Analysis and Future of Electronic Payment System

Abstract

Electronic Commerce industry is exploding at a fast pace. One of the key aspects of electronic commence is payments. There are different methods to pay electronically. These can be through Credit Cards, Electronic Checks, Electronic Cash, Debit Cards, or Charge Cards. This paper discusses the major electronic payment methods namely Credit Card Processing, Electronic Check Processing, and Electronic Cash. It presents and overview of each architecture, and describes two commercial implementations of the architecture. The paper also analyses and compares the payment methods and reveals their advantages and disadvantages.