A classification of Internet payment systems

For an excellent recent survey of the technologies of some of the leading payment systems see inter://trader's Digital Money Online (February 1997).

Using traditional means

• Home banking, electronic checks
  • FSTC electronic check project
  • BankNet
  • Quicken, MS Money

• Billing services
  • Checkfree
  • Telpay
  • Paylink

• Direct use of credit cards or draft checks with or without substitution and/or protection of financial data
  • Online checks
  • Cybercash
  • SET
  • Checkmaster
  • Webcharge/Webpay
  • Netmarket
  • Open Market
  • CARI
  • IntenetChecks
  • Redi-Check

Account-based systems

• Special agreement between merchant and buyer (subscription)
  • ClickShare

• Utiliztion of central accounting servers
  • GlobeID
  • Netchex
  • Netcheque (USC)
  • Cyberbank
  • Systemics
  • Netbill
  • First Virtual
  • (FBOI)
  • (Netfare)

• Decentralized secure counters
  • Brand's cash
  • Mondex
  • CAFE
  • VISAcash

Token-based systems

Schemes not fitting in the categories above but useful for doing electronic commerce