What makes e-money special relative to cash? How does the introduction of electronic money improve the functioning of a payment system, in which cash is used as an incumbent payment instrument? This paper adopts a mechanism design approach to identify the essential features of e-money that improve the effi ciency of the economy. We build a micro-founded general equilibrium model to compare the ...

Many electronic payment systems have been developed to facilitate the purchase of goods and services over the internet. However none of the system was able to be implemented on large scale [1]. This paper identifies the factors which cause failure to these payment systems. Moreover this paper presents the NetBill protocol and describes its social aspects along with its security and transactiona...

With the rapid growth of Information and Communication Technology, Electronic commerce is now acting as a new means of carrying out business transactions through electronic means such as Internet environment. To avoid the complexities associated with the digital cash and electronic cash, consumers and vendors are looking for credit card payments on the Internet as one possible time-tested alter...

We describe a protocol design process, and illustrate its use by creating atspect, an Authentication Test-based Secure Protocol for Electronic Commerce Transactions. The design process is organized around the authentication tests, a method for protocol verification based on the strand space theory. The authentication tests dictate how randomly generated values such as nonces may be combined wit...

Current oo-line electronic cash systems are often too complex to implement. In this paper, we propose an eecient oo-line digital cash payment system that still maintains basic security features such as double-spending detection and client anonymity. Using a one-way hash function chain, our method veriies the clients to perform one single online computation (response) for the whole payment.