Simplified Online Payment Mechanism for Micropayments in E-Commerce

Abstract

In most of the payment mechanisms, the payment process is fixed and is similar for all types of payments. But, most of the e-payments are of small amounts and need not follow all the process of standard payment mechanisms. Here, we propose a mechanism for making e-payments of such micropayments with lower communication overheads. In this a token is generated and used during the process. The token also known as payment token is used by customers to make micropayments to any merchant and also by the acquirer for reconciliation of payment from issuer. The proposed mechanism not only reduces number of communications between entities but also simplifies the payment reconciliation between acquirer and issuer entities. The proposed mechanism is verified for its security by modeling it in Avispa and idealizing in BAN Logic and is found to be safe from potential security attacks.

Keywords: e-commerce, e-transaction, SET, EMV, Visa 3-D Secure, reconciliation