Electronic payment system need of the Hour

In the latter, each receiver owns a secret private key and a publishable public key. In public-key cryptography, the sender finds the receiver's public key and uses it to encrypt the message, where as the receiver uses the private key to decrypt the message. Non-electronic payment methods (such as, using cash, writing a cheques, sending a money order, or giving your credit card number over the telephone) have several limitations in e-commerce environment. First, cash cannot be used for transactions because there is no face-to-face contact. They may be physically stolen or someone may steal our credit card number (from a receipt, over the phone, or from a Web site) and use our card to rack up debts. Credit cards can make life easier and be a great tool, but if they aren't used wisely they can become a huge financial burden. In this case, customer uses website provided by the bank. Customer logins to the bank's website and registers another bank account. He/she then places a request to transfer certain amount to that account. Online debit cards are considered superior because the PIN system has more security than signature system, which is used in offline debit cards. Smart cards are similar to credit cards and debit cards, except they store information on an embedded chip instead of on a magnetic strip on the back. Although credit cards dominate online payments today, electronic cash shows promise for the future.