Free

Micromint micropayment - Essay Example

Comments (0) Cite this document
Summary
It is used preferably for low value transactions between $.01 and $5.00 (Glassman et al 2013, p. 65). A customer buys the scrip from at least one…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER98.6% of users find it useful
Micromint micropayment
Read TextPreview

Extract of sample "Micromint micropayment"

Micro mint micropayment By: Computer Sciences and Information Technology Lecturer’s How Millicent Micropayment System Works
Millicent operates as an electronic currency system referred to as scrip, which can be used to buy electronic contents from vendors. It is used preferably for low value transactions between $.01 and $5.00 (Glassman et al 2013, p. 65). A customer buys the scrip from at least one broker. The scrip is transformed from broker to vendor scrip before its usage.
2. Quality of security of Millicent System
2.1. Protection of Passwords and Credit Card Information
Consumers using Millicent system do not require providing their credit card numbers on many Web sites. There is no need to have accounts and passwords with the vendors (Yacobi 1997, p68).
2.2. Script Safety through the Wallet
The Millicent system operates with trusted brokers and third parties between the merchants and the clients (Manasse 2012, p. 47). The merchant only contracts with the broker during the sales of the scrip to the customer.
3. Weaknesses/Downsides of the Millicent Micropayments
3.1. Shared Key
Millicent method uses shared key between the broker, vendor and the consumer. The key usage can be compromised.
3.2. Undesired Long Term Connection
The scrip ensures there is a permanent relationship between the customer and the vendor. This according to Rivest (1997, p. 45), is inconvenience for a vendor. To perform each transaction, the consumer goes to the broker for exchange of the vendor scrip.
4. Conclusion
In spite of the security features of Millicent System; it is still exposed to cyber crimes. Future systems ought to be improved using public keys for encryption. This can protect sensitive information from reaching intruders. Additionally, network security techniques ought to be applied to eliminate the risk of man-in-the-middle attack.
References
Glassman, S., Manasse, M., Abadi, M., Gauthier, P & Sobalvarro, P 2013, “The MilliCent Protocol for Inexpensive Electronic Commerce”, Fourth International World Wide Web Conference, Darmstadt, Germany.
Manasse, M S 2012, “The MilliCent Protocols for Electronic Commerce”, in D. E. Geer (Ed.), Proceedings of the First USENIX Workshop on Electronic Commerce (EC 95), New York, NY.
Rivest, R 1997, “Electronic Lottery Tickets as Micropayments”, in R. Hirschfeld (Ed.), Financial Crypography: First International Conference (FC ‘97), Anguilla, British West Indies, Feb. 24-28, Lecture Notes in Computer Science (Vol. 1318, pp. 307-314).
Yacobi, Y 1997, “On the Continuum Between On-line and Off-line E-cash Systems”, in R. Hirschfeld (Ed.), Financial Cryptography: First International Conference (FC ’97), Anguilla, British West Indies, February 24-28, Lecture Notes in Computer Science (Vol. 1318, pp. 193-202). Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Micromint micropayment Essay Example | Topics and Well Written Essays - 250 words - 1”, n.d.)
Micromint micropayment Essay Example | Topics and Well Written Essays - 250 words - 1. Retrieved from https://studentshare.org/information-technology/1678719-micromint-micropayment
(Micromint Micropayment Essay Example | Topics and Well Written Essays - 250 Words - 1)
Micromint Micropayment Essay Example | Topics and Well Written Essays - 250 Words - 1. https://studentshare.org/information-technology/1678719-micromint-micropayment.
“Micromint Micropayment Essay Example | Topics and Well Written Essays - 250 Words - 1”, n.d. https://studentshare.org/information-technology/1678719-micromint-micropayment.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Micromint micropayment

Commodification & Globalization

...worth to virtual merchandize. Linden Dollars as a virtual merchandize have some inherent flaws (i) The exchange rate of Linden Dollars is not set by true supply and demand since virtual goods can be created unchecked by Linden Labs. (ii) Linden Dollar is built on micropayment token model, the token detaches itself from the currency once exchanged and attaches its value to the virtual goods in this case. In other words the token is attached to theoretical entities which have a limited demand and an unlimited supply. In a globalized world, a game Second Life is a direct means of cultural interaction. However it has been observed by authors like Pierre Bourdieu (Bourdieu, 2001) and Jeremy Rifkin (Rifkin, 2001) that culture...
6 Pages(1500 words)Essay

The summary of the article for business within two weeks' newspaper

3 Pages(750 words)Article

Comparative Study of Existing ATM Systems and Systems for Small Payment Transactions Using Mobile Phones

...satisfactory level of consistency and functionality (Yanez & Gomez, n.d.). Small Payment Transactions through Mobile Technology Small payment transactions are generally used for small purchases in any retail outlet or online shopping. The small payment transactions are also known as ‘micropayment’ system which comprise small amount of money deals. Small payment transactions are used for buying low cost intangible products and have been recently measured as a useful technique, mostly due to development of mobile technologies. There are several service providers such as Paypal, VISA, and Amazon FPS among others which offer small payment transactions and often charge users for accessing the services. As...
7 Pages(1750 words)Literature review

Introducing an emicropayment method using the internet

...E-Micropayment What factors should be considered to increase the chance of success in introducing a new e-micropayment method on the Internet E-micropayments are considered all those payments made online amounting less than $10 (Electronic Payment Systems, 2006). A lot of items available online costs just a few dollars but payment for these items is largely un-catered to. In most cases customers have to buy a package (bundle) so that their total reaches above the $20 mark which is considered as a benchmark for payments through the credit card. (Schatt, 2005) E-micropayment technologies have been left largely isolated due to several reasons explained subsequently. These...
3 Pages(750 words)Essay

Secondary market research or customer analysis on Octopus Card (a product from Hong Kong)

...to process a transaction is less as transaction is not authenticated and cleared through a central network. Merchant fee is also lower than that for credit and debit card. Micropayments cause much frustration to customers and retailers as small cash or coins are required. Stored value cards offer efficient and economical solution for micropayments. Contactless Stored Value Smart Cards: Key to Cashless Economy Stored Value contactless smart cards are picking up as a new method for micropayments displacing the use of cash. These smart cards are embedded with wireless communication (or RFID) chip that increases the speed of transactions (Bourdeau, para 1). The transaction can be made just...
8 Pages(2000 words)Essay

Ernst and Young - Marketing for financial services

...and Young reveals that micropayment information websites have become the potential areas for music companies to advertise their products and services. However, owing to increased costs the media companies are failing to gain a stand in the internet websites. Except the developed countries consumers of other countries have less access to internet music. The music companies can be revitalized through microfinance but that also fails for increasing “processing costs”. Hence, lower the processing costs can make way for a better market for Microfinance through internet (Guillame, 2010). Recommendations The use of internet marketing activities helps a company to gain access to a large number of customers in a very short...
4 Pages(1000 words)Research Paper

Comparative study of automatic teller machines (ATM)for personal banking services and personal online banking systems, in the context of human computer interaction (HCI):

...are generally used for small purchases in any retail outlet or online shopping. The small payment transactions are also known as ‘micropayment’ system which comprise small amount of money deals. Small payment transactions are used for buying low cost intangible products and have been recently measured as a useful technique, mostly due to development of mobile technologies. There are several service providers such as PayPal, VISA, and Amazon FPS among others which offer small payment transactions and often charge users for accessing the services. As micropayment system is primarily used for buying extremely low-cost materials, it is significant for the service providers to maintain low cost per...
36 Pages(9000 words)Essay

Electronic and mobile commerce solutions

...to contact customers of fulfils orders or updates them on your prices or stock. The data is then synchronised automatically between shopify mobile, online store and shopify POS system. M-commerce has come up with bespoke, services are payable through phones. An example of this is the Telcopay, a Touch networks’ micropayment system. It has created an advanced mobile payment application that doesn’t rely on expensive near field communications by integrating the relevant software applications (Janice, 2001). A greater shortcoming is that the phone screens are smaller and may be unclear there not eye catching, low speed of delivery, investment in m-commerce can be risky due to the rapid fire pace of the market and its...
4 Pages(1000 words)Essay

Micropayments: challengesand trends

...Micropayments: Challenges and Trends Abstract The evolution of ecommerce and the emergence of the virtual shopping have necessitated the virtual payment for the access to the contents available online. Not only this but many news papers and websites are now charging for the content that is hosted on their sites. Most of these transactions are of small amount and necessitates the payment of fees through micropayment based system. The paper below discusses the advantages and disadvantages of micropayment based system. Although the micropayment based system has several advantages there are also certain disadvantages that are associated like technical, social and economic...
13 Pages(3250 words)Essay

Payword, Millicent, and MicroMint - which is the best

...Computer Sciences and Information Technology By: Payword, Millicent, and MicroMint - Which is the Best Lecturer’s Date 1. Comparing the Payment Methods 1.1. Desirable Properties of Millicent System Milicent can not be used without a virtual wallet integrated in the web brower. Customers buy scripts from the brooker, containing unique serial number for making several payments. Being based on electronic coupons, it operates as Casino gaming chips (Ellis 1997, p. 47). The main advantage of milicent is the reduction of costs. 1.2. Desirable Properties of Payword MicroPayment System Pay word micropayment has a number of advantages, including Transaction Security, reduced costs and simplicity....
1 Pages(250 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Micromint micropayment for FREE!

Contact Us