Types of Systems Centralized: PayPal, eCash, WebMoney, sell their electronic currency directly to the end user. Mobile sub-systems/Digital wallet: ApplePay, Google Wallet(which makes it easy to carry all your credit/debit cards on your phone), contactless payment transfer in order to facilitate easy payment. Venmo, mobile payment system through SMS, Credit cards and non-major debit cards at 3% processing fee. Decentralized: Bitcoin, LiteCoin, Nxt - a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency.
Hard vs. soft electronic currencies Hard electronic currency is one that does not have services to dispute or reverse charges. operating costs of the electronic currency system are greatly reduced by not having to resolve payment disputes. Additionally, it allows the electronic currency transactions to clear instantly, making the funds available immediately to the recipient. Soft electronic currency is one that allows for reversal of payments, for example in case of fraud or disputes. Reversible payment methods generally have a "clearing time" of 72 hours or more. Examples are PayPal and credit card. A hard currency can be softened by using a trusted third party or an escrow service.
Notable Laws and Codes Uniform Commercial Code (UCC) - harmonizing the law of sales and other commercial transactions across the US. Electronic Fund Transfer Act - The EFT Act(American) right to nominate the financial institution to make payments, and stops a creditor or lender from requiring a consumer to repay a loan/credit by electronic fund transfer, except when there is an overdraft on checking plans. Payment Services Directive - to increase EU competition/participation in the payments industry also from non-banks, to level the playing field by joining consumer protection/rights and obligations for payment providers and users.
Notable Laws Codes Continued... E-Money Directive(EU) - Electronic money is a digital equivalent of cash, stored on an electronic device or remotely at a server. One common type of e-money is the ’electronic purse’, where users store relatively small amounts of money on their payment card or other smart card, to use for making small payments. Electronic Money Association(EMA) - trade body for electronic money issuers and innovative payment service providers including payment institutions, banks and payment schemes. Sub committees in: Money Laundering, Fraud, IT Security
Applications E-Commerce adoption and transaction completion rate. Easy money transfer between accounts and people. Security with payment gateways that authorize credit card or direct payments processing. Gathering and using demographic data. Pre-marketing product launches. Foreign money exchange, business to business transactions, online marketplaces
Case Study: SquareUp Payment API - accept payments online, in store, or on the go E-Commerce API - you can take payments with Square on your website, integration, fast deposits, Dashboard reporting, handling chargebacks, PCI compliance Register API - build your own app for powering in-store or mobile payments, hardware for taking credit/debit cards Other APIs - Item and inventory management, Sales reporting and analytics, Employee management
Case Study: Circle Compatible with thousands of digital wallets and online shopping sites that accept digital currency Sign up with an email or phone number to pay and get paid instantly. Personalize your money message No fees to move money, and no limits on how much you send or receive each week using your Circle account Protect your money with features like PIN, touch ID and two device verification.
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