ITM 350 Lecture Notes - Lecture 6: Ebay, Cheque Clearing, Mastercard

• School: Ryerson University
• Department: Information Technology Management
• Course: ITM 350
• Professor: Franklyn Prescod

Document Summary

Online payments is cost-effective and encourages consumers to buy (b2c) (b2b) economic incentive to have online billing/payment. Credit cards are the prime method of payment but still have concerns about their cost and security. Electronic data interchange (edi): a way to conduct transactions in electronic form. Is costly and in its traditional form, used mostly by large companies. Edi has made use of value added networks (vans) Value added networks (vans): privately owned networks that are rented to users along with service packages to operate their edi systems (to connect them to their customers and suppliers) Characteristics include: portability, acceptance, anonymity, instant transfer of value. Product did not gain acceptance. company went bankrupt. Built on basis of public key cryptography. Digital cash"s encryption provides the advantage of no-cancellation. Not anonymous. carry high risks to vendors accepting them. Netcheck was developed as a digital check using cryptography as a security technique. Echeck was developed by financial services technology consortium (fstc)