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Electronic payment systems. Electronic money. Money or scrip which is exchanged only electronically. Advantages of electronic money. No handling physical cash or cheques No waiting on lines Lower-hassle environment Immediate transfer. Disadvantages of electronic money. Fraud
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Electronic money Money or scrip which is exchanged only electronically
Advantages of electronic money • No handling physical cash or cheques • No waiting on lines • Lower-hassle environment • Immediate transfer
Disadvantages of electronic money • Fraud • Failure of technology • Possible tracking of individuals • Loss of human interaction
Consumer resistance • Proof of payment • Control • Security and privacy • No time or motivation to make a change
Payment cards • contain information that can be used for payment purpose • 3 forms: credit, debit and charge • credit card - purchases up to limit fixed by the card issuer Front side 1. Issuing bank logo 2. EMV chip 3. Hologram 4. Card number 5. Card brand logo 6. Expiry Date 7. Cardholder's name Reverse side 1. Magnetic Stripe 2. Signature Strip 3. Card Security Code typical credit card
Payment cards • debit card - money comes directly out of the holder’s checking account. - transfer of funds within 1 to 2 days • The "debit" networks -> purchases are made in person and a personal identification number is supplied • The "credit" networks -> cards are charged with only a signature, and/or picture ID • Online and offline debit transactions - online debit (PIN debit) - offline debit (signature debit)
Payment cards • charge card - obtaining a very short term (30-45days) loan for a purchase - charges every month - no "min. payment" • virtual credit cards • designed for online purchases • randomly generated card number tied to the buyer’s actual card number • can be used only once • known as single-use card number
Payment cards • a plastic card with an embedded chip 1. Contact card - gold plate - EPROM or EEPROM 2. Contactless (proximity) card - embedded antenna • 2 types of smart card readers -> contact and proximity
Slovak electronic payment systems TatraPay VÚB ePlatby SporoPay CardPay 315 144 105 ČSOB Platobné tlačidlo OTPpay PB platba online UniPlatba 19 18 17 12
