🧩 ET Notes

E-Payment

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  • MONEY = VALUE = TRUST

Types of Payment Systems

  • CASH 现金
    • Legal tender defined by a national authority to represent value. 由国家权威机构定义的法定货币，代表价值
    • Most common form of payment in terms of number of transactions. 从交易数量来看，是最常见的支付方式
    • Instantly convertible into other forms of value without intermediation of any kind. 可立即转换为其他形式的价值，无需任何中介
    • Portable, requires no authentication, and provides instant purchasing power. 便携式，无需身份验证，提供即时购买能力
    • “Free” (no transaction fee), anonymous, low cognitive demands. “免费”（无交易费用），匿名，认知负担低
    • LIMITATIONS:
      • Easily stolen, limited to smaller transaction, does not provide any float. 易被盗窃，仅适用于较小交易，不提供浮动资金
  • CHECKING TRANSFER 支票转账
    • Funds transferred directly via a signed draft or check from a consumer’s checking account to a merchant or other individual. 资金通过签署的票据或支票直接从消费者的支票账户转账至商户或个人
    • Most common form of payment in terms of amount spend. 从消费金额来看，是最常见的支付方式
    • Can be used for both small and large transactions. 可用于小额或大额交易
    • Not anonymous, require third-party intervention (banks). 不是匿名的，需要第三方介入（银行）
    • Introduce security risks for merchants (forgeries, stopped payments), so authentication typically required. 对商户而言存在安全风险（伪造、拒付），因此通常需要身份验证
  • CREDIT CARD 信用卡
    • Represents an account that extends credit to consumers and allows consumers to make payments to multiple vendors at one time. 代表一个可为消费者提供信贷的账户，允许消费者同时向多个商家付款
    • Credit card associations – Nonprofit associations (Visa, MasterCard) that set standards for issuing banks. 信用卡协会——Visa、MasterCard 等非营利协会，设定发卡银行标准
    • Issuing banks – Issue cards and process transactions. 发卡银行——发行信用卡并处理交易
    • Processing centers (clearinghouses) – Handle verification of accounts and balances. 结算中心（清算机构）——负责账户与余额验证
  • STORED VALUE 储值支付
    • Accounts created by depositing funds into an account and from which funds are paid out or withdrawn as needed. 通过存入资金创建账户，用户可以根据需要支付或提取资金
    • Examples: Debit cards, gift certificates, prepaid cards, smart cards. 例如：借记卡、礼品卡、预付卡、智能卡
    • DEBIT CARDS: Immediately debit a checking or other demand-deposit account. 借记卡： 立即从支票账户或其他存款账户扣款
    • PEER-TO-PEER: payment systems such as PayPal a variation. 点对点支付： 如 PayPal 等支付系统的变体
  • ACCUMULATING BALANCE 累积余额
    • Accounts that accumulate expenditures and to which consumers make period payments. 账户累积消费记录，用户定期付款清算余额
    • Examples: Utility, phone, American Express accounts. 例如：公用事业账单、电话账单、美国运通账户

E-Payment Systems

  • A payment system without the use of checks or cash.

  • Credit Payment System 信用支付系统

    • Credit Card: Using credit card for online payment without the use of cash. 信用卡：使用信用卡进行在线支付，无需使用现金
    • E-wallet: A form of prepaid account that stores user’s financial data, like debit and credit card information to make an online transaction easier. 电子钱包：一种预付账户，存储用户的财务数据，如借记卡和信用卡信息，以便简化在线交易
    • Smart card: A plastic card with a microprocessor that can be loaded with funds to make transactions; also known as a chip card. 智能卡：带有微处理器的塑料卡，可以加载资金用于交易，也称为芯片卡

  • Cash Payment System 现金支付系统

    • Direct debit: The account holder instructs the bank to collect a specific amount of money from his account electronically to pay for goods or services. 直接借记：账户持有人指示银行从其账户中电子收取特定金额，以支付商品或服务
    • E-check: A digital version of an old paper check. 电子支票：纸质支票的数字版本
    • E-cash: The money is stored on a client’s device and made accessible for online transactions. 电子现金：资金存储在客户设备上，并可用于在线交易
    • Stored-value card: A card with a certain amount of money that can be used to perform the transactions. A typical example of stored-value cards are gift cards. 储值卡：内含一定金额的卡，可用于交易。储值卡的典型示例是礼品卡

  • Cryptocurrencies 加密货币

    • A digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank (Bitcoin, Ripple, Ethereum etc.). 一种数字货币，使用加密技术来调节货币单位的生成，并验证资金转移，独立于中央银行运行（比特币、瑞波币、以太坊等）
  • Advantages of E-Payment
    • More effective and efficient: Transaction are done in seconds (with one-click). 更高效：交易可在几秒钟内完成（仅需点击一次）
    • Convenience: Customers can pay for items at anytime and anywhere. 便利性：用户可以随时随地支付商品费用
    • Expenses control: Customers can always check their virtual account where they can find the transaction history. 费用控制：用户可随时查看其虚拟账户，并找到交易记录
  • Disadvantages of E-Payment
    • Fraud: E-commerce fraud is growing at 30% per year. If consumers follow the security rules, there shouldn’t be such problems, but when a merchant chooses a payment system which is not highly secure, there is a risk of sensitive data breach which may cause identity theft. 欺诈风险：电子商务欺诈每年增长 30%。如果消费者遵守安全规则，问题应该不会发生，但如果商家选择了安全性不高的支付系统，就可能存在敏感数据泄露的风险，进而导致身份盗窃。
    • The lack of anonymity: Some of consumer’s personal data is stored in the database of the payment system (except cryptocurrencies). 缺乏匿名性：部分消费者的个人数据存储在支付系统的数据库中（加密货币除外）
    • The need for internet access: If the internet connection fails, it’s impossible to complete a transaction, get to your online account, etc. 依赖互联网：如果网络连接失败，用户将无法完成交易或访问在线账户

E-Payment Echemes

  • Schemes for electronic payment are multi-party protocols 电子支付方案是多方协议
  • Payment instrument modeled by electronic coin that has a fixed value and can be exchanged with a traditional monetary instrument 支付工具以电子货币为模型，具有固定价值，并可与传统货币工具交换
  • Parties include:
    • Payer (customer)
    • Payee (merchant)
    • Bank
    • Regulator
  • Transactions in an electronic payment scheme typically include: 电子支付方案中的典型交易包括：
    • Withdrawal of coins by customer from the bank 客户从银行提取电子货币
    • Payment of coins by customer to merchant 客户向商户支付电子货币
    • Deposit of coins by merchant into bank 商户将电子货币存入银行
  • Online Scheme:
    • The bank participates in the payment transaction 银行参与支付交易
  • Offline Scheme
    • The bank does not participate in the payment transaction 银行不参与支付交易

E-Payment Goals

  • INTEGRITY 完整性
    • Coins cannot be forged 电子货币不可伪造
    • Legitimate transactions are honored 合法交易得到认可
  • ACCOUNTABILITY 责任追踪
    • Transactions cannot be later denied 交易无法被事后否认
    • Disputes can be efficiently settled 争议可有效解决
  • PRIVACY 隐私性
    • The identity of some parties is not revealed to other parties 部分参与方的身份不会向其他方透露
    • Coins cannot be traced to the payer and/or payee (digital cash) 电子货币无法被追溯到付款人或收款人（数字现金）

How an Online Credit Card Transaction Works

  • Processed in much the same way that in-store purchases are. 处理方式与实体店购物类似
  • Major difference is that online merchants do not see or take impression of card, and no signature is available. 主要区别在于在线商家无法看到或获取信用卡印记，也没有签名验证
  • Participants include consumer, merchant, clearinghouse, merchant bank (acquiring bank) and consumer’s card issuing bank. 参与方包括消费者、商户、清算机构、商户银行（收单银行）和消费者的信用卡发卡银行
  • LIMITATIONS OF ONLINE CREDIT CARD PAYMENT SYSTEMS 在线信用卡支付系统的局限性
    • SECURITY: Neither merchant nor consumer can be fully authenticated. 安全性： 商户和消费者都无法被完全认证
    • COST: For merchants, around 3.5% of purchase price plus transaction fee of 20-30 cents per transaction. 成本： 对商户而言，手续费约为购买价格的 3.5% 加上每笔交易 20-30 美分的额外费用
    • SOCIAL EQUITY: Many people do not have access to credit cards (young adults, plus other adult who cannot afford cards or are considered poor risk). 社会公平性： 许多人无法使用信用卡（如年轻人，以及其他负担不起信用卡或信用评分较低的成年人）

Digital Cash

  • KEY PROPERTIES
    • Secure 安全性
    • Anonymous 匿名性
    • Portable 便携性
    • Reusable 可重复使用
    • User-friendly 用户友好性
  • These are ideal properties, and no known system satisfies them all. 这些是理想的属性，目前尚无系统能够完全满足所有要求
  • TWO BIG PROBLEMS
    • How can we guarantee anonymity? 如何保证匿名性？
    • How can we avoid double spending? 如何避免双重支付？
  • Bitcoin
    • In 2009, Bitcoin launched a digital cash system, which seems to offer all the properties of a normal cash, including solving the problem of double spending. 2009 年，比特币推出了一种数字现金系统，似乎具备所有正常现金的特性，并成功解决了双重支付问题。

FIAT and Digital Money

  • Fiat Money: Latin fiat - ‘let it be done’ or ‘so it be’ Fiat货币：拉丁语 fiat，意思是“让它发生”或“就这样吧”
    • The dollars, or euros, or any other currency for that matter have value because the issuing governments honor it. 美元、欧元或其他货币之所以有价值，是因为发行政府赋予其价值
    • Drawbacks: It is centralized, and is not limited in quantity (e.g., unlimited QE). 缺点： 它是集中化的，并且数量没有限制（例如，无限量化宽松）
  • Digital Money: It is a type of currency available in digital form in contrast to physical, such as banknotes and coins. 数字货币：一种以数字形式存在的货币，与实体货币（如纸币和硬币）相对
    • Allow for instantaneous transactions and borderless transfer-ofownership 允许即时交易和无国界的所有权转移
    • Double-spending: A potential flaw in a digital cash scheme in which the same single digital token can be spent more than once. 双重支付： 一种潜在的数字现金缺陷，即同一个数字货币单位可以被多次使用
    • This is possible because a digital token consists of a digital file that can be duplicated or falsified. 这之所以可能发生，是因为数字货币本质上是一个可复制或伪造的数字文件
    • Bank’s solution: Keep a computer ledger to keep track of who owns what on a centralized computer system. 银行的解决方案： 采用计算机账本，在集中式计算机系统上记录所有权数据

Digital Payment Issues

  • KEY ISSUE OF TRUST MUST BE ADDRESSED 必须解决的关键信任问题
    • Privacy. 隐私
    • Authentication and authorization. 认证与授权
    • Integrity. 完整性
    • Non-repudiation. 不可否认性
  • Crucial factors in determining which method of e-payment achieves widespread acceptance. 确定电子支付方式是否能广泛接受的重要因素
    • Independence. 独立性
    • Interoperability and portability. 互操作性与可移植性
    • Security. 安全性
    • Anonymity. 匿名性
    • Divisibility. 可分割性
    • Ease of use. 易用性
    • Transaction fees. 交易费用

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