A Novel Peer-to-Peer Payment System

Abstract: In this paper a novel payment system for Peer-to-Peer (P2P) commerce transactions is presented. It implements electronic cash-based transactions, between buyers and merchants. In this system, financial institutions become partners in the e-commerce transaction, conducted by their customers over the Internet. The innovation of the proposed system is the reduction of the involvement of the financial institutions to ancillary support services. Moreover, the proposed system can be characterized as distributed allocation of provinces to merchants, who are responsible for locally authorizing payments. Finally, it is optimized for repeated payments to the same merchants.

• Type: Conference
• Year: 2004
• Where: ICETE
• Authors: Despoina Palaka, Petros Daras, Kosmas Petridis, Michael G. Strintzis
• Keywords: Commerce Transactions, Electronic Cash-based Transactions, Financial Institutions, ICETE 2004, ICETE 2007