Internetworking Technology

Archive for August, 2009

Previously we use to make payment directly through cash and occasionally through checks but nowadays the mode of method has been changed as our information technology has been groomed up things like E-Cash, E-Checks, Credit Cards, Debit Cards, Smart Cards, Vouchers and many in queue.

E-cash:

E-cash is one among the payment mode that is often useful for small scale marketable transactions in our true time environment through the online. Through e-cash, the money is transmitted into an electronic mode. A bank debits the customers account and transfer the electronic currency by withdrawing the amount specified to transfer by the customer to the receivers’ account. Then the bank authenticates every token with their digital stamp prior to transferring the currency to the customer computer. Today when the customer wishes to transact e-cash, a voucher of correct total amount to the acquirer is transferred who will then relay to the bank for identification and salvation.

E-check:

E-Check does not vary a lot when compared to the paper check we use at present. A type of information provided to the issuing bank of the customer to transfer the appropriate fund to collect the revenue is known as paper check. Most of the features of both the E-Check and paper check resemble with each other but when it comes to security it is more secure if we make a payment through e-check. I am telling this because the account number of the customer is encoded with the bank’s public key number.

Credit Card:

When it comes to a credit card payment, the customer will give a card to the merchant to process the payment. The merchant will swipe the card, in nano-seconds the credit amount will be checked by the machine from the issuer bank and the acquirer will charge the amount to the credit card and give a charge slip as a proof of payment to the CM and to the acquiring bank. Then the amount will be charged in the card holders’ next billing cycle by which they will make a payment as per the customer wish.

So when it comes to payment mode there is much type of payments. If you have any doubt regarding this, you can give a comment to us, so that I will reply back.