Since the Internet spread beyond the research communities and made significant inroads into the commercial world, more and more customers became connected to the Internet. Customers first got equipped with personal computers, then with palm pilots, and more recently with cell phones. By the end of the 1990s most customers in the developed countries were hooked to the Internet by one device or another. The wide availability of customer devices and the Internet itself sparked the development of electronic payment instruments throughout the 1980s and 1990s and many of them have been put to trial.
In traditional payment systems as well as in electronic payment systems, payers and payees keep and manage their money in bank accounts. The payer's bank is sometimes called the issuer, while the payee's bank is called the aquirer. A payment system is a way to move a specified amount of money from the payer's bank account into the payee's bank account in a secure fashion. In order to transfer...
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References
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© 2005 International Federation for Information Processing
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Bleumer, G. (2005). Electronic payment. In: van Tilborg, H.C.A. (eds) Encyclopedia of Cryptography and Security. Springer, Boston, MA . https://doi.org/10.1007/0-387-23483-7_124
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