Towards the Advancement of Cashless Transaction: A Security Analysis of Electronic Payment Systems

In recent decades, day-to-day lifestyle requires online payments as easy and simple solutions to several financial transactions, which makes the concept of Electronic payment Systems very popular in the growth of a cashless society. In fact, cashless transactions through simple mobile apps are not merely a concept anymore rather are implemented robustly and being used extensively. On the dark side, obvious financial benefits are making these apps vulnerable to being attacked, which can be successful through security breaches. These cybersecurity issues need to be traced out and resolved to make the financial transactions through an app secure and trustworthy. In this paper, several related papers are analyzed to trace out possible cybersecurity issues in the domain of Electronic Transaction System. The objective is to establish sufficient theoretical background to propose methodologies for measuring security issues and also identify the security strength of any FinTech application and provide standard security metrics.

A simplified scheme for secure offline electronic payment systems

This paper proposes a secure offline electronic(e-)payment scheme by adopting Schnorr’s untraceable blind signature(BS).Thereby,to satisfy the essential security requirements of e-payment systems,it requires much more simple computations and becomes more practical than many existing schemes.Other considerations are:to prevent the forgery of e-coin,the Bank is only the lawful entity to produce the valid e-coin;and others can verify its correctness.To confirm no swindling,the e-coin owner also sticks her private signing key with the e-coin before spending it as the payment.Hence,through the commitment with challenge-response of Schnorr’s BS,the merchant can verify the spent e-coin,and the trusted authority can identify the dishonest spender if multiple spending occurs.Moreover,it embeds three distinct information of date,namely expiration,deposit,and transaction dates with every e-coin.Thereby,it minimizes the size of the Bank’s database,correctly calculates the interest of the e-coin,and helps in arbiter if multiple spending,respectively.Finally,it evaluates the performance and analyzes essential security requirements of the proposed scheme,plus studies a comparison with existing ones.

Fair Electronic Payment Scheme Based on DSA

We present a multi-signature scheme based on DSA and describes a faireleetronic payment scheme based on improved DSA signatures. The scheme, makes both sides in e-qualpositions during the course of electronic transaction A Trusted Third Party (TTP)is involved in thescheme to guarantee the fairness of the scheme for both sides. However, only during the course ofregistration and dispute resolution will TTP be needed TTP is not needed during the normal paymentstage.

The Digital Currency of China’s Central Bank:Digital Currency Electronic Payment(DCEP)

DCEP is the Chinese version of Central Bank Digital Currency(CBDC).It is the only legal digital currency in China and meets four conditions:(a)it is issued by the central bank;(b)it is digitized;(c)it is account and wallet based;(d)it is oriented towards the general public.As a retail central bank digital currency,it has three main technical features:a“tiered limit arrangement”(small-scale payments can be made anonymously while large-scale payments cannot),a“two-tier operating system”(as with the central bank-commercial bank traditional model),and a“dual offline payment system”(supporting both parties of the transaction).Compared with CBDCs in other countries,China’s DCEP has smaller economic impacts,more obscure strategic goals,and more scarce technical details.But its progress in testing is ahead of central banks of other countries.This article is based on public information and is intended to explain what DCEP is and why and how it was developed.It also offers suggestions for future research.

ACSEPP On-Line Electronic Payment Protocol

With analyzing the existing on-line electronic payment protocols, this paper presents a new on-line electronic payment protocol named ACSEPP: Anonymous, Convenient and Secure Electronic Payment Protocol. Its aim is to design a practical electronic payment protocol which is both secure and conveinent. Without using PKI_CA frame, it realized the anonymity of consumer and merchant, the convenient of handling, the low cost of maintenance and the security. Key words electronic commeree - electronic payment - convenient - anonymity CLC number TP 393 Foundation item: Supported by the National High Technology Development 863 Program of China (863-301-1-3) and Huazhong University of Science and Technology of Ph. D. Fund Project.Biography: WANG Shao-bin, male, Ph. D, research direction: information security and electronic commerce.

Electronic Payment Scheme to Prevent the Treachery

Treachery is one of the restrictions to the development of electronic commerce. To prevent the treachery from the participants in electronic commerce, in this paper a secure electronic payment scheme is proposed and its security is analyzed. This scheme can prevent the treachery only with the aid of an un-trusted third party. It is very simple and it also improves the security and provides the non-repudiation, accountability, fairness and privacy.

A Trusted Smart Phone and Its Applications in Electronic Payment

With the growing intelligence and popularity of mobile phones, and the trend of cellular network＇s convergence to IP based network, more and more mobile applications emerge on the market. For mission critical applications, like the electronic payment which will be discussed in this paper, the lack of trust in the underlying mobile infrastructure and secure interface to legacy systems （for this case, the banking systems） poses obstacles to their widespread presence in mobile services. Recently, the exposure of hacking of iPhone and other smart phones further emphasizes the criticality of establishing a trust platform for mobile applications. This paper analyzes the building blocks of the trusted smart phone, and proposes a framework to provide a trusted platform for mobile electronic payment. Such a proposed system may allow direct interface to the banking systems due to the banking industry recognized strong security, and hence, may enable its widespread use.

The impact of financial inclusion on digital payment solution uptake within the Gulf Cooperation Council Economies

Recognizing the role of society in the sustainability of payment system innovation through the quadruple helix framework,this study analyzes the causal influence of demand-side financial inclusion indicators on society's uptake of digital payment solutions(DPS)within the regional economy of the Gulf Cooperation Council.To this end,the present study relies on data extracted from Global Findex surveys(in 2014 and 2017),as well as the economic theory of random utility maximization,to model individuals'DPS uptake decisions“ceteris paribus.”The maximum likelihood estimation revealed no gender-based gradient in DPS uptake behaviors;additionally,financial inclusion indicators such as transaction account ownership and debit card ownership did not significantly influence endogenous or exogenous DPS uptake decisions between 2013 and 2017.However,all remaining financial inclusion indicators did significantly influence DPS uptake.Assessing these findings through the lens of open innovation and the ongoing efforts from the Arab Regional Payment System project,which seeks to expand financial inclusion by facilitating access to transaction accounts,there is reasonable evidence to suggest that complementary financial inclusion policies addressing the use dimension of DPS(i.e.,extending access to saving and borrowing,along with digital payroll practices for both private and public enterprises)would contribute to more effective policy on financial inclusion in the region.