Description and Evaluation of  Different Types of  E-Payment Systems 1999-2005 - for the e-commerce students of Prof. Tim Richardson

updated 2015 Jan 23

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WTGR at a "Lab" meeting with one of  his grandchildren

There are many challenges to creating content and updating web pages on an active teaching site like witiger.com. One challenge is the question of what to do with a category of content that has been eclipsed by newer technologies. When i (WTGR) first started talking about e-commerce payment systems in 1999, many of the things we take for granted today (Jan 2013) like PayPal (invented in 1999, acquired by eBay in 2002) had just started to become popular. Now in early 2013 a definite trend confirmed is that the majority of access to web content, especially shopping sites, is through smartphones and other mobile devices such as small tablets, e-readers and netbooks. Therefore, in a sense, all e-payment systems are m-payment systems and subsequent developments will be discussed on the page   witiger.com/ecommerce/mcommercepayment.htm   If you are reading this in 2013, you are welcome to scroll through the content below, but please be advised that many parts of it need updating from 2006 .

see also  www.witiger.com/ecommerce/paymentmatrixPayPal.htm
 

INTRODUCTION

This matrix was created for the purpose of better explaining to, and discussing with, e-commerce students, the basics of e-payment systems.  We looked for a similar matrix on the web but could not find anything close to explaining all the various payment systems within an annotated structure There is a small matrix at www.backe.com/epssum.html but it is dated 1996 and has no indications of being updated. www.backe.com/epssum.html checked again in March 2003, and October 2003 - the site still up, but it was  not updated. There is a very long alphabetically ordered list of payment systems at the web site of Networks and Telecommunications  Research Group, Department of Computer Science, Trinity College Dublin. We consider this list to be a great resource, however each entry has just one hyperlink to the main page of each system, leaving it to the browser to read further.  In 2002 - the specific page on payment systems had been taken down. Dr Phillip M. Hallam-Baker has a page at  http://www.w3.org/ECommerce/roadmap.html on e payment systems but I have no idea of how up-to-date it is. "A Bibliography of Electronic Payment Information" can be found at  http://robotics.stanford.edu/users/ketchpel/ecash.html assembled by Stanford University. Scott Richards, and MBA student did a good site at  http://www.tec.informatik.uni-rostock.de/IuK/lehre/settlement-seminar/InternetPayment.html but it is dated 1996 and no longer working. So, because there was a lack of a simple source of information on the different e-payment system, we decided to build our own page, and have kept it updated these past few years. The learning objectives of this section is that when the student has finished reading this material, and clicking on the links [that work] they will be able to  know the various components of an e-payment system understand that there are many system competing know the names of some of the leading contenders anticipate which system might see market dominance in the future understand the basics of what an e-payment system needs to be competitive WTGR 2003 Oct 01

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KEY POINTS

This is the type of subject which is "challenging" to teach because the "players" change often and technical innovations occur frequently - sometimes between semesters    "Implementation of electronic payment systems is in its infancy and still evolving. The technical, economic, cultural, and legal components of EPS are not fully understood" * Chpt 7, "Electronic Commerce" by Gary Schneider and James Perry It is the responsibility of the student to use the info on this page as a basic guide, and then use various e-media sites to see what is the current status of the payment systems mentioned, and check for new developments. By 2003 there has been a Darwinian "winnowing out" of some of the systems that cannot make it and some systems have gathered a lot of momentum. Furthermore, the credit card companies are putting a lot of research into competing in this field so that they end up participants and not observers. It seems fairly soon that something will breakthrough and we will have one or two dominant players emerge - however by the time of last updating this page in early Oct 2003 (and 2006), that player is not easy to identify. WTGR

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Before we get into a presentation of the features of e-commerce payment systems, read the article to the right which features an interview given by Prof. Richardson in August 2004 re: the challenges in developing payment systems for mobile commerce (m-commerce).

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2 most common payment methods

The 2 most common payment methods on the internet today (2004) are Phone in orders: "Many companies are only using the Web as a billboard for the company and its products. If a person wants to order an item they are given a 1-800 number to call. An operator processes the order just as if the customer saw an advertisement on TV or in a magazine. " Credit card orders: "Customer use a web based CGI form to fill out their order information and provide their credit card number. Netscape 2.0 introduced Secure Sockets Layer (SLL)technology to protect the card numbers. Users are often advised if they are using an older browser that does not have SLL built in, to phone in their order. Still, many people are very concerned about internet security and are reluctant to send their gold card numbers with their $5000 credit limit into cyberspace."  from Scott Richards at http://www.tec.informatik.uni-rostock.de/IuK/lehre/settlement-seminar/InternetPayment.html

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Challenges

Challenges of Internet Payment Systems "The biggest challenge for Electronic Payment Systems is finding customers and vendors who are willing to risk investing in a product that is currently in its introduction stage. This has created is a chicken and egg effect. Banks/software companies can't get customers without vendors, and they can't get vendors without customers." "Security factors are perhaps the biggest deterrent for individuals interested in making on-line purchases. Most people fear giving their credit card numbers, phone numbers or addresses not knowing who will be able to retrieve that information without their consent. It is interesting to note that most people don't even give it a  second thought when purchasing items with a credit card over the phone, but to ask them to do it from their PC  makes them very uncomfortable. New developments in credit card security Secure Electronic Transaction (SET)  are taking this fear away by adding encryption to scramble the card so only the vendor and customer can read it. " "Privacy is a significant factor in some of the payment schemes. Cyberpunks feel that privacy is paramount. However, the public has become comfortable with credit cards and debit cards. Private cash has a potential market, but it may not be as large as people today are thinking." from Scott Richards at http://www.tec.informatik.uni-rostock.de/IuK/lehre/settlement-seminar/InternetPayment.html

Challenges

student Rajeeve Ganeshalingam in MGD415 at UTM in March 2006 emailed to say In your class regarding e-payment systems you talked about a cashless society.  I ran into this article today, http://www.pulse24.com/Business/Top_Story/20060328-001/page.asp, It is regarding a couple who ordered a $4.33 combo from Burger King but were accidentally charged $4330 out of their debit account.  The funny thing is that they didn't even notice the money was taken out until a few days later when they went to make a mortgage payment and their was no money in the bank.  Burger King wanted to refund the money but Bank of America said there was a few days hold on the money so they wont get it back right away.  Eventually they did get their money back however, this article goes to show you some of the problems faced by a cashless society where money flows through wire and the importance of following up on your transactions regularly. Rajeeve Ganeshalingam   KEY POINT Rajeeve's story is one of many that we could add to this page - suffice it to say that these types of stories are one of the main reasons why many people are still nervous about a cashless society since it is perceived that technology just causes bigger mistakes. While technology can help things in many ways, it also means that people who use technology have to be more vigilant about mistakes that can be made since sometimes "digital errors" are not so obvious to spot as errors "in real life". I would certainly notice the difference between handing the Burger King counter person a $5 bill compared to handing over $4330 in cash.

Our "witiger.com" matrix is designed to give "one glance" viewing of the main points of each system. It should be understood that it is "under construction" and we do not accept responsibility for people making business decisions as a consequence of reviewing this table.

A helpful list  http://www.verisign.com/products/payflow/glossary.html
An article about payment systems from www.indiawebdevelopers.com check
 www.indiawebdevelopers.com/articles/internet_payment_systems.asp
- thanks to Vithya Sivaparamananthan in BCS 555
 

E-Payment Systems Don't Fit All Marketplaces

Wenbin Li, in BCS 555 Oct 2004  sent an email and said  "Hi prof., I found a article, which is "E-Payment Systems Don't Fit All  Marketplaces ". It talks about some problem about the e-payment, such as the disparity between the purchase-order price and the invoice price, it is important for the perishable-food business" Charles Waltner, who wrote the original article, is a freelance computer journalist based in Seattle. He can be reached at  cwaltner@home.com

 

Dexit  www.dexit.com	What the customer does	What the vendor does	Third party involvement	Security	Pros and Cons
founded in 2003 by Ms. Renah Persofsky who used to work for Bank of Montreal It is a small plastic tag like a key chain that you use to swipe and pay for small items You pay Dexit a fee of $1.50 each time you add up to $100 to your Dexit account  they hope to have 50,000 customers signed up by April 30, 2004.	You carry around a little plastic tag and swipe it to pay for small things like coffe. "The tag contains a secure microchip, which corresponds to  a unique customer account. When it is tapped on a Dexit terminal, the tag securely communicates with the terminal using radio frequency waves. Once  the transaction is authenticated, the customer account is charged for the amount of the purchase. "	In downtown Toronto "Dexit is accepted by more than 40 downtown merchants — from McDonald's to Taco Bell to PharmaPlus — the coffee chains are getting the best buzz. Timothy's has embraced it heartily, while Second Cup is pleased with its pilot at Union Station."	working in conjunction with TD Canada Trust, National  Bank of Canada and TELUS Mobility	you only can spend $100 a day No one can make purchases directly from your bank account using your tag.                                Your Dexit account information is password protected.. There is no personal financial information stored on your Dexit tag.	Con - not used for large puchases Pro - easy to use for coffee, newspapers, small items - just swipe nd walk away - very fast - no punching in PIN numbers like a debit card

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E-gold  www.e-gold.com	What the customer does	What the vendor does	Third party involvement	Security	Pros and Cons
e-gold is an electronic currency, issued by e-gold ltd. a Nevis corporation, 100% backed at all times by gold bullion in allocated storage. e-gold.com info provided by UTM student Brian Ng	Customer can open an account with a real or fake name.  Customer uses a credit card or wire transfer to fund the account with units of e-gold.  These units are then transferred to other e-gold accounts.	The vendor/online merchant can set up an e-gold "Shopping Cart Interface" which accepts payment automatically and can be incorporated into business web programs.	Omnipay.com, an affiliate of e-gold handles the conversion of conventional currency into e-gold.	All transactions are on-line with access requiring account number, passphrase, Turing number, and IP address confirmation Transactions are settled immediately, records are maintained on dedicated servers, data integrity is highly controlled, and all hardware and software has a strong back-up and continuity program	cons e-gold has the perception of being linked w/ crime pros payments clear instantly remain anonymous transaction fees are lower then credit cards and bank wire transfers.

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UseMyBank  www.usemybank.com	What the customer does	What the vendor does	Third party involvement	Security	Pros and Cons
UseMyBank Services, Inc. is based in Toronto. Founded by Joseph Iuso in July 2002. UseMyBank is the first online payment provider to enable consumers to purchase items on the Web using their existing bank or credit union.	"When a consumer is ready to check out at one of our Internet merchant sites they can choose credit or debit. If they decide to pay by debit, they scroll down and choose their online" Iuso	.	To complete the transaction, UseMyBank uses GPAY of Edmonton, one of 4,000 billers in Canada with direct biller access with Canada's big banks.	.	.

 
 
 

Mondex	What the customer does	What the vendor does	Third party involvement	Security	Pros and Cons
still active and growing in late 2002 (in 2003, the site down) only 16,000 customers in its first 18 months in Guelph. Mastercard acquire full ownership of Mondex in 2001 Mondex is electronic cash that takes the form of a plastic card, like a debit card or credit card, which stores the value of money electronically on a microchip  www.mondex.com (this URL not working Oct 2003) uses the MULTOS  smart card platform which is MasterCard's preferred operating system for multi-application smart cards Guelph, Ontario 1996 - 1998 Brampton, Ontario 1997 - 1999 Toronto, Ontario 1996 - ongoing Saskatchewan 1997 - 1998	The customer obtains a card and then deposits cash into it.The custo- mer would also need an electronic wallet to read the card or to make P2P (Person to Person) transfers. Special phones that read the cards would allow transfers over long distances.This would effectively bring the ATM to any home or public phone. Purchases made with Mondex incur no transaction fees.  Bank fees apply when withdrawing from ATMs	Vendor acquires  right to collect payment using Mondex and obtains necessary hardware No central processing  fees are incurred by the vendor.	Mondex is not directly involved in the transaction but it provides and maintains the system (ie.Licenses cards and hardware, ...) Interac collects a fee when using a Mondex card at electronic cash machines at the store	Mondex uses the most current chip  technology to prevent forgery. Furthermore, Value Transfer Proto- cal and other forms of cryptography are used to make it more secure than ATM transactions. Also, there are no numbers visible on the card, they are password protected and a lost card can be cancelled Security If a card is lost or stolen the value is lost, just as it would be lost if you dropped a bank note.  Banks  incentivise the return of cards to their rightful owners (where capabilible of being identifieid), something which could never happen with money.	Advantages - it can carry up to five different currencies - the transfer of money between indivduals is done without the use of banks of other third party involvement - money can be spent immediately by vendors Disadvantages The credit card companies can identify the consumers, how much was purchased and the merchant Mondex is private but not public (UofT Information Policy Research Paper)

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NetCheque www.netcheque.com electronic checks  electronic tokens post-paid mechanism been around since 1995 "developed at the Information Sciences Institute of the University of Southern California. At present the implementation is a research prototype"	Register with a 3rd party account server.  The payer's digital signature is used to create an order to a bank computer that authorizes fund transfer to the merchant's bank. Non-commercial and small-scale use only. Like a paper check, a NetCheque payment instrument bears an electronic signature, and must be endorsed by the payee, using another electronic signature, before the cheque will be paid.	The merchant presents the information to  the accounting server for authentification. Offer the software for download.	The accounting server verifies the digital signature on the check.  Developed by Univ. of Southern California.	The system is based on the Kerberos security software system. Reliability and scalability are provided by using multiple accounting servers.  Conventional cryptography.	Pros Fast check processing. Eliminates stolen checks before deposits Funds are moved within 48 hrs. Licensing is royalty free Cons Not widespread. Only good with other registered users. Not for consumer use yet.

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	What the customer does	What the vendor does	Third party involvement	Security	Pros and Cons
Paystone  www.paystone.com provides the opportunity for website owners to accept micropayments as  low as $0.25 for their online content. This company founded by Chinese-Canadians and is Canadian run out of B.C. they began in 2001	When consumers come to a site they click on the content they  want to purchase. They are then linked to a secure Paystone payment page.  The funds are instantly transferred from their Paystone account to themerchant.	fees  www.paystone.com/ sell/entrepreneur _fees.php	None	uses 128 bit SSL encryption their security page	Pro - accepts both US or Canadian currencies.

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	What the customer does	What the vendor does	Third party involvement	Security	Pros and Cons
Checkfree  www.checkfree.com provides online payment processing services to both large companies and individual users. Headquartered in  Atlanta, Georgia provided by Francis Ho in BCS 555 in Oct 2004	the customer can receive and pay they're bills online, through they're financial institution. Anything from phone  bills, tv cable bills, school bills, etc. can be paid using this  system..	they work with financial institutions and  organizations that issue regular bills or statements to give the  customer the ability to receive and pay bills online.	.checkfree works with financial institutions and organizations that issue regular bills and statements.	.checkfree is monitored by and works in conjuntion with the  same security that monitor major financial institutions. the  securities and exchange commision is one of those. -security issues: you are required to enter very confidential data  online and some people are scared that this info will not be safe over  the web.	.pros- it's convenient because you can pay your bills anytime you want day or night.  -It works for any bills you pay like phone bills, cable bills, etc.  -partnered with major financial institutions for your convienience. -and of course it also saves you lots of time. cons- there is a small monthly charge for this service

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	What the customer does	What the vendor does	Third party involvement	Security	Pros and Cons
Clickshare is an electronic cash system for the magazine and newspaper industry. Can be used for micropayments. website Clickshare FAQ Seetharam	Users with an ISP that supports Clickshare are automatically registered with Clickshare. When they visit certain sites that have services, they can click on those services and can access - they will be billed later by the ISP, not the vendor.	Clickshare enabled     content provider sites  sell music, information   and other digital objects. Content providers are paid by Clickshare.	Clickshare service providers are those like ISPs, cable providers, phone companies, etc. registered with Clickshare. The ISP, which has an account with the vendor, bills the user for their purchases, depending on what they click on.	Users are protected as their credit card information is not required for purchases.	Pros Make purchases without using credit card  Cons Limited to those service providers like ISPs registered with Clickshare.
FSTC Financial Services Technology Consortium www.fstc.org electronic checks web site For the past year,(1999) echeck has been in active use for  U.S.Treasury payments in the United States, is under development in Singapore, Sept 2003 update - their website does not refer to e-payment developments	can issue electronically and digitally sign a payment instruction and transmit over public networks check their page for "past projects" www.fstc.org/projects/	universal industry standards FAQ	a consortium of banks, computer co., govt, assocs. trying to develop a system independent of the hardware, software and financial service provider	uses public-key cryptography	provides rapid and secure settlement of financial obligations used by large and small, even where other electronic      payment solutions are too risky, or not appropriate
Open Market Transact web site	customer must interact with payment screen for every transaction	merchant trasmits the credit card info. via leased line to payment server of Open market	Open market acts as a 3rd party and provides reports & authentication to merchants	.	rules based fraud prevention that monitors CC black lists. Does not charge transaction fee

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	What the customer does	What the vendor does	Third party involvement	Security	Pros and Cons
eCoin.Net  www.eCoin.net eCoins are electronic tokens issued by eCoin.Net that can be used topay for online goods. Allows for micropayments. Note in  2002 says they are still an experimental site - checked them in April 2003 and many links not working related to checked Sept 2003 - many links still not working	Install the wallet software,eCoin Wallet Manager as browser plugin and download ecoins from his/her online account to wallet.	Get embedded invoice tags from the Server(broker) and generate them in its HTML pages to enable the Wallet Manager.	The eCoin server operates as a broker that maintains and updates consumer and merchant accounts.It acts as both the"token issuer" and the "transaction handler" .	Each online eCoin transaction is conducted through SSL and additional private encryption, which is a MIME type of application/x-ecoin, defined by eCoin.net).	The hacking of URL is difficult because communication between Wallet and Server is encrypted. Chances of double spending are minimized. If there is any dispute about one transaction , lack of traceability will be a problem.

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	What the customer does	What the vendor does	Third party involvement	Security	Pros and Cons
NetCoin KCOM, a subsidiary of Japan's KDD offers NetCoin through NetCoin Center which is supported by software called MilliCent	Japanese users can download MilliCent  "scrip" (electronic currency) from KCOM's NetCoin Center, and use it to purchase low-cost digital contentsfrom stores in a KCOM-hosted virtual shopping Mall.	* Millimeter cent contract charge: 10,000 Yen * Vendor server contract charge: 10,000 Yen * Vendor server utilization charge: 8,500 Yen * Contents server utilization charge (the KCOM server is utilized, Only when): With capacity 10 MB 15,000 Yen, in every 10 MB additions 10,000 Yen * Commission: in contents sale every of month specific magnification ratio power the amount	Compaq, which has been conducting micro-commerce experiements worldwide, KCOM's MilliCent Islands virtual mall, which went online June 1, 1999, is the first commerical application of MilliCent	Encryption ensures that scrip cannot be counterfeited, altered, stolen, or spent more than once.	Ideal for the instantaneous online purchase of small-unit digital content, such as single newspaper article, an individual song, a digital photo or video clip, or game software.

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MilliCent was developed by computer hardware company Digital - which is now part of Compaq - the old millicent site not working in 2003

A Japanese user can purchase MilliCent scrip (with a credit card) from KCOM's NetCoin Center in units of 1,000 yen (CAD13.6). The scrip value is stored in the user's MilliCent Wallet, which can hold a maximim scrip value of 3,000 yen (CAD40.8).  The cost of a user's digital content downloads is automatically deducted from the MilliCent Wallet and credited to the merchant's account.

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Each participating merchant sells its own scrip (self made currency) to a broker at a discount. Brokers receive payment from consumers who buy the scrip with a credit card.

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	What the customer does	What the vendor does	Third party involvement	Security	Pros and Cons
Electronic Wallets Electronic Wallets (more commonly known as e-wallets) are free and easy to set up, and provide a safe storage place for credit card numbers, and personal information. The wallet allows consumers the ability to store information such as their name, address, payment information, etc. Wallets support many types of credit cards, digital cash, paper and digital checks, and purchase orders.    Derek Mark	Through client software it allows the client to store credit card data on their own desktop to perform secure transactions over the Internet.	no special programming required for Electronic Wallets to work.	No involvement	supports SET and uses encryption.	Good for frequent online buyers. Forms are automatically completed when requested. Requires installation of software which may be beyond the capabilities of some clients. Requires entering credit information into a software which may be new to a client and as a result may cause the client to have a lack of trust. Links of interest: ZDnet: EWallet  Programmer Information

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	What the customer does	What the vendor does	Pros and Cons
Microsoft Wallet came preinstalled in I.E. 4.0 and higher web site the old Wallet site is no connected to www.passport.net Microsoft claims since its launch in 1999, .NET Passport has become  one of the largest online authentication systems in the world, with more than 200 million accounts Martin, Sarkis Bart, Jessica	It functions the same as other electronic wallets by automatically completing order forms when yourequest it to do so.	listing of the merchant sites that accept Microsoft's system (called "Passport Wallet")	All the personal data you enter is encrypted and password protected more details from their site

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re: prepaid micropayments	What the customer does	What the vendor does	Pros and Cons
AT&T and Accenture April 2003 AT&T has teamed with Accenture to launch what  it calls the AT&T PrePaid Web Cents service	consumers  buy digital content using cards purchased in real-world retail outlets, including various convenience stores and gas stations. To use the Web Cents card, a consumer logs on to the content provider's Web site directly or through the AT&T PrePaid  Web Cents site. The consumer is prompted to enter the serial number and PIN printed on the back of the card to begin  purchasing digital content.	Each content provider in the AT&T network has its own cards, which are good only on their sites. They're priced from  $9.99 to $29.99. Pre-paid weekly, monthly or annual subscriptions also will be made available.	This really is just another flavor of the merchant-specific gift card," said Rob Leathern, an analyst at Jupiter Research.    "Already you can buy third-party gift cards (Nordstrom, Home Depot, etc.) at the supermarket, the only difference here is  that it will be specific to an online content company.

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The entities listed below are no longer active in Electronic Payment Systems

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	What the customer does	What the vendor does	Third party involvement	Security	Pros and Cons
The entities listed below are no longer active in Electronic Payment Systems
First Virtual web site 3rd party authorization mechanism  electronic tokens post-paid  mechanism http://www.fv.com was not active in Jan 2000	customer gets the product before paying for it  some say cumbersome email process (current information on First Virtual was not found in Jan 2000) (1998 article says First Virtual shed its on-line financial business to focus on interactive messaging)	merchant gets a delayed payment through an automated clearing  house	FV is involved in confirming the orders placed via encrypted emails with customers	they keep detailed records but maintain customer anonymity  they DO NOT use encryption	cumbersome email process

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	What the customer does	What the vendor does	Third party involvement	Security	Pros and Cons
The entities listed below are no longer active in Electronic Payment Systems
Digi Cash E-Cash web site electronic digital cash (filed for bankruptcy in since this table was first created)	customers can use this to make micro-payments	immediate payment;  little risk	There is not a central system accumulating information on "where you buy", "when you buy", and "what you buy".	neither the bank nor the merchant can track consumer purchases	difficult to prevent forgery - duplication of currency. Details

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NetCash	What the customer does	What the vendor does	Third party involvement	Security	Pros and Cons
The entities listed below are no longer active in Electronic Payment Systems
NetCash web site website was down when we checked March 2003	mostly for info products under $100  requires correct change for each transaction.  Customer buys coupons	merchants have choice of assuming risk and accepting "pending" coupons, or assuming no risk and accepting only "valid" coupons	consumer buys coupons from NetCash	neither bank nor merchant can track consumer purchases	Exact change required or merchant needs to refund in coupons of exact denominatons variety of enominations on their hard drive.  delay in getting paid

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	What the customer does	What the vendor does	Third party involvement	Security	Pros and Cons
Beenz  no longer active in Electronic Payment Systems
Beenz www.beenz.com beenz closed their business in 2001, a month after competitor flooz closed Matthew, Eric Christine, I-Yin	Customer must download software for collecting beenz and for checking account status. They must also agree to the terms and conditions of Beenz.  To earn beenz you must visit participating  websites.  Customer can use beenz for pruchases online or transfer credits (minimum b1,100) to Mastercard for regular purchases.  Customer enters password to make a purchase using beenz.	Sponsor vendor rewards customers with beenz for visiting their website. Merchant of each vending site (+ Beenz itself) lets you download beenz software to collect beenz at participating web sites. Vendors accept beenz as payment for online shopping.	Participating e-merchants who have an aggrement with beenz to offer you products and services. Head for beenzworld to find out where and on what you can spend them. Business and technology alliances include: Mondex, Mastercard, Oracle, Exodus communications, Kataweb, New World CyberBase Limited, Softbank e-Commerce and Hikari Tsushin.	Customer accounts are password protected. To make a purchase using beenz customer must enter their password. Beenz offers customer the choice of withholding your personal information from other businesses.	Pros Free sign-up, beenz, download Easy to use Accessible in many countries Good and credible alliances Cons Websites for earning and spending beenz are different. Beenz doesn't guarantee accuracy of information from vendors. Beenz cannot be transferred to others.
Flooz  was www.flooz.com flooz.com no longer working in Sept 2003 Aaron Tracy Calvin	Customers purchased desired amount of Flooz "currency" and redeems or donates it at participating e-merchants or charities, respectively. Flooz can also be "gifted" from another person. Flooz must be purchased using a credit card or money order. Products can be purchased in combination with Flooz "currency" and credit cards (this ensures that you can use up all your Flooz).	Flooz e-mails you or the specified recipient a Flooz number. You use this number in transactions to identify yourself in order to accumulate and or redeem Flooz.	Participating e-merchants have an agreement with Flooz.com to offer you products. Selected charities had an agreement with Flooz.com that allow customers to donate remaining Flooz.	Flooz.com used secure sockets layer (SSL) technology to protect the customers security and privacy.  All information  provided to Flooz.com is encrypted prior to its transmission. Flooz covers up to $50 in fraudulent credit card charges. Security? Cookies are used to monitor Flooz use at participating merchants web sites.	PROS Enables users to send Flooz as a gift, promotes e-commerce. Do not rent or sell user names to third parties. Part of of the TRUSTe Privacy Program. No service charge to send Flooz. CONS Unused Flooz "currency" expires one year from the date of issue or one year from  the date of the last Flooz deposited.

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Net Bill web site electronic checks post-paid  mechanism - sponsored by Carnegie Mellon Univ (nothing on their web site was dated more recently than 1998) - checked Oct 2002 - and March 2003 nothing updated - this is a theorectical system, not a system which seems to be publically in use

Install client software and regester. buy from any Net Bill service providers

FAQ

Net Bill acts as a 3rd party for authentication and clearing.

provides with unique User ID and it generates the RSA public key pair. Details

very low transaction cost certified delivery mechanism

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Net Chex www.netchex.com The first Internet Debit Card System for the eCommerce Industry. Targets people who want to pay without a credit card could not find information on them in 2002 and their web site did not appear to be up In Sept 2003 the site was back up. NetchexSM looks exactly like a paper check - except your customer fills it out online. Universal Payment Solutions then converts the information that your customers enter online into an ACH transaction. Your customer's account is debited and your account is credited. It's that easy.

large and small transactions. Choose between Cardholder, Merchant or Reseller account. Gives information including checking account info, Social Security Number and check writing history online or by fax.

Sends proprietary software to customer. Agrees to use customer information for its own business needs. Offers online account statements, transaction history and secure email. NCX will offer its customers a unique combination of convenience, customization, shopping enhancements, and online customer support.

an-anonymous transactions merchants pay 3 to 5 % of each transaction. The banks that NetChex deals with directly.

Dynamic generation of encryption keys using 128 bit technology. Hardware-based identification. Proprietary software Automatic disabling of tampered accounts. 99% uptime. Reliable and direct links to banks and processors. Secured email service

Pros It will kill impulse shopper purchase.  No credit, debit, checking account numbers are transferred. Rewards (points based) that can be used to obtain goods and services. SmartBuys service searchs for bargains. No cost to sign up or maintain annually. No credit limitation. Cons Limited to U.S.

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This link http://ntrg.cs.tcd.ie/mepeirce/Project/oninternet.htmlgoes to a long long alphabetically ordered list of all kinds of payment systems - it does not describe them, it merely provides a link to the website for that system. I believe the editor of this list, Michael Peirce,  last updated it in 2001.
NTRG is Networks and Telecommunications Research Group of Ireland.
 

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