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Major Milestones of Modern Payment Systems


B. Tirimula Rao, M. Dileep, E. Vedavalli, K. Aditya, S. Bindu


Vol. 9  No. 9  pp. 123-133


A payment system is a system (including physical or electronic infrastructure and associated procedures and protocols) used to settle financial transactions in bond markets, and futures, derivatives or options markets, or to transfer funds between financial institutions. Electronic Payment is a subset of an e-commerce transaction to include electronic payment for buying and selling goods or services offered through the Internet. An e-commerce payment system facilitates the acceptance of electronic payment for online transactions. Even though there are many electronic payment systems, a user uses the system only if he has trust in it. A system will be accepted if it supports several properties such as Atomicity, Consistency, Isolation, Durability and various security issues. In this paper we enumerate security issues of several payment systems in the form of a comparison table. Objective of this paper is to suggest the reader best electronic payment system among the existing ones.


Payment system, Financial Institutions, E-commerce, Electronic Payment