Cryptography and its Desirable Properties in terms of different algorithm

The proliferation of Internet has revolutionized the world. The world has become a smaller place to communicate. Especially in India, after demonetization Indian government is encouraging both customer and buyer to transact online (go cashless). Electronic payment is a new trend to transact online as any e-commerce environment needs a payment system. Payment system requires an intricate design which ensures payment security, transaction privacy, system integrity, customer's authentication, and purchaser's promise to pay and supplier promise to sell a high-quality product. There are several e-payments systems like paying via Plastic money (credit/debit/smart card), e-wallet, e-cash, UPI, Net banking, Aadhaar Card, etc. Electronic payment is made online without face to face interaction, which leads to electronic frauds. Therefore, the emphasis is given on security methods opted by banks especially on cryptography.

This paper begins with the primary security threats, followed by the prevention plan. It highlights the cryptography and discusses the desirable property to check the strength of encryption algorithm.