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Electronic payment
Electronic payment is an integral part of electronic commerce Electronic payment is a financial exchange that takes place online between buyers and sellers The content of this exchange is usually some form of digital financial instrument such as encrypted credit card numbers ,electronic checks, digital cash. It decreases technology cost, reduced operational and processing costs and increases online commerce.
Encryption
Meaning It is the process of transforming plain text or data into cipher text that cannot be read by any one other than the sender and the receiver. Purpose of encryption To secure stored information To secure information transmission It provides following security services: Message integrity-assure non alteration of message Non repudiation-prevents user from denying he/she has send it Authentication-provides verification of identity of person Confidentiality- assure that message was not read by others
Public key encryption: Here both the sender and the receiver uses different keys to encrypt and decrypt the message Features Two mathematically related digital keys are used a public and a private key The private key is kept secret by the owner and the public key is widely disseminated. Once a key is used to encrypt the message the same cannot be used to decrypt the message. it solves the problem of exchanging keys
Sender
Recipien t
4.internet
5.Recepie nts private key
The recipient of this signed text first user senders public key to authenticate message Then uses his private key to obtain hash result and original message Finally , he computes the hash value and compare with the received hash value If the results are same then the message ha snot been altered Digital envelope A technique that uses symmetric key for encrypting and alsouses public key to encrypt and send the symmetric key Here we have a key within a key It helps in improving the efficiency and provide authentication of message
Features of SET: confidentiality through encryption Integrity- through digital signatures Consumer account and merchant account authentication through digital certificates Interoperability must be applicable on a variety of hardware and software platforms
Certificate authority
merchant certificate issued
Certificate authority
cardholder certificate issued
Merchant
Cardholder
Authorization request
Authorization response
Payment gateway(acquirer)
Finally it employs cryptography method , it uses symmetric and public private key It even uses dual signature Set is much wider in scope when compared to SSL (secure socket layer ) connection as it does not mandate the use of digital certificates, dual signatures and online authorization.
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