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The Basic Functions of Online Payment Systems

In 200-300 words please summarize the following subjects in your own word with no references:

● The use of payment cards in electronic commerce
● The history and future of electronic cash
● How electronic wallets work
● The use of stored-value cards in electronic commerce
● Internet technologies and the banking industry

Solution Preview

Payment cards (credit cards, debit cards, charge cards) are used to purchase items/service from internet websites that sell items or services, pay loans, insurance, and other bills. These cards can also be used to send money online. Payment cards are accepted worldwide and it has built-n security for merchants.

The first versions of electronic cash appeared in 1990s and included CyberCoins and CyberCash. Later, digital cash systems which were used to transfer ...

Solution Summary

The solution discusses the following: the use of payment cards in electronic commerce, history and future of electronic cash, how electronic wallets work, the use of stored-value cards in electronic commerce, and Internet technologies and the banking industry. References included.

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