What is on electronic payment system? What are its types and advantages?

Electronic payment systems are alternative cash credit payment methods using various electronic technologies to pay for products and services in electronic commerce. Types: The most Internet payment method for B2C is credit cards.

The concern for customers is security while sending credit card information including name, card number and expiry date through Internet.

At present most of the companies use SSL (Secured Socket layer) protocol to provide security and privacy.

Visa and MasterCard have jointly developed a more secure protocol, called SET ( Secure

Electronic Transmission )

Typical Electronic payment system for EC- Electronic credit card, EFT, debit card, stored- value card, and e-check.

Advantages

It provides good security schemes.

Four essential security requirements for safe e-payments are Authentication, Encryption, Integrity, and Nonrepudiation.

SET(Secure Electronic Transmission) which is theoretically a perfect protocol.