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  2/16/00 EMTM 553 1 EMTM 553: E-commerce Systems Lecture 8: Electronic Payment Systems Insup Lee Department of Computer and Information Science University of Pennsylvania  2/16/00 EMTM 553 2 E-payment systems ã To transfer money over the Internet ã Methods of traditional payment – Check, credit card, or cash ã Methods of electronic payment – Electronic cash, software wallets, smart cards, and credit/debit cards – Scrip is digital cash minted by third-party organizations  2/16/00 EMTM 553 3 Requirements for e-payments ã Atomicity – Money is not lost or created during a transfer ã Good atomicity – Money and good are exchanged atomically ã Non-repudiation – No party can deny its role in the transaction – Digital signatures  2/16/00 EMTM 553 4 Desirable Properties of Digital Money ã Universally accepted ã Transferable electronically ã Divisible ã Non-forgeable, non-stealable ã Private (no one except parties know the amount) ã Anonymous (no one can identify the payer) ã Work off-line (no on-line verification needed) No known system satisfies all.
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