Electronic Commerce And Its Impact On The Internet And Cloud Computing Technologies

1627 Words7 Pages
Due to rapid progress in the internet and cloud computing technologies, electronic commerce is becoming more and more popular. Many people and businesses deal with their payment transactions via the Internet. In a conventional payment system, buyers and sellers transfer cash or payment information through credit cards and checks, however in early electronic payment systems, online payment services must add capabilities to process orders, accounts and receipts. As e-commerce has gradually grown, digital currency payment have become popularized. The technologies of credit cards, electronic tickets, electronic cash (e-cash), and other advanced payment services have realized the vision of electronic commerce. Credit cards, debit cards and…show more content…
Electronic cash payments are suggested to be made very cheaply, conveniently and quickly. Electronic Cash could potentially eliminate the need for a person to have a major credit card number. For these transactions to work, the consumer and seller have to set up with the same type of electronic cash and use compatible software. Major products include eCash by DigiCash and CyberCoin from CyberCash.
Thesis Statement
Smart cards and other forms of electronic cash present a huge advancement in technology, however the success of these two advancements
Purpose of the Paper
Electronic payments have become an integral part of e-commerce as well as a financial necessity for many payment systems. Many buyers and sellers have been exploring new possibilities in e-commerce. Many users have tried to implement electronic cash, smart cards, and other forms of electronic payment in their business transactions. In the past five decades, monumental technological developments have been created which force buyers and sellers to accommodate to the new e-commerce business practices. This paper will be discussing the following key points:
Major Implementations/Types of E-Cash
Between 1997 and 2001, Canada and North America first introduced a new technology of electronic cash to replace physical cash for low-value payments. The new technology was called Mondex and
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