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Electronic Payment Systems

Electronic Payment Systems. Dr. Donal O’Mahony Director, Networks & Telecommunications Research Group, Trinity College Dublin. Introduction. Academic at Trinity College, Dublin, Ireland Author and Reseacher in the areas of Mobile and Wireless Communications Cryptographic Applications

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Electronic Payment Systems

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  1. Electronic Payment Systems Dr. Donal O’Mahony Director,Networks & Telecommunications Research Group, Trinity College Dublin

  2. Introduction • Academic at Trinity College, Dublin, Ireland • Author and Reseacher in the areas of • Mobile and Wireless Communications • Cryptographic Applications • Electronic Payment • Trust Building

  3. Outline • The ‘Net Effect’ on Payment/E-Payment • Impact on Developed Countries • Starting point for Developing Nations • New Opportunities

  4. Conventional Payment Mechanisms in United States • Approx 80% of payments in Cash • International Trade involves Wire Transfers, Letters of Credit etc. 1999 – Source BIS

  5. Retail Payments – Net Evolution • Cash – evolving (very slowly) to Internet based systems such as Paypal • Credit-Card based systems • Ideal for Internet – already a global payment method – tradition of ‘card-not-present’ • Combined with Secure Socket Layer, it is used for almost all retail E-commerce – high fraud rate • Retail Check – being eroded by Electronic Bill Payment, electronic home banking

  6. Trade Payments – Net Evolution • Check Payments migrating to Electronic Transfers – in the U.S. via the Automated Clearing House (ACH) networks • FSTC E-check and BIPS Projects • ACH Transfers growing in importance • European Initiatives: STEP1 (<€50K) • Global Initiatives : WATCH, CLS • Internet access to these is coming • Total trading Systems • Bolero, Tradecard

  7. Other Aspects of Electronic Trading • Electronic Trust building becoming more common • Legislative Changes in E-Commerce in Europe, US and Asia enable this • PKI Infrastructure being (slowly) built • Verisign • Identrus • Wisekey • In combination with E-payments…will enable complete transactions on-line

  8. 32 19 + + 10 Conventional Payments in Developing Countries • Generally less developed banking industry • Credit Cards not widely available • More reliance on paper • Foreign Exchange transactions more problematic • Being left out of new payment initiatives Currently

  9. New Opportunities • On the Internet no-one knows you are a dog • Internet banking infrastructure ischeap and easy tobuild.. Opportunity toleap-frog • Open standards levelthe paying field • Must work with newstandards

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