Credits and debits on the Internet
Sirbu, M.A.
Spectrum, IEEE
Volume 34, Issue 2, Feb 1997 Page(s):23 - 29
Digital Object Identifier 10.1109/6.570823
Summary:Since the advent of banking in the Middle Ages, bank customers
have used paper based instruments to move money between accounts. In the
past 25 years (1972-97), electronic messages moving through private
networks have replaced paper for most of the value exchanged among banks
each day. With the arrival of the Internet as a mass market data
network, new technologies and business models are being developed to
facilitate electronic credit and debit transfers by ordinary consumers.
These new systems include CyberCash (which is a gateway between the
Internet and the authorization networks of the major credit cards) and
the Secure Electronic Transactions protocol (a standard for presenting
credit card transactions on the Internet), as well as First Virtual (a
way of using e-mail to secure approval for credit card purchases of
information), GC Tech (a payment system that can use credit or debit via
an intermediation server), and NetBill (a public private key encryption
system for purchasing information)
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