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Electronic Payment Schemes

Now, let’s start rolling the e- related stuff!

The twenty-first century way to pay is by electronic or digital cash (or one can say virtual cash also), which allows consumers to pay for goods/ services by transmitting a number from one computer to another. These numbers function much like the serial numbers on "real money”, they are unique and represent a specific amount of actual cash.
Unlike credit-card transactions, electronic-cash transactions are anonymous. E-cash works just like paper cash. Once it is withdrawn from an account it does not leave a trail of digital crumbs. E-cash by its nature is portable and therefore more convenient for mobile commerce (Internet-capable cell phones and personal digital assistants).
Couple of well known players in industry on this domain:
Pay Pal - A U.S.-based system that allows individuals in the United States to send money to each other via email.
First-E - A European, Internet-only bank.
Mondex - Electronic cash that is made available via "smart card."
eCash (formerly DigiCash) - One of the early developers of electronic payment systems
There is variety of options for electronic payments; usual ones include use of credit, debit and charge cards. In order to accept any of aforesaid cards, e business, must have a merchant account, payment-processing software and procedure to protect its customers and itself (most importantJ) against any type of fraud, phishing, hacking related activities.
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