paslaugų analizė: nustatyta, jog bankų pajamų iš elektroninės bankininkystės paslaugų rodikliai buvo pasiskirstę gana netolygiai; elektroninės bankininkystės vartotojų skaičius visuose bankuose didėja. Negrynųjų pinigų atsiskaitymus palyginus su grynųjų pinigų atsiskaitymais nustatyta, jog negrynieji pinigai labiausiai yra naudojami didelės sumos operacijoms atlikti. Atlikus mokėjimo kortelių operacijų įvertinimą nustatyta, jog Lietuvos vartotojai 2006 – 2010 m. buvo linkę atsiskaitinėti grynaisiais pinigais, tačiau ši tendencija ateityje turėtų pasikeisti. Koreliacinės – regresinės analizės metu nustatyta, jog negrynųjų pinigų atsiskaitymų ryšys su grynųjų pinigų atsiskaitymais yra atvirkštinis, o negrynųjų pinigų atsiskaitymų ir šalies BVP – tiesioginis. Atlikus elektroninės bankininkystės perspektyvų vertinimą, nustatyta, jog elektroninė bankininkystė Lietuvoje ir toliau plėsis.
Bachelor final work examines e-banking services of the commercial banks operating in Lithuania, for the period of year 2006 – 2010. The first part presents the theoretical aspects of electronic banking. The second part of the work presents the carried out analysis of electronic banking services: the figures of established banking income from electronic banking services were quite unevenly distributed; the number of users of electronic banking is increasing for all banks. Non-cash payments were compared to the cash payments, which showed that most non-cash money is used for transactions of large sums of money. The evaluation of payment card operations showed that residents of Lithuania in period of year 2006 – 2010 tended to pay with cash, but this trend should change in the future. The correlation – regression analysis showed that there is inverse relation between non-cash payments and cash payments and direct relation between non-cash payments and Lithuanian’s GDP. The qualitative assessment of prospects for online banking showed that e-banking in Lithuania continues to grow.

This dissertation starts by examining the evolution of the Canadian payments system from a historical perspective by reviewing the institutional evolution, as well as the development and adoption of some of the newest payment instruments. Two major trends in recent Canadian payment history are revealed, i.e., cash payments are being replaced by non-cash payments and paper-based payment instruments are being replaced by electronic payment instruments.
Next, we adopt a model proposed by Snellman et al. (2000) to conduct a Canadian study of the retail cash payment flows. The estimated results imply that the share of cash, as well as cheques, in overall retail payments in Canada has declined quite considerably. We then investigate the cash substitution process, as well as the electronification of payments in Canada using S-shaped growth curve models. Our results indicate that although the card payments will continue to further substitute for cash, cash will still remain the preferred medium of retail payments in Canada. However, approximately 80% of all payments are forecasted to be electronic in just 20 years.
This dissertation then extends the existing literature on the long-run money demand relationship in Canada by employing information on the payment technology development as an instrument variable to account for financial innovations that might have caused structural shifts in the money demand equation. The econometric methodology employed is cointegration and error-correction modelling. It is found that our measure of financial innovations removes most of the structural breaks in the money demand equation over the sample period. A unique and significant long-run money demand relationship is detected. The short-run dynamic specifications of the VECM system imply the weak exogeneity of output and interest rates.

This study aims to explore barriers and drivers of transactional accounts usage for electronic payments in South Africa and Zimbabwe through quantitative demand side research. This study targeted 200 respondents based on the convenience sampling technique, for a period of 2 years (2016-2017) after which a multiple regression model to examine the barriers and drivers of transaction accounts usage for electronic payments. The study found that customers’ perception towards transaction accounts usage which reflects electronic payment services is high in South Africa and Zimbabwe. The regression results indicate that three factors in costs, accessibility, and ease of use are significantly associated with consumers’ perception towards transaction accounts usage. Remarkably, security and income levels are not significantly associated with consumers’ perception towards transaction accounts usage although the correlation-coefficient results show otherwise. As a result, the researcher recommends that Southern African banks and online transaction facility providers should constantly be enhancing their transactional account services in view of the promising growth rate. It is vital that the services provided must meet customers’ expectations. The electronic payments systems must demonstrate convenience and effectiveness in real world to tape huge market share from cash. The providers of transactional account systems are required to retain an innovative and competitive environment in order to create new enhanced products and services to lower transactional costs for customers and companies. Furthermore, the results of this study serve as a guide to inform the service providers so that suitable approaches can be established to increase the usage of transaction accounts for electronic payments. As services are enhanced, the features must be communicated to improve end users’ awareness.

Важлива роль в поширенні системи електронних розрахунків покладена на державу, як регулятора ринку електронних платежів. Під регулюванням системи електронних розрахунків розуміють здійснення державою комплексу заходів щодо регулювання та нагляду за ринком електронних платіжних систем з метою захисту інтересів учасників та запобіганням кризових явищ. При цитуванні документа, використовуйте посилання http://essuir.sumdu.edu.ua/handle/123456789/33006

The evolution of various payment instruments shows a marked inclination away from the reliance on physical currency. This has, in turn, led to the construction of new manifestations of wealth. Due to revolution and developments of technology, payment can be made by various means such as physical delivery of conventional money (coins and bank notes) from the payer to the payee, but may also be made through tangible paying methods other than negotiable instruments such as debit or credit card or by way of electronic funds transfer. The development of payment systems makes it a reality for consumers to choose their preferred method of payment suitable for their banking needs and circumstances. Electronic funds transfer is a generic term that embraces any transfer of funds in which electronic techniques replace one or more of the steps in the process that were previously done by paper-based techniques. This includes automated teller machines, the transfer of funds at the point of sale, direct deposit or withdrawal of funds and funds initiated by telephone. The use of electronic funds transfer systems is described as the ultimate act of payment for not only is the value which is transferred reduced to a symbolic form, but the symbolic form itself is removed from the immediate possession of the parties to the transfer, payment also essentially becomes the transfer of information. Electronic funds transfer are easy and convenient to use. However, new technology has not only provided an ever-increasing range of electronic payment products, it has also had far-reaching effects on the way in which banks operate. Owing to the lack of legislation in South Africa to regulate the use of electronic funds transfer, banks rely on the law of contract and mandate to exempt themselves from liability. Therefore, the research problem that this dissertation aims to address revolves around the legal implications of electronic funds transfer, This includes the questions surrounding reversal and recovery of electronic funds transfer when payment is considered to be final and complete. Ultimately, I will attempt to address apportionment of liability between banks and consumers.
Mini Dissertation (LLM (Banking Law))--University of Pretoria 2020.
GCRA Bursary
Mercantile Law
LLM (Banking Law)
Unrestricted

На сьогоднішній день акредитив вважається найбільш універсальним інструментом міжнародних платежів. Адже, крім здійснення своєї основної функції – розрахункової, він виконує також кредитну функцію, забезпечує страхування ризиків як імпортера, так і експортера. Саме ці переваги і забезпечили акредитиву чільне місце серед інших форм розрахунків.

Електронні платежі з кожним днем набувають все більшого значення у цивільному обороті та фінансовій системі держави. Безпека та стабільність електронних розрахунків в умовах глобальних потрясінь без перебільшення стають критично важливими для національної безпеки. За таких умов ефективність державного регулювання діяльності електронних платіжних систем є вирішальною для фінансової та цінової стабільності держави. Ключовим елементом у цьому є методи та прийоми правового регулювання вказаних суспільних відносин. Оскільки основним критерієм поділу права на публічне та приватне є відмінність прийомів регулювання суспільних відносин в сфері об’єктивного права і відмінність методу побудови правовідносин в сфері суб’єктивного права, існують додаткові критерії, за якими можна розділити право у власному розумінні цього слова (об’єктивне право в сукупності з суб’єктивними правами) на приватне і публічне: метод регулювання відносин нормами права (для об’єктивного права): централізоване регулювання відносин та прояв приватної ініціативи для приватного права; метод побудови правовідносин (для суб’єктивного права) – теорія субординації та координації; мета, яку переслідують правом, або захищуваний інтерес (для об’єктивного права) – публічне та приватне [1, с. 45-50].

Thesis (MBA)--Stellenbosch University, 2002.
ENGLISH ABSTRACT: Payment systems can be defined as a funds transfer system processing third party payments, supervised by a central bank or appropriate Regulatory Authority. (S.W.I.F.T., 1997). Therefore the importance of a well managed system, through regulatory methods, as well as self-regulation by the industry, cannot be over emphasized. According to Humphrey, (1996: 923), the composition of non-cash transactions consists of the following five payment instruments. The paper-based transactions are composed of cheques and paperbased giros payments. The electronic transactions consist of electronic giro, debit card (POS), and credit card payments. According to Vives, (1998: 168) there are normally two goals when a country wants to change its payment system, either it wants to increase efficiency, or it wants to reduce risk. If there is a conflict between risk and efficiency, the less risky solution must prevail. Credit risk and systemic risk poses the greatest challenges to payment systems. Credit risk exists when credit was granted to a participating member, which cannot fulfil its debt at the stage of payment need to be made. Systematic risks encompass situations in which the credit or liquidity problems for one or more market participants create substantial credit or liquidity problems for participants elsewhere in the financial system. (Emmons, 1997: 11). In order to create international standards in addressing the risk issues involved the Bank of International Settlements was established. The Bank's predominant tasks are to promote the co-operation of central banks and to provide additional facilities for international financial operations, and to create and maintain stability of international monetary and financial systems. The Bank of International Settlements published the Lamfallussy report. From the findings of this report a series of policy recommendations regarding netting schemes. The Basle Committee was established by the Central Bank Governors of the Group of Ten countries as a result of serious failures and disturbances in the international currency and banking markets, with the main objective to improve the collaboration between bank supervisors world wide. The objective is met by using three different methods, namely. Exchange information on national supervisory arrangements, improving the effectiveness of techniques for supervising, and the setting of minimum supervisory guidelines and recommendations and recommended statements of best practices, expecting authorities to take steps to implement in their respective countries. To enable secure international payments the Society for Worldwide Inter-bank Financial Telecommunications (SWIFT) was created, with the mission to provide technology-based communication services across all financial markets through member banks and their market infrastructures so that they can meet their own and their end-customers' needs. There is a growing awareness among central banks of the need to ensure the integrity, the security and the stability of their country's payment system. The central bank's main function was to regulate the country's currency circulation, to facilitate' payment transactions and to pursue a credit and monetary policy serving the interest of the country as a whole. Because of their importance for the smooth operation of commerce of financial markets, central banks often own and/or operate large value payment networks themselves rather than leave this function solely to commercial banks. (Sato et a/., 1995: 37). Commercial banks, or their agents, perform the vast majority of the clearing and processing of payment in developed countries, as well as providing the payment facilities to clients. The United States central bank is the main exception to this division of responsibility as it provides settlement service as well as check processing and over one-half of all Automatic Clearing Houses and wire processing services. (Sato et a/., 1995: 32). The re-entry of South Africa in the global trade in the early 1990s created new opportunities and challenges for the country. With the existing established payment system, South Africa provides a gateway to the Southern African countries. There are a number of fundamental changes in the financial markets, which have an impact on payment and settlement systems. The first important factor is the high speed of technological progress. Secondly, the fundamental change in financial markets concerns the internationalisation of financial flows. From a central bank point of view, these developments, although in principle to be welcomed because of their contribution to the effect of allocation of financial resources, require close attention, as the interrelationships between worldwide financial markets could also give rise to a propagation of risks. (Koning, 1998: 19). South Africa's payments system, as a well-functioning system, compares favourably with the best in the world; this is an essential requirement for participation in the international finance and trading. The challenge the South African banks face is the social responsibility to uplift the community on the one side, and compliance with the international rules and legislation on the other. In accordance to the minimum requirements set by the Lamfallussy report. The Reserve Bank of South Africa enforced strong policies via the Banking Council of South Africa, as well as the different committees and associations dedicated to certain payment systems. The South African Reserve Bank intent to provide an Electronic Communications and Transactions Bill in order to promote and regulate electronic communication and transactions. The Banking Council set certain criteria that will be implemented from the first of January 2002 on the item limits applicable to the certain electronic methods of payment. Councils and associations in the banking sector are established, self-regulatory as well as government controlled, to enforce rules and regulations to reduce the risk involved in the industry and comply with international requirements. A strong legal framework and the enforcement of certain risk prevention methods, for instance the enforcement of item limits and the change in the law on the crossing of cheques prove the commitment to participate internationally. The strong movement to same day settlement, (especially in high value payments via the SAMOS system), show that the payment industry in South Africa is on an ongoing process of implementing new procedures to comply with the international standards. Electronic money can be defined as stored value or prepaid products in which a record of funds or value available to the consumer is stored on a device in the consumer's possession. (Bank of International Settlements, 2001: 1). Consumers benefit from the ability to use payment methods that are inexpensive, convenient, and accessible. (Bank of International Settlements, 1997: 6). The participation in the payment processes by non-financial entities, coupled with the design and widespread use of unknown digital form of monetary value poses serious threats to the central bank's ability to control monetary policy and safeguard financial stability. Card based e-money schemes have been combined with functionality's such as access control, holder identification or local transportation ticketing. Network-based e-money schemes are operational or under trail in a limited number of countries. The existing payment system legislation applies to networkbased schemes. The South African Reserve Bank needs to constantly monitor and analyse the existing and new different methods of payment systems in order to create a low risk, stable, safe and a trade supportive environment for the improvement of its own economy, as well as for the Southern African region. Specific attention needs to be given to the high-value payment systems in order to reduce systemic risk. The prevalent factor is the real time settlement of the SAM OS (South African Multi Option Settlement) system. Finally, regulators need to coordinate actions, through the international and local platforms provides, to implant financial discipline, manage risk and support cross-border and regional trade.
AFRIKAANSE OPSOMMING: Betaalstelsels kan gedefinieer word as 'n opdragte- of fondsoorplasingstelsel vir die maak van betalings aan 'n derde party, wat gereguleer word deur 'n sentrale bank of regering. (SWIFT, 1997). Die belangrikheid van 'n goedgereguleerde stelsel, deur middel van wetgewing, sowel as selfregulering deur die industrie, kan nie oorbeklemtoon word nie. Humphry (1996: 923) beskryf die samestelling van nie-kontant betaalstelsels as die volgende vyf instrumente. Die papier gebaseerde transaksie wat uit tjeks, papier-gebaseerde "giro' bestaan. Elektroniese transaksies bestaan uit die elektroniese "giro", debiet- en kredietkaarte. Volgens Vives (1998: 168) is daar normaalweg twee doelwitte wanneer verandering aan 'n betaalstelsels aangebring word, naamlik die verbetering in doeltreffendheid, of die vermindering van risiko, waar die laer risiko gewoonlik die voorkeur sal kry. Kredietrisiko en sistemiese risiko hou die grootste uitdagings vir betaalstelsels in. Kredietrisiko ontstaan waar krediet aan 'n deelnemende lid van 'n stelsel verleen word en die ander party nie kan presteer op die tydstip van betaling nie. Sistemiese risko's sluit situasies in waar krediet of likiditeit probleme vir een of meerdere deelnemers vir ander deelnemers groot krediet of likiditeits probleme skep in die finansiële stelsel. (Emmons, 1997: 11). Om risiko's internasionaal aan te spreek is die Bank of International Settlements gestig. Die organisasie het ten doeI om koördinasie tussen die sentrale banke te bevorder en stabiliteit te skep in die internasionale monetêre en finansiële markte. Die Bank of International Settlements het die Lamfallussy verslag opgestel waarin verskeie beleid aanbevelings aangaande verrekeningstelsels gemaak word. Die Basle Committee is gestig deur die hoofde van die Groep van 10 lande se sentrale banke weens die mislukking en ontwrigting van geldeenhede en finansiële markte wêreldwyd, met die doelstelling om samewerking tussen banke wêreldwyd te bevorder. Dit word bereik deur drie metodes naamlik, uitruil van inligting wêreldwyd na adviseurs, verbetering in die verskaffing van advies en die daarstel van riglyne en aanbevelings aangaande die beste praktyke, wat regerings in hul eie lande kan aanwend. Vir die daarstelling van 'n gestandaardiseerde, veilige intenasionale opdragte en betalings stelsel is die Society for Worldwide Inter-bank Financial Telecommunications (SWIFT) gestig, met die missie om 'n tegnologie gebasseerde opdrag en kommunikasie stelsel daar te stel wat alle markte deur middel van lede lande en hul infrastrukture kliënte kan bedien. Daar is 'n toenemende bewuswording onder sentrale banke om die integriteit en die sekuriteit van hul eie betaalstelsel te verseker. Die hoof funksie van die sentrale bank is die regulering van die land se geldeenheid, om betalings moontlik te maak en die daarstel van krediet- en monetêre beleid vir die steun van die land se belange as geheel. Weens die belangrikheid in die suksesvolle werking van die kommersiële markte, besit sentrale banke groot gedeeltes van die verrekeningstelsels eerder om dit aan kommersiële banke oor te laat. (Sato et aI., 1995: 37). Elke sentrale bank verskaf verskillende verrekeningsdienste afhangende van faktore soos die verskillende regsfaktore, sosiale faktore, politieke faktore, internasionale- en mededingende faktore. Kommersiële banke, of hul agente, is verantwoordelik vir die oorgrootte van verwerkingsaksies in ontwikkelende lande, asook die verskaffing van die betalingsmiddele. Die Verenigde State se sentrale bank is die hoof uitsondering wat self die verrekeningsdienste lewer, die prosessering van tjeks doen, die verrekeningshuise besit en verwerking dienste lewer. (Sato et al., 1995: 32). Suid-Afrika se hertoetrede tot die internasionale finansiële wêreld in die vroeë jare negentig het geleenthede en uitdagings meegebring. Met 'n bestaande gevestigde betaalstelsel word Suid-Afrika beskou as die deur na die Suider- Afrikaanse lande. Verskeie fundamentele veranderinge in die finansiële markte het 'n impak op die betaal- en verrekeningstelsels. Eerstens die spoed van tegnologiese vooruitgang; tweedens die verandering van die finansiële markte in terme van kapitaalvloei. Uit die oogpunt van 'n sentrale bank, verg die toekenning van finansiële hulpbronne, intense aandag, omdat die interverwantskappe van finansiële markte wêreldwyd risiko's verhoog. (Koning, 1998: 19). Suid-Afrika beskik oor 'n goed funksionerende betaalstelsel wat vergelyk kan word met die bestes ter wêreld en is van uiterste belang vir die internasionale deelname in finansiering en handel. Suid-Afrikaanse banke staan voor die uitdaging om aan sy sosiale verantwoordelikhede te voldoen om die gemeeskap op te bou aan die een kant en die vereistes om aan internasionale standaarde te voldoen, soos deur die Lamfallussy veslag voorgeskryf, aan die ander kant. Die Reserwe bank van Suid-Afrika dwing beleid af via die Banking Council of South Africa, asook verskeie kommisies en verenigings wat fokus op die verskeie betaalstelsels. Die Reserwebank van Suid-Afrika beoog om 'n "Electronic Communications and Transaction Bill" teen die einde van 2001 te publiseer vir die regulering van elektroniese kommunikasie en traksaksies. In Wetlike raamwerk en die afdwing van sekere risiko verminderende metodes, byvoorbeeld item limiete, wat gedurende Januarie 2002 in werking gestel word en die wysiging in die kruising van tjeks dui op die drastiese stappe wat aangebring word om internasionaal mededingend te wees, asook by internasionale riglyne in te pas. Daadwerklike pogings om selfde dag verrekeninge in die hoë waardestelsel (SAMOS) te implementeer en te voldoen aan die neergelegde internasionale standaarde. Elektroniese geld word gedefinieer as 'n gememoriseerde waarde of voorafbetaalde produkte waarin rekord van fondse of beskikbare waardes van 'n kliënt gehou word. (Bank of International Settlements, 2001: 1). Verbruikers kry die voordeel van maklik toeganklike en goedkoop betalingsmetodes. (Bank of International Settlements, 1997: 6). Die deelname van nie-finansiële instansies in die betalingsprosesse, daarmee saam die ontwerp en algemene gebruik van onbekende digitale vorms van monetêre waardes hou 'n bedreiging in vir die beheer van die sentrale bank om monetêre beleid af te dwing en finansiële stabiliteit te verseker. Kaartgebaseerde elektroniese geldskema's word in sekere gevalle is die fasiliteit gekombineer met funksionaliteit in die vorm van toegangsbeheer, houer identifikasie, of plaaslike transport kaarte. Netwerk gebaseerde elektroniese geldskema's is slegs in beperkte aantal lande operasioneel of onder ontwikkeling en bestaande wetgewing aangaande betaalstelsels word hoofsaaklik toegepas op die skema's. Daar word voorgestel dat die Suid-Afrikaanse Reserwebank moet op 'n voortdurende basis bestaande en nuwe verskillende betaalstelsels moniteer vir die daarstelling van 'n verlaagde risiko, met 'n stabiele- en veilige omgewing wat steun verleen aan die land se ekonomie, sowel as die omliggende Suider- Afrikaanse lande. Verdere pogings moet aangewend word word om hoë-waarde betaalstelsels (SAMOS) se sistemiese risiko te verminder deur van dieselfde dag vereffening gebruik te maak. Ter afsluiting moet daar met gekoordineerde aksies, wat plaaslik en internasionaal bestaan, aangewend word om finansiële dissipline daar te stel, risko's te bestuur en internasionale handel te bevorder.

This dissertation studies the effects of Information and Communication Technologies (ICT) on the banking sector and the payments system. It provides insight into how technology-induced changes occur, by exploring both the nature and scope of main technology innovations and evidencing their economic implications for banks and payment systems. Some parts in the dissertation are descriptive. They summarise the main technological developments in the field of finance and link them to economic policies. These parts are complemented with sections of the study that focus on assessing the extent of technology application to banking and payment activities. Finally, it includes also some work which borrows from the economic literature on banking. The need for an interdisciplinary approach arises from the complexity of the topic and the rapid path of change to which it is subject.
The first chapter provides an overview of the influence of developments in ICT on the evolution of financial services and international capital flows. We include main indicators and discuss innovation in the financial sector, exchange rates and international capital flows. The chapter concludes with impact analysis and policy options regarding the international financial architecture, some monetary policy issues and the role of international institutions.
The second chapter is a technology assessment study that focuses on the relationship between technology and money. The application of technology to payments systems is transforming the way we use money and, in some instances, is blurring the definition of what constitutes money. This chapter surveys the developments in electronic forms of payment and their relationship to the banking system. It also analyses the challenges posed by electronic money for regulators and policy makers, and in particular the opportunities created by two simultaneous processes: the Economic and Monetary Union and the increasing use of electronic payment instruments.
The third chapter deals with the implications of developments in ICT on relationship banking. The financial intermediation literature explains relationship banking as a type of financial intermediation characterised by proprietary information and multiple interactions with customers. This form of banking is important for the financing of small and medium-sized enterprises. We discuss the effects of ICT on the banking sector as a whole and then apply these developments to the case of relationship banking.
The fourth chapter is an empirical study of the effects of technology on the banking business, using a sample of data from the Spanish banking industry. The design of the study is based on some of the events described in the previous chapters, and also draws from the economic literature on banking. The study shows that developments in information management have differential effects on wholesale and retail banking activities.
Finally, the last chapter is a technology assessment study on electronic payments systems in Spain and the European Union. It contains an analysis of existing payment systems and ongoing or planned initiatives in Spain. It forms part of a broader project comprising a series of country-specific analyses covering ten European countries. The main issues raised across the countries serve as the starting point to discuss implications of the development of electronic money for regulation and policies, and in particular, for monetary-policy making.

A incessante busca do homem pela eficiência e sofisticação dos processos por ele manejados em todas as áreas do conhecimento, aliada aos grandes avanços tecnológicos das últimas décadas, tem gerado importantes alterações nos meios de pagamento e na sistemática de liquidação financeira de obrigações. Com o surgimento de mecanismos mais robustos de liquidação, estamos observando a substituição dos meios de pagamento em papel e das transações isoladas entre os indivíduos pela informatização da negociação e o aumento do raio de abrangência das caixas de liquidação. Este trabalho levanta o panorama histórico das câmaras de liquidação, traçando o estado da arte dessa figura no Brasil e suas principais questões jurídicas, também verificando sua aderência às melhores práticas experimentadas em mercados desenvolvidos
Mankinds endless quest for efficiency and sophistication of the processes managed by the men in all areas of knowledge, coupled with major technological advances of recent decades, has generated important changes in payment methods and the clearing of financial obligations. With the emergence of more robust mechanisms of settlement, we are watching the replacement of paper-based payment methods and transactions between isolated individuals by the computerization of trading and the increase of the radius of coverage of the settlement institutions. This work traces the historical view of the clearing houses, outlining the state of the art of this figure in Brazil and its main legal issues, and checking if it complies with the best practices already experienced in developed markets.

Este trabalho discute o mercado brasileiro de meios eletrônicos de pagamentos. O objetivo principal deste estudo é analisar os impactos causados pela evolução tecnológica do mercado brasileiro de meios de pagamentos eletrônicos, enfatizando a inovação e a ampliação dos serviços financeiros aos seus usuários. Para tanto, inicia com uma retrospectiva sobre as formas assumidas pela moeda, ao desempenhar uma de suas principais funções: ser um meio de troca ou de pagamento. A inovação é discutida a partir da revisão bibliográfica, que revisita desde autores renomados da teoria econômica, como Joseph Schumpeter, até publicações contemporâneas nas áreas de tecnologia da informação e de serviços. A caracterização do mercado de meios eletrônicos de pagamentos preocupa-se em evidenciar tanto aspectos quantitativos, que denotam o pujante crescimento deste mercado no Brasil e no mundo, como fatos que elucidam a interação deste segmento com a sociedade, em sua busca por maior bem-estar. O desenvolvimento da parte empírica conta com os dados sobre o uso do dispositivo mobile cedidos por uma instituição financeira. Os resultados provenientes da amostra verificada permitiram expandir a hipótese original, a saber, que o dispositivo mobile, além de ser considerado uma combinação inovadora, à luz da compreensão dos modelos e teorias abordados, é capaz de promover o melhor acesso e uso de serviços financeiros aos seus usuários.
This work deals with the Brazilian market for electronic payments. The aim of this study is to analyze the impacts of technological developments in the Brazilian market for electronic payments, emphasizing innovation and the expansion of financial services to its users. To accomplish that, it begins with a retrospective on the forms assumed by currency, to perform one of its main functions: to be a medium of exchange or of payments. Innovation is discussed by means of a brief literature review, revisiting from renowned authors of economic theory, like Joseph Schumpeter, to contemporary publications in the areas of technology information and services. The characterization of the market for mobile devices seeks to show both quantitative aspects that highlight the booming growth of this market in Brazil and the world, as well as facts elucidating the interaction of this segment with society, in their quest for greater well-being. The development of the empirical part includes the data obtained from a financial institution. The results from the sample verified allowed us to expand the original hypothesis that the mobile device, besides being an innovative gadget, in the light of understanding of the models and theories, is equally able to promote access and better use of financial services to its users.

This thesis is a comparative efficiency study of implementation of payment operations via electronic banking and bank branch network. The thesis used data of specific international bank operating in the Czech Republic. The thesis is divided into two parts. The theoretical part deals with basic products, payment systems, describe the main forms of electronic banking and part is devoted to the economic benefits of electronic banking for the bank and for the client. The practical part consists of a cost analysis of payment operations realized via by electronic banking and bank branches. In conclusion of this thesis, these costs are compared and the result is a proposed new bank strategy.

В дисертаційній роботі досліджено проблеми управління ризиками в платіжних системах, що базуються на електронних розрахунках і електронному обігу грошей. На основі дослідження ризиків та чинників їх виникнення здійснено класифікацію та обгрунтовано концепцію управління фінансовими й нефінансовими ризиками в платіжних системах електронного обігу грошей. З урахуванням особливостей розвитку банківської системи України деталізовано економічні, технічні та технологічні аспекти організації платіжних систем і здійснення електронних розрахунків, запропоновано методи аналізу та прогнозування ризиків на основі системної моделі управління захистом інформації і банківської безпеки, внесено пропозиції щодо розрахунку страхового і резервного фондів з метою зниження ступеня ризику взаєморозрахунків учасників системи масових електронних платежів, обгрунтовано технологічні та програмні аспекти управління ризиками при здійсненні міжбанківських розрахунків.
The dissertation researches the problems of risks management in payment systems, which are based on electronic payments and electronic turnover of money. On the basis of complex research of risks and factors of their occurrence the classification is made and the concept of management of financial and non-financial risks in payment systems with electronic money turnover is grounded. Considering the specificity of development of Ukrainian banking system the economic, technical and technological aspects of organization of payment systems and the conducting of electronic payments are detailed. On the basis of system model of management of the information protection and bank safety the methods of analysis and forecasting of risks are offered; some propositions concerning the methods of account of insurance and reserve funds are made with the purpose of the risk reduction of payments of the participants of mass electronic payments system. The technological and program aspects of the risks management during the conducting of interbank payments are grounded.

В результаті неминучості науково-технічного прогресу, віртуальний простір відіграє в нашому суспільстві все більшу роль. Не дивно, що і більшість комерційних операцій у світі тепер відбуваються саме тут. В результаті сформувалася нова сфера суспільних відносин – електронна комерція, де з’явилася нова форма розрахунку – електронні гроші. В свою чергу все більшої актуальності набуває проблема використання технологій Інтернету для обслуговування потреб суспільства, з’ясування їх сутності, в тому числі проведення платежів.

У роботі розглядаються теоретичні основи функціонування платіжних систем. Розкрито класифікацію та визначено елементи та учасників платіжних систем в Україні. Розкрито сутність оверсайту НБУ платіжних систем в країні. Проаналізовано діяльність СЕП та НПС «ПРОСТІР» та досліджено ринок платіжних карток в Україні: організаційну структуру та інфраструктуру. Проведений аналіз карткового бізнесу ПАТ «Банк ВОСТОК» кількості платіжних карток в розрізі платіжних систем та визначено частку банку на ринку платіжних карток. Запропоновано розвиток процесінгового забезпечення, уніфікація різновидів карток та підвищення безпеки використання платіжних карток. Виявлено проблеми розвитку національних платіжних систем та шляхи їх подолання, а саме: стимулювання і підтримка національних підприємств в питанні створення вітчизняних платіжних систем та відповідних сервісів, реалізація норми європейської директиви PSD2 та підвищення фінансової грамотності населення.
The paper considers the theoretical foundations of the functioning of payment systems. The classification and elements and participants of payment systems in Ukraine are revealed. The essence of the NBU oversite of payment systems in the country is revealed. The activity of SEP and NPS "PROSTIR" is analyzed and the market of payment cards in Ukraine is investigated: organizational structure and infrastructure. An analysis of the card business of PJSC "Bank VOSTOK" of the number of payment cards in terms of payment systems and determined the bank's share in the payment card market. The development of processing support, unification of card types and increase of security of payment cards use is offered. Problems of development of national payment systems and ways of their overcoming are revealed, namely: stimulation and support of the national enterprises in a question of creation of domestic payment systems and corresponding services, realization of norm of the European directive PSD2 and increase of financial literacy of the population.

Darbe nagrinėjami šiuo metu rinkoje naudojami elektroninių atsiskaitymų modeliai ir jų saugumo problemos. Kadangi elektroninių transakcijų metu operuojama svarbiais ir konfidencialiais duomenimis, aukštesnio saugumo lygio užtikrinimo problema visada išlieka itin aktuali. Darbe išnagrinėtos dažniausiai sutinkamos elektroninių atsiskaitymų schemos (tiesioginis atsiskaitymas ir atsiskaitymas per Paypal sistemą), jų saugumo užtikrinimo principai, technikos ir spragos. Atsižvelgiant į dabartinius rinkos poreikius ir informacijos saugumo spragas šiuo metu naudojamuose modeliuose, suprojektuotas aukštesnio saugumo lygio elektroninių atsiskaitymų modelis ir realizuotas šio sprendimo prototipas. Šio prototipo projektas ir realizacija gali būti naudojamos kaip rekomendacijos kūrėjams, tobulinantiems elektroninių atsiskaitymų modelių saugumą.
The work deals with electronic payment models used in the market and their security problems. As electronic transactions operate with important and confidential data, ensuring higher level of security is always an actual issue. The study generally concerns the main electronic payment schemes (direct payment and payment through Paypal), their safety principles, technical decisions and security ensuring gaps. Considering the current market needs and information security gaps in current eCommerce models, a new, ensuring higher level of security in electronic payments, model was designed and a prototype of this decision was implemented. The prototype design and implementation may be used as recommendations for developers, improving electronic payment security models.

This paper is inspired by the ills borne out of the internet. The internet has become a modern day tool for criminals seeking to conceal the proceeds derived from their crime, hence the 
problematic notion of cyberlaundering. This paper journeys through the world of cyberlaundering by looking into the structure of the crime in great depth. It explores various possibilities, and tries to hatch out viable solutions to the dilemma.

This thesis is aimed at cashless payments which have recently gained worldwide significance. Cash is being gradually phased-out by card transactions and mobile payments via non-bank provider of payment services. A question arises of what would happen if cash would disappear in its entirety and we would find ourselves in a "cashless society". This topic which at first glance appears to be utopian is the subject of this thesis. The first part compares the market of cashless payments in the Czech Republic and in northern Europe (which is amongst the most developed), in particular with regard to the use of cards and mobile payments. The second part is concerned with the phenomenon of shadow economy and the influence of cashless payments on its volume. Concrete recommendations for the Czech economy are also the part of this chapter. The final part hits the essence of the issue and deals with concrete pros and cons of going cashless. The chapter is systematically divided into three parts - security, cost-benefit analysis and legal aspects.

Thesis (MBA)--Stellenbosch University, 2002.
ENGLISH ABSTRACT: The greatest potential worry that an on-line shopper has is what happens to his/her credit card details from the moment "submit" is pressed on the computer. Is it possible for someone on the Internet to intercept the message and use credit card details maliciously? Also, there is a lot of talk about personal details being encrypted, but how sure is one that this was indeed the case once "submit" has been pressed? Is there a way in which one can be sure that a transaction will occur only once? Many of the security issues are new and many experts are only learning how to deal with these now. This thesis offers suggestions and strategies a user can follow to minimize misuse and abuse of payment details. Electronic payment is the backbone of e-commerce, and the biggest threat towards widespread acceptance and usage of e-commerce is security. Many innovative solutions have been developed by vendors to address security issues. For example, the Secure Electronic Transfer (SET) protocol was developed to ensure that credit card transactions could be conducted safely and securely on the Internet. Secure Socket Layer (SSL) ensures that all communications and transactions are conducted in a tightly secure environment. This is critical for online or mobile banking and other financial activities. Others developments include payment systems that ensure that credit card details are never exposed to a merchant (e.g. SET), while some ensure that credit card numbers never enter the Internet. The five corner stones of security are confidentiality, privacy, authentication, integrity and non-repudiation. Authentication, non-repudiation and integrity can be resolved with digital certificates, digital timestamps and digital signatures. Message confidentiality, on the other hand, is ensured through the use of strong encryption. Encryption systems mutilate data or a message to such an extent that it is totally useless to someone who does not have the appropriate algorithm and key to decode it. The most widely used encryption schemes are the secret key and public key encryption systems. The public key cryptosystem generates two keys, called a public and private key. The public key can be made generally known, but the private key must be kept secret. A unique property of the scheme is that once data is encrypted with one key, only the corresponding other key of the pair can decrypt it. This makes it possible to address issues of authentication, integrity and non-repudiation. Traditional payment instruments such as cash, cheques, debit and credit card transactions are being replaced by their electronic equivalents. The driving forces behind these are transactional security, efficiency and speed. Novel payment solutions and strategies have been devised to meet the challenges of this new economy. For example, smart cards can act as an electronic purse that can hold electronic money. Other information, such as personal details, medical records, driver's licence, etc. can also be stored on the card. Whilst many security experts are in agreement that security is not a barrier anymore for wider usage of the Internet for financial transactions, many consumers are still apprehensive about how secure and safe it really is. This work aims to diminish those fears and show that the Internet is safe for business.
AFRIKAANSE OPSOMMING: Een van die grootste bekommernisse wat 'n kliënt met aankope op die Internet kan ondervind, is die onsekerheid wat presies gebeur nadat betalings aangegaan is en "Submit" is gedruk. Is dit moontlik dat iemand die boodskap kan onderskep en betaling besonderhede vir eie gebruik kan herwin? Daar is ook baie publisiteit oor kodifisering, maar hoe kan die klient verseker wees dat betalings besonderhede wel gekodifiseer is wanneer "Submit" gedruk was? Is daar 'n manier waarmee 'n mens verseker kan wees dat betaling slegs eenkeer gaan geskied? Baie van die sekuriteits lokvalle is nuut en sekuritiets kenners is tans besig om te leer hoe om die probleme te hanteer. Die werkstuk offer wenke en strategieë vir die verbruiker om die misbruik van betaling besondehede op die Internet te minimiseer. Elektronies betalings meganisme is die ruggraat van elektroniese besigheid, en die grootste struikelblok tot die grootskaalse gebruik daarvan is sekuriteit. Daar is baie innoverende oplossings om die probleme hok te slaan. By voorbeeld, die Secure Electronic Transfer (SET) protokol was ontwikkel om te verseker dat betalings met kredietkaart met hoë sekuriteit en veiligheid aangegaan kan word. Secure Socket Layers (SSL), verseker dat alle kommunikasies en transaksies in 'n sekuur en veilige omgewing plaasvind. Dit is veral krities wanneer die verbruiker gebruik maak van die Internet of vanaf selfone om transaksies aan te gaan met 'n bank. Ander ontwikkelinge sluit in betalings metodes wat verseker dat die handelaar nooit die kredietkaart besonderhede sien nie (bv. SET). Ander verseker weer dat die betalings besonderhede nooit oor die Internet hoef gestuur te word nie. Die vyf hoekstene van sekuriteit is konfidensialiteit, privaatheid, outentisiteit, integriteit en non-repudiasie. Outentisiteit, integriteit en non-repudiasie word opgelos deur die gebruik maak van digitale sertifikate, digitale tydstempels en digitale handtekeninge. Konfidensialiteit kan verseker word deur die boodskap te kodifiseer. Kodifikasie behels die verandering van data of boodskappe op so 'n wyse dat dit van geen betekenis is vir 'n persoon wat nie die korrekte algoritme en sleutel het om dit te dekodifiseer nie. Die geheime en publieke kodifiserings stelsels word die meeste gebruik om data te kodifiseer. Die publieke kodifiserings stelsel genereer twee sleutels, naamlik 'n privaat en publieke sleutel. Die publieke sleutel kan alom bekend gemaak word, maar die private sleutel moet slegs bekend wees aan sy gebruiker. 'n Unieke eienskap van die stelsel is dat indien 'n boodskap gekodifiseer is met een sleutel, slegs die ander sleutel van die paar dit sal kan dekodifiseer. Dit maak dit moontlik om outentisiteit, integriteit en non-repudiasie toe te pas. Die tradisionele metodes van betaling soos kontant, tjek en debiet of kredietkaart, gaan mettertyd vervang word deur hul elektroniese eweknie. Die dryfkrag agter die verskynsel is die hoë sekuriteit, doeltreffendheid en spoed waarmee transaksies op die manier gehanteer kan word. Vindingryke betaling metodes is ontdek om die besondere uitdagings van die nuwe ekonomie aan te speek. Byvoorbeeld, knap kaarte kan gebruik word as 'n elektroniese beursie wat elektroniese geld bêre. Ander persoonlike inligting, mediese records, bestuurlisensies, ens. kan ook op die kaart geberg word. Terwyl baie sekuriteits kenners glo dat sekuriteit nie meer 'n stuikelblok is om die Internet vir besigheids transaksies te gebruik nie, bly baie van die verbruikers skepties. Die werkstuk se doel is om daardie onsekerhede uit die weg te ruim, deur te verduidelik hoe sekuriteit toe gepas word, en om te bewys dat die Internet interdaad veilig is as a medium vir besigheids transaksies.

Nowadays, payment systems are an important part of the economy of any country. In the course of economic activity they satisfy needs of economic entities through transfer of funds. As a result it supports the financial industry, improves monetary relations and the execution of interstate currency payments. Safe and efficient payment systems are the key to sustainable activity of the banking system and the country's economy as a whole. The payment system is a payment association, members of the payment system and the complex of relationships that emerge between them immediately upon making money transfer. Money transfer is a general function of payment system. There are many functions involved with payment systems: transfers of funds, payments through terminals and through the Internet.

The purpose of this project is to investigate the infrastructure requirements for a currency exchange market for holders of currencies issued through the Lightweight Currency Protocol. The Lightweight Currency Protocol was designed as a means for entities to issue currencies for the purpose of cultivating low value business transactions between collaborating nodes in a peer-to-peer market.

Thesis (S.M.)--Massachusetts Institute of Technology, Sloan School of Management, 2011.
Cataloged from PDF version of thesis.
Includes bibliographical references (p. 62-65).
Electronic Payment Instruments have seen unprecedented innovation in the past XX-th century. Most of this innovation was made possible by advances in information and communication technology. Advances in ICT paired with financial innovation have brought to life the nowadays so common credit/debit cards, expeditious processing of electronic funds transfers, online and mobile payments. Past innovation in electronic payment instruments built primarily on top of a pre-existent base. Also, it developed along the opportunities opened up by technological innovation. Revolutionary business models like Global Transaction Services would have been very difficult if not impossible to implement without the progress in IT, IT infrastructure and integration. In addition, future innovation will continue to be bounded by regulatory and legislative frameworks in the financial and banking industries. Evolutionary trends in innovation in electronic payment instruments can be affected also by any shifts in the monetary systems predominant at a certain point in time. Future innovation trends will be shaped by the current advances in online and mobile electronic payment instruments in the United States and in other OECD countries. Large markets like China and India are important technological stakeholders as well, picking up and implementing quickly the new technology to address their development needs.
by Iulian Pogor.
S.M.

The market for digital TV is developing and some industry actors focus on interactive TV. Interactive content and services that previously only were able to use through a standard PC are now available to use through the TV set. To distribute the services to the TV a so called set top box with broadband connection needs to be used. Such a box can be described as a unit where a standard PC and a digital TV receptor are integrated.

This thesis aims to investigate the market for electronic payment solutions with a focus on payment for interactive content and services in digital TV. The presumptive services are many which lead to a relative complex analysis of how they should be paid for. What kind of service is it really to be paid for?

In order to conduct an appropriate analysis this thesis contains an identification of five different service-/content types. The grouping we have conducted is in so called On Demand services, Voice over IP, Shopping, Interactive TV and web services. In order to be able to conduct a relevant assessment of how the distributed services should be paid for the understanding of the market situation is utterly important. Therefore the thesis contains a pre study of the different market actors that can be related to a set top box and interactive TV.

The study of eight different actors on the Swedish market provides an overview of content providers’ as well as payment companies’ view on how interactive content and services should be paid for. The result from the thesis is a recommendation on how an electronic payment solution should be designed and important aspects to think of. One of the key outcomes is that different services needs different types of payment solutions which implies that you should first decide on what type of services that are to be provided before a decision is made on the payment solution.

A byproduct from the thesis is the analysis model that facilitates analysis of services as well as payment solutions and - methods related to electronic payments and interactive media.

Due to the lack of efficient offline payment services for small value payment, and along with the booming of the Internet and telecommunications technologies, new electronic payment services and instruments are becoming increasingly popular and important in the first and second decades of the 21 century in China’s electronic commerce economy. The new electronic payment instruments, which primarily include Internet third party payment and virtual currency, are the subjects of research in this thesis. This thesis focuses on electronic payment law relating to the Internet, and the e-payment law which has been altered substantially by the Internet, rather than focusing on a comprehensive law of payment, clearance and settlement, or traditional mechanisms of payment, such as negotiable instruments and electronic funds transfers that occurs only within the intranet of closed banking systems. Although the new electronic payment instruments cannot escape from the influence of the traditional payment, and new payment instruments are based upon the traditional one both in technological infrastructure and in legal framework, the new electronic payment instruments do possess their own special features in technology, business models and in law. On this regard, readers might be asking why the author did not use the topic of “Internet Payment” or “online payment” instead of “new electronic payment” for the title of the thesis. The answer is because in China, telephone payment, along with Internet payment should be collectively considered as new electronic payment tools, and therefore, it is too narrow to just use the term “Internet Payment”. Also, the word “online” is, somewhat, a misleading word, and the author tries to specify in most cases whether it is an “Internet” or a “mobile network” or “landlines” or any other forms of networks in the following analysis when the concept of “online” has to be referred to. On the other hand, it is a truth that, among those new electronic payment instruments, it is the Internet that has been shaking and reshaping the infrastructure framework of payment, clearance and settlement; and telephone payment as well as mobile payment, to a great extent, are relying on the Internet. Therefore, Internet-related payment lies at the heart of the thesis. Furthermore, in China, new electronic payment instruments are largely created and facilitated through non-bank Internet third party payment providers and virtual currency, These two types of new electronic payment services possess enormous scale and are developing in a fast speed. Therefore, this thesis will treat the law on non-bank Internet third party payment platform providers and virtual currency as two crucial points to discuss.1 1.2 Research Questions The hypothesis of the thesis is that legal issues arising from new electronic payment services, which heavily rely on and is substantially attached to the Internet, are different from legal issues pertaining to traditional electronic payment services which are primarily intra-bank or inter-bank related. For example, in the Internet third party payment system (see Chapter 4 of the thesis), non-bank intermediaries are involved which is outside the regulatory framework of the traditional banking and payment system; also for example, in the virtual currency system (see Chapter 5 & 6 of the thesis), money is not issued by governments and denominated into any national legitimate currencies such as Renminbi in China, instead, money is issued by private Internet companies and denominated into currencies of those private companies. Thus, there are a number of legal questions to be considered: how is the Internet third party payment being regulated in China? What are the key issues in regulating the Internet third party payment? Is the current regulation appropriate? How to regulate the Internet games virtual currency in China? How is the Internet third party payment and virtual currency regulated in the European Union? Are there any lessons that China may learn from the European Union? In the thesis, the author examines these important legal issues relating to new electronic payment in detail, evaluate current existing regulations both in China and in the EU/UK, and propose specific regulatory approaches and measures for China.

碩士
銘傳大學
財務金融學系碩士在職專班
103
Economic transactions have transformed globally with technological advances and the prevalence of Internet use. Electronic payment capabilities have taken the logistics of businesses, consumers and the government in a new direction. The ubiquity of mobile devices means that consumers can easily acquire e-commerce information, while transactions are quickly settled through the use of scanners and QR Codes (Quick Response Codes). This technology is now used by many businesses and occupations. Preferred instruments of payment have also changed over the course of e-commerce development. One of the newer e-commerce systems consists of two dimensions: e-payment instruments and EFT (electronic fund transfer) services. As of this writing, e-payment can be accomplished through use of credit cards, debit cards, and prepaid cards whereas EFT services are provided by both banks and non-bank agents. Many developed countries have given these non-bank agents full access to EFT transactions. For instance, both the US and the UK render authority over EFT services to both banks and non-bank agents alike. Many countries have loosened regulations for these financial agents to deal with EFT transactions because of financial deregulation, globalization, and technological development. This study explores the domestic e-payment business in Taiwan, exploring the significance of and the trends within the e-commerce system. We discuss current conditions, prospects, and relevant regulations regarding e-commerce transactions in advanced countries, and illustrates the actual performance of the domestic e-commerce industry in Taiwan with the aim of creating a healthier environment for developing e-payment instruments for the consumer market.

碩士
國立交通大學
資訊管理研究所
84
The purpose of this thesis is to study security issues of electronicpayments over the Internet. In this thesis, the first topic is to compareSSL ( Secure Sockets Layer ) and S-HTTP ( Secure HyperText Transfer Protocol), the two communication security protocols proposed for being implementedin the session layer and in the application layer of TCP/IP, respectively. Then, the next topic is to survey and analyze the security issuesfor current Interent electronic payment systems including systems usingcredit cards, digital cash, and electronic checks. In particular, weevaluate the security of SET ( Secure Electronic Transaction ) , acredit-card based payment protocol over the Internet proposed by Visaand MasterCard in 1996. This draft proposal is likely to be adopted asa de facto standard internationally. Finally, we propose a prototypeas the infrastructure of Internet electronic payment systems in our country.

碩士
樹德科技大學
金融與風險管理所
96
In the condition of improving technology and flourishing business of Internet, the rate of using smart cards is growing rapidly, especially in the start using of Taipei and Kaohsiung MRT system. Depending on the Taiwan’s environment in recent years, this paper attempts to study the development of smart cards in Taiwan. We use a regression analysis to test the relation between the amounts of credit cards and economic states. In the other hands, we hope to establish an equitable trading platform for union, manufacturers and consumers. This paper finds that there is a significant relation between the amounts of credit cards and economic states. In addition, we construct a model to describe the operations of tripartite trade platform. In this model we study the effects of changes in bonus points, fees, and discount rates on the profits of tripartite trade. This paper further derives the firms’ threshold of joining the union and studies the consumers’ condition of joining the union. This result can help the firms and consumers to judge the condition of joining the union. When the consumers under the union increase their loyalty, the firms’ sales and profits will increase and the profits can cover the additional costs from joining the union. The key point of union’s success, therefore, is the increasing sales of joining the union.

碩士
東吳大學
法律學系
106
With the emerging popularity of the electronic payment instrument comes the endless transaction disputes, while the risk allocation of loss is the most debating one. Risk allocation of loss herein means the rule which deciding who shall bear the unauthorized transaction loss. The unauthorized loss happens when physical payment instrument was lost or stolen, and the data of the virtual payment instrument was hacked. If we only rely on the contract between the providers and consumers to assign the risk of unauthorized transactions, the consumers with no bargaining power will bear more risk than they shall do. Therefore, by comparing foreign legislation and explaining economic theories, this thesis focus on how the risk of unauthorized transaction loss shall be allocated. This thesis also reviews the payment law in Taiwan to see whether it is appropriately established. Besides, payment instruments have been developing so quickly that the regulatory authority issued many rules and regulations. It is inefficient and complicated to apply so many regulations to solve the problems while the disputes occurs. In fact, enacting an independent and comprehensive payment law is global mainstream now while payment industry is rising up. Consequently, we need to consider the necessary to enact an independent payment law but not administrative regulation to clarify the legal relationship among the parties in the payment system after third-party and mobile payment business was allowed into the market.