Internet Payment Methods: Mechanism, Application, and Experimentation Term 3 Report Prepared by Markers: Contents Abstract 1 1 Introduction 3 2 Related Work 4 3 the System 8 6 Future Work 20 7 Conclusion 21 References 21 2

In this paper, an Internet payment system is proposed. It gives users a choice to choose which payment method they like to use, either credit card or electronic coins. A literature review on existing payment systems and cryptography are discussed in the beginning of the paper. Then we discuss the mechanism of the proposed system and comparisons between the existing systems and the proposed one. At last, we will discuss the usages of the payment system in real life.