Typical process of online payment system

When using different online payment tools for online payment, on the basis of basically the same payment process, each different payment tool will have its own Payment processes with different characteristics.

1. Bank card payment process

Take the Cybercash method as a typical case:

(1) Before the actual goods, related services and capital flows occur, the customer transmits the credit card information to Merchant;

(2) The merchant verifies the customer's identity as the owner of the credit card account;

(3) The merchant sends the credit card charging information and digital signature to its bank or online credit card processor;

(4) Payment using a third party for verification. That is, both buyers and sellers use email addresses and FV accounts of First Virtual Bank to ensure that credit card numbers are not transmitted on the Internet, thus avoiding credit card security issues.

(5) The bank or processor sends the information to the customer bank for authorization;

(6) The customer bank returns credit card data, charge confirmation and authorization to the merchant;

(7) Online credit card payment is completed.

It should be pointed out that in order for bank cards to truly achieve transaction security and non-repudiation of payment during the online payment process, the adoption of the Secure Electronic Transaction Protocol (SET) is an indispensable step. SET is a protocol specifically designed for encrypting credit card payments. The goal of payment security is to provide authentication procedures for cardholders, merchants and acquirers, provide confidentiality of payment data, maintain the integrity of payment data and define the algorithms and protocols involved in corresponding security services.

SET has now become the security standard for online bank payments. Its application will provide information confidentiality, data integrity, consumer account confirmability, and merchant identification for online bank card payments. reliability and reliable interoperability.

2． Electronic cash payment process

Using Ecash as a typical electronic cash for online payment, the process is roughly as follows:

(1) Customers need to store Ecash coins in their electronic wallet software first , that is, a certain amount of electronic cash;

(2) The customer browses the merchant's website and determines the category, quantity and price of the goods he wants to buy;

(3) The customer passes the merchant's The site submits a shopping form;

(4) After receiving the order, the merchant sends a payment request to the customer's electronic wallet. The request content includes the order amount, available currencies, current time, merchant bank, merchant bank account ID and order description, etc.;

(5) The customer wallet will present the above information to the customer and request whether to pay;

(6) If the customer agrees to pay, it will be sent from the electronic Collect coins in the wallet that are equal to the requested amount;

(7) Before sending the coin value to be paid to the merchant, it must be encrypted with the bank's public key;

(8) The merchant will send the received coin value to the bank and deposit it into his account. The payment information sent first to the merchant and then to the bank contains information about the payment and the encrypted coin value;

(9) During the merchant's deposit period, the payment information is sent to the bank together with the encrypted coins ;

(10) After receiving the payment information, the merchant sends it to the bank as part of the deposit request. Customers can return special coins to the bank using a similar deposit information format;

(11) After receiving valid payment, the merchant sends the purchased goods or receipt to the user.

3． Electronic check payment process

The payment process of electronic check is not single, it is closely related to the electronic check system to be applied. Let’s take the “Netbill” electronic check developed by Carnegie Mellon University in the United States as an example to introduce its online payment process.

(1) The customer requests a formal quotation from the merchant and starts the Netbill transaction;

(2) After receiving the quotation request, the merchant sets the price and returns the quotation. ;

(3) If the customer accepts the quoted price, his or her checkbook should be instructed to send a purchase request to the merchant's cash register;

(4) When the purchase request is received, The cash register pulls the product from the merchant application and encrypts the product with a key. After calculating the password checksum, the result is transmitted to the customer's checkbook;

(5) After receiving the encrypted information, the checkbook verifies the checksum, and then the checkbook sends the checksum to the merchant's cash register Send back a signed electronic payment order.

(6) The cash register endorses the electronic payment order and then sends it to the Netbill server.

(7) After verifying that the price, verification sum, etc. meet the requirements, the Netbill server will debit the customer's account with the appropriate amount. The Netbill server records the transaction and saves a copy of the one-time key, and then sends a digitally signed message containing approval or rejection information to the merchant.

(8) The merchant responds to the Netbill server, and if it agrees, the decryption key will be sent to the customer's check book at the same time.

4． Online banking payment process

Take the "One Net" online payment system developed by my country Merchants Bank as an example.

(1) Customers use dedicated accounts to conduct transactions. This special account is an "all-in-one card" account with an independent account number and password, and can only be used for online payments.

(2) Set online consumption limit.

(3) Payment information is transmitted directly to the bank without being forwarded by the merchant. The encrypted information is transmitted directly to the bank, which can avoid information leakage to the greatest extent.

(4) Merchants cannot obtain customer payment information. Merchants receive customer order information from banks to prevent customers from tampering with order information that has been confirmed by the bank.

(5) Limit the number of logins. Customers who log in incorrectly more than 5 times in a day will be denied login.

(6) Secure Sockets Layer (SSL) is used for encryption when transmitting payment information online.

Domestic and foreign online banks have different payment processes, but the overall goal is to complete the online payment process flawlessly. Therefore, continuously strengthening the confidentiality of online payment information, the authenticity and integrity of information, and the non-repudiation of information are important missions facing the majority of e-commerce workers and people in the online financial services industry.