Electronic Commerce In The European Union: Payment Systems

Traditional debt transfer systems are credit cards and bank transfer. And in B2C e-commerce, credit cards have become the prevalent form of on-line payment. This is probably due to circumstances in the US, where e-commerce first took off. There, credit cards are commonplace, but there exists no widespread system of direct bank transfer. Moreover, Americans still settle many payments with paper cheques – a means clearly not suited to electronic transactions. Owing to consumer security concerns about the digital transfer of credit card details across the Internet, companies with an interest in promoting electronic transactions have developed various secure payment systems involving different strengths of encryption.

The following questions have been addressed in this article:

What are the principle concerns I should have in evaluating a payment system?
Can the technology be used in other on-line activities?
How do EU members proceed?


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