Electronic Payment Frameworks

Electronic Payment Frameworks

Antonio Ruiz-Martínez, Oussama Tounekti, Antonio F. Gómez Skarmeta
Copyright: © 2018 |Pages: 12
DOI: 10.4018/978-1-5225-2255-3.ch239
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Abstract

This article presents what an electronic payment framework is, its main features and benefits, what the main electronic payment frameworks proposed so far are and, the current initiatives that are being developed. For each framework developed so far, the article presents its key features and differences with previous works. The presentation of the different frameworks proposed so far will allow the reader to understand the evolution of these frameworks and how different features have been incorporated along the time. Once previous works have been presented, the article introduces the most recent work in this field, that is, the work that is being developed by W3C with its Web Payment Activity Initiative. The article covers the different specifications that have been defined in this initiative and it analyses the main challenges to be address. Thus, the reader will have a broad vision of electronic payment frameworks.
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Background

This section provides some information on the different phases that comprises a payment process. The knowledge of this process is fundamental to understand the different elements that are defined in an e-payment framework.

Payment Process

The process of making purchase on the Internet is divided into the following stages (Maes et al., 1999): need identification, product brokering, merchant brokering, negotiation, purchase and delivery, and product service and evaluation. Thus, once the user realizes that he/she has a need, it gathers information regarding the product and the merchant, then, client can negotiate the conditions with the vendor. Once the conditions have been agreed, the purchase and delivery of the product is made. Finally, several processes related to user satisfaction could be performed.

Recently, the W3C's Web payments activity initiative (W3C, 2014) considered that the simplest purchase comprises four steps: publishing an asset, publishing a license, publishing an offer, and performing the purchase.

In both cases, we can point out that, in order to make a purchase, we have to manage two kinds of information: information describing the product/service and its merchant, and information regarding the payment process: payment systems available to perform the payment, receipts, etc.

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Electronic Payment Frameworks

This section aims to provide the definition of what an e- payment framework is, what its main features are and its benefits.

Key Terms in this Chapter

Electronic Payment Protocol: A protocol to make electronic payments.

Wallet: A software or service that supports one or more payment systems.

Electronic Payment System: A system that establishes how to pay for goods or services electronically during the execution of a financial transaction.

Micropayment: A payment where the amount to be paid is very small.

Electronic Payment Framework: A set of extensible elements and/or services, generally, organized within a set of layers and that is designed to facilitate the use of different payment systems in a unified manner during a payment process.

User Payment Agent: It is being used as a synonym of wallet.

Paywall: A system that only gives access to web contents to those users that have a paid subscription.

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