Shruti Speak's

Now its time to know more about E-Payments. Basics Before jumping to e-com related jargons, let’s spend a while on basics on banking /payment systems. Banking originated in ancient era, where royal palaces, temples were used as secure place for safekeeping of grain and other commodities. Receipts for stored commodities were used for transfers not only to the original depositors but also to third parties, including tax gatherers and traders. Bank notes were introduced during 1694 by Bank of England as central banking system On following steps during 1775 continental congress issued paper money to finance revolutionary war. Thereafter in 1800s and early 1900 saw issuance of state bank notes, gold certificates. And finally in 1913 Federal Reserve act was created to further structure roadmap. Cheque : Its written order on a bank or other financial institution to pay money belonging to the owner of cheque to cheque presenter. Personal cheque is drawn on individual bank accou...

1. Explain in brief, what is SET? 2. SET is a protocol, true/false? 3. What is dual signature?

How SET works? As we all know people today pay for online purchases by usually sending their credit card details to the merchant. There is protocol such as SSL or TLS available that keeps the sender’s credit card details safe from eavesdroppers however are not able to protect merchants from dishonest customers or vice-versa. SET has been developed keeping in mind the limitations of existing protocols. SET requires both cardholders as well as merchants to register before they engage themselves in any transactions. Any card holder can register by contacting a certificate authority. He needs to supply security details and the public half of his proposed signature key to the certificate authority. During the registration authorities verify the applicant. After verification and granting approval authority provides the applicant with a certificate that provides a confirmation that his signature key is valid. All orders and confirmations have a digital signature. This is used to provide...