A dynamic game-based model of electronic payment systems is proposed, which is used to analyze formally security property of electronic payment protocols. Compared with previous work, the main contributions are as follows. Firstly, using strategic games to model channels in three kinds of qualities and participants of dishonest behaviors makes it able to analyze cooperative and adversarial beha...

Market, technological and legal developments have contributed to a surge of innovation and change in payment systems in recent years, including the development of new means of making payments and the alteration of existing ones. However, many of the recent offerings have failed to gain traction in the e-Commerce marketplace for a variety of reasons. To understand the reasons for this it is nece...

electronic money that defined as stored-value on an electronic device and at present time is last phase of gradual evolution of money, is described as process of immaterialization and being invisibility of money. it is new phenomenon that in economic view has potential for play the roles of money and its functions. for analysis of legal nature of this phenomenon two approaches can be adopted. f...

We study the ability of banks and merchants to influence the consumer’s payment instrument choice. Consumers participate in payment card networks to insure themselves against three types of shocks— income, theft, and their merchant match. Merchants choose which payment instruments to accept based on their production costs and increased profit opportunities. Our key results can be summarized as ...

The growth of open networks created the interest to commercialise it. The establishment of an electronic business mechanism must be accompanied by a digital – electronic payment system to transfer the value of transactions. Financial organizations are requested to offer a secure e-payment synthesis with equivalent level of security served in conventional paper-based payment transactions. PKI, w...