Some retail payment systems can be modelled as two-sided markets, where a payment system facilitates money exchanges between consumers on one side and merchants on the other. The system sets rules and standards, to ensure usage and acceptance of its payment instruments by consumers and merchants respectively. Some retail payment systems exhibit indirect network externalities, which is one of th...

Simulations are among the analytical tools in payment systems analysis. They can be used to overcome epistemological weaknesses of models and calibrations, and they are virtual experiments that do not affect the real performance of payment systems. The chapter is intended to give an inside view into the use of simulations as an analysis tool for payment systems as well as settlement systems. Se...

Credit based electronic payment systems are considered to play important roles in future automated payment systems Like most other types of payment systems however credit based systems proposed so far generally involve computationally expensive cryptographic operations Such relatively heavy computational load is preventing credit based systems from being used in applications that require very f...

introduction payment system is any organized arrangement for transferring monetary value leading to discharge and settlement of obligation. negotiable instruments in their special meaning are tradable documents that can be used as means of payment in commercial and consuming trades and are considered as non-cash payment system among the monetary transferring systems. the negotiable instruments ...

In the next years, the market for low value online content, like music and videos, is expected to grow substantially. To allow “pay-per-use” of such content, micropayment systems are expected to play an important role. Since there are already many competing micropayment systems on the market, customers and merchants are forced to use multiple systems. To overcome the problems associated with us...

T he exchange of goods conducted face-to-face between two parties dates back to before the beginning of recorded history. Eventually, as trade became more complicated and inconvenient, humans invented abstract representations of value. As time passed, representations of value became more and more abstract, progressing from barter through bank notes, payment orders, checks, credit cards, and now...

This assessment of the future of Internet payments concentrates on the potential of serverbased Internet payment systems. The central server-based approach is seen as a relevant future trend and "paradigm shift" in the development of Internet Payment systems. The analysis therefore goes beyond the mere observation of a "second generation" of Internet payment systems (such as prepaid scratch car...

The market for the public transit fare payment system using contactless smart cards is rapidly growing, however, the payment systems provided by different vendors are not interoperable. This paper presents an interoperable payment protocol for the public transit fare payment system using contactless smart cards. We also present implementation results of a PSAM (Purchase Secure Application Modul...

A host of innovative payment systems are pushing into the market. However, these systems often have a limited focus on niche segments. The only ones with mass-market promise are those innovative systems that take into account the particular features of B2C e-commerce, enjoy the support of established e-shops or service providers in payment transactions and can convey the unique added value that...