Payment can be authorized in three ways via out band authorization passwords

Payment can be authorized in three ways via out band

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important relationship in a payment system. Payment can be authorized in three ways: via out- band authorization, passwords, and signature. Confidentiality Some parties involved may wish confidentiality of transactions. Confidentiality in this context, means the restriction of the knowledge about various pieces of information related to a transaction: the identity of payer/payee, purchase content, amount, and so on. Typically, the confidentiality requirement dictates that this information be restricted only to the participants involved. Where anonymity or un-traceability are desired, the requirement may be to limit this knowledge to certain subsets of the participants only, as described later. Availability and reliability
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All parties require the ability to make or receive payments whenever necessary. Payment transactions must be atomic: They occur entirely or not at all, but they never hang in an unknown or inconsistent state. No payer would accept a loss of money (not a significant amount, in any case) due to a network or system crash. Availability and reliability presume that the underlying networking services and all software and hardware components are sufficiently dependable. Recovery from crash failures requires some sort of stable storage at all parties and specific resynchronization protocols. These fault tolerance issues are not discussed here, because most payment systems do not address them explicitly.
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  • Spring '20
  • Credit card, Electronic money, Electronic Payment systems

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