11 Payment systems for electronic commerce

Chapter11PaymentSystemsforElectronicCommerceMay-June2009LearningObjectives•Thebasicfunctionsofonlinepaymentsystems•Theuseofpaymentcardsinelectroniccommerce结算卡的使用•Thehistoryandfutureofelectroniccash电子现金的发展历程•Howelectronicwalletswork电子钱包•Theuseofstore-valuecardsinelectroniccommerce储值卡的运用•InternettechnologiesandthebankingindustryIntroductionCasestudyIntroductionCasestudyPayPal:TheMoney’sintheE-mail•Oneofe-commerce’smajorsuccessstories:–Wentpublicin2002;acquiredbyeBayOctober2002for$1.5billion•Anexampleofa“peer-to-peer”paymentsystem•Fillsanichethatcreditcardcompaniesavoided–individualsandsmallmerchants•Piggybacksonexistingcreditcardandcheckingpaymentsystems•Weakness:suffersfromrelativelyhighlevelsoffraud•CompetitorsincludeWesternUnion(MoneyZap),AOL(AOLQuickcash)andCitibank(C2it)OnlinePaymentBasics•Themosteconomicwaytoprocessmoneyissueever!•Fourbasicwaysinbothtraditionalandelectronicpurchases:……seefigure11-11)Cash现金:2)Checks支票3)Creditcards信用卡4)Debitcards借记卡•Electronictransfers电子转帐Scrip:代币PaymentSystems(basedontransactionnumbers)PaymentSystems(basedondollaramount)1Cash现金•Legaltenderdefinedbyanationalauthoritytorepresentvalue由国家权利机关确定的法定等价物•Mostcommonformofpaymentintermsofnumberoftransactions最常见！•Instantlyconvertibleintootherformsofvaluewithoutintermediationofanykind关键特性：无需任何中介就可以立即实现价值转换•Thinkaboutsomeformsofvaluewithintermediation?(cashcoupon,airline;)1Cash现金•Portable,requiresnoauthentication,andprovidesinstantpurchasingpower便携性，使用无需验证，即时购买力•“Free”(notransactionfee),anonymous,lowcognitivedemands无交易费用，匿名，对消费者的认知能力要求低•Limitations:easilystolen,limitedtosmallertransaction,doesnotprovideanyfloat使用限制：容易被盗，仅适用于小额支付，无任何时延※Float:从购买发生到实际支付发生之间的时间间隔2CheckingTransfer支票转帐•Fundstransferreddirectlyviaasigneddraftorcheckfromaconsumer’scheckingaccounttoamerchantorotherindividual定义：资金通过签名汇票或支票直接从消费者的支票帐户转到商家或其他个人帐户上。•Mostcommonformofpaymentintermsofamountspend从交易总金额看，占传统支付第一位•Canbeusedforbothsmallandlargetransactions大额和小额都有，但不适用于微支付2CheckingTransfer支票转帐•Somefloat有一定时延（最长10天，期间有利息收入）•Notanonymous,requirethird-partyintervention(banks)非匿名性，需要第三方参与•Introducesecurityrisksformerchants(forgeries,stoppedpayments),soauthenticationtypicallyrequired支票使用风险：容易伪造，商家风险（撤消、余额不足退票），支票认证或鉴伪工作有必要。3CreditCard信用卡•Representsanaccountthatextendscredittoconsumers,permittingconsumerstopurchaseitemswhiledeferringpayment,andallowsconsumerstomakepaymentstomultiplevendorsatonetime定义：指的是一种可以为消费者提供信用，允许其在购买商品时延期支付，并可以在同一时期对多个卖家进行支付的帐户。3CreditCard信用卡•Creditcardassociations–Nonprofitassociations(Visa,MasterCard)thatsetstandardsforissuingbanks信用卡组织：为发卡银行指定标准的非赢利性组织•Issuingbanks–Issuecardsandprocesstransactions发卡银行：实际发放信用卡并处理信用卡交易的银行•Processingcenters(clearinghouses)–Handleverificationofaccountsandbalances处理中心（清算所）：审查处理帐户及余额的机构4StoredValue储值卡•Accountscreatedbydepositingfundsintoanaccountandfromwhichfundsarepaidoutorwithdrawnasneeded通过存入资金建立的帐户，以后的所需资金从此帐户中提取或支付•Examples:Debitcards,giftcertificates,prepaidcards,smartcards如：借记卡，礼品券，提货卡，智能卡4StoredValue储值卡•Debitcards:Immediatelydebitacheckingorotherdemand-depositaccount借记卡：可以立即在支票或其它活期帐户上的借方登记•Peer-to-peerpaymentsystemssuchasPayPalavariation对等支付网络（Paypal）是借记系统的一种变体CurrentOnlinePaymentSystems•Creditcardsaredominantformofonlinepayment,accountingforaround80%ofonlinepaymentsin2002•Newformsofelectronicpaymentinclude:DigitalcashOnlinestoredvaluesystemsDigitalaccumulatingbalancepaymentsystemsDigitalcreditaccountsDigitalcheckingPaymentCard•Paymentcard:ageneraltermtodescribealltypesofplasticcardsthatconsumersandsomebusinessesusetomakepurchases.•Themaincategoriesofpaymentcardsare:creditcards,debitcardsandchargecards.主要包括：信用卡、借记卡、签帐卡PaymentCard•Cardnotpresenttransactions:不出示卡交易Onlinecreditcardpurchasesaresimilartotelephonepurchasesinthatthecardholderisnotpresentandcannotprovideproofofidentityaseasilyasheorshecanwhenstandingatthecashregister.PaymentCard•Chargecard:offeredbycompaniessuchasAmericanExpress,carriesnospendinglimit,andtheentireamountchargedtothecardisdueattheendofthebillingperiod.企业发行（不一定是银行），无交易限制（适用于大额交易），还款日全额付清（无赊欠，不循环）•Chargecarddonotinvolvelinesofcreditanddonotaccumulateinterestcharges.信用不累计，无累积利息AdvantagesandDisadvantagesofPaymentCards•Advantages:1.Formerchants,paymentcardsprovidefraudprotection.2.Forconsumers,ConsumerCreditProtectionActlimitsthecardholder’sliabilityto$50ifthecardisusedfraudulently.3.Usingpaymentcardisworldwideacceptance:currencyconversionAdvantagesandDisadvantagesofPaymentCards•Disadvantages:1.Merchantsarechargedper-transactionfeesandmonthlyprocessingfees.2.Consumersmightpayhigherpricesforproductsorservicestheypurchase.Annualfeeiscommon.PaymentAcceptanceandProcessing•Theuseofpaymentcard:purchase—onlinepaymentcardterminal—accountcharged•Generalstepsofapaymentcardtransaction:1.Themerchantauthenticatesthepaymentcardtoensureitisvalidandnotstolen.2.Themerchantcheckswiththepaymentcardissuertoensurethatcreditorfundsareavailableandputsaholdonthecreditlineorthefundsneededtocoverthecharge.3.Settlementoccurs,usuallyafewdaysafterthepurchase,whichmeansthatfundstravelbetweenbanksthroughbetweenbanksthrou