It Week 7

of Analysis Electronic Payment Systems In the modern electronic economy, there are a variety of ways to shop, pay, and explore the online environment. One of the most popular ways to shop online is by way of an internet marketplace. Companies such as Ebay and Bidz are examples of [this] style of shopping. If looking for the most recent audio, video, and pictures; head on over to a content provider. Itunes is an example of this type of provider. The way this style of salesmanship works is as such: A company (such as Apple) hosts a program (eg. Itunes). This program provides audio, video, and picture downloads for a nominal fee. One thing that all of these varieties of e-commerce have in common is money. They are all in the business of making cash and provide consumers an assortment of ways to make payments. The most popular method of payment is by way credit/debit of cards. This works in a way that protects the consumer from theft, while at the same time allowing for an easy financial transaction. It is also possible for consumers to create virtual wallets. These hold a determined amount of e-cash (aka: web based currency) for use with internet based purchases. Paypal is an example of a virtual wallet provider. On a different scale, there is the ability to make cash or check payments. This method is dated, but is readily acceptable worldwide. Unfortunately, these methods are slow and have not aged well with the internet. More often than not, I find myself using a virtual wallet. I can link this wallet to my real bank account and add/withdraw money at leisure. All of the internet market-places that I shop at accept Paypal, and more recently, this appears