The Algorithm Analysis of Electronic Payment Systems

Neha Bhite, Marg Aman Sharma

Abstract: The buying and selling of products and services by businesses and consumers without using any paper documents, through an electronic medium is e-commerce. It also includes transactions over the internet that is through electronic measures. There are various types of electronic payment systems and its issues. E-payment system can be classified into four categories: electronic cash system, electronic cheque system, online credit card payment system and smart cards. There are few algorithms to analyze the security levels in these electronic payments systems, and makes the transactions for the user trust worthy.

Keywords: electronic payment system, authentication factor