Mumbai University > Information Technology > Sem 7 > e-commerce and e-business

Marks: 5M

Year: Dec 2015

Characteristics of payment systems include:

1. Anonymity: It refers to whether the payment model is anonymous or not. It is concerned with whether a third party can trace back who was involved in payment transaction.
2. Security: This is concerned with whether the payment method is secured, in particular whether it is easy to perpetrate different kinds of fraud such as forged payment.
3. Overhead cost: This refers to overhead cost of processing a payment.
4. Transferability: This refers to whether a payment can be carried out without the involvement of a third party such as bank.
5. Divisibility: This refers to whether a payment can be divided into arbitrary small payments whose sum is equal to original payment.
6. Acceptability: This refers to whether the payment method is supported globally, i.e. not by a closed group only.