Electronic Currency
Tuesday, July 1, 2008
Electronic money refers to money or scrip which is exchanged only electronically.Micropayments are means for transferring very small amounts of money, in situations where collecting such small amounts of money with the usual payment systems is impractical, or very expensive, in terms of the amount of money being collected. Micropayment could efficiently handle payments at least as small as a mill, but now is often defined to mean payments too small to be affordably processed by credit card or other electronic transaction processing mechanism
Peppercoin is a cryptographic system for processing micropaymentsThe"Peppercoin" method uses universal aggregation, which we some-times also call cryptographic selection or many/many/many aggregation, since it aggregates smoothly across many consumers, many merchants, and many payment service providers. With universal aggregation, each participating merchant processes micro payments directly, using special cryptographic software. The software first checks the validity of the micro payment—for example, by checking the consumer's digital signature on that micro payment. If the micro payment is valid, the merchant then completes the transaction and delivers the purchased goods to the consumer. The software then checks whether the micro payment “qualifies for an upgrade” (to a macro payment). If the micro payment does not qualify for an upgrade, the merchant merely logs the micro payment, and need do no further processing. If the micro payment does qualify for an upgrade to a macro payment, then the merchant will deposit that micro payment as a macro payment with his bank
Paystone provides an inexpensive online payment method without the risk of chargebacks from fraudulent credit card use. Paystone can efficiently handle small financial transactions (micropayments) as low as $0.25. The ability to process micropayments opens a whole new world for entrepreneurs of all sizes.
Peppercoin is a cryptographic system for processing micropaymentsThe"Peppercoin" method uses universal aggregation, which we some-times also call cryptographic selection or many/many/many aggregation, since it aggregates smoothly across many consumers, many merchants, and many payment service providers. With universal aggregation, each participating merchant processes micro payments directly, using special cryptographic software. The software first checks the validity of the micro payment—for example, by checking the consumer's digital signature on that micro payment. If the micro payment is valid, the merchant then completes the transaction and delivers the purchased goods to the consumer. The software then checks whether the micro payment “qualifies for an upgrade” (to a macro payment). If the micro payment does not qualify for an upgrade, the merchant merely logs the micro payment, and need do no further processing. If the micro payment does qualify for an upgrade to a macro payment, then the merchant will deposit that micro payment as a macro payment with his bank
Paystone provides an inexpensive online payment method without the risk of chargebacks from fraudulent credit card use. Paystone can efficiently handle small financial transactions (micropayments) as low as $0.25. The ability to process micropayments opens a whole new world for entrepreneurs of all sizes.
In addition to payments Paystone also provides an email money transfer option. A Paystone account holder can send funds to the email address of anyone in many countries around the world. The recipient of the funds signs up for Paystone and can cash out the money to their local bank account. For companies sending a large volume of payments they can access our GroupPay© feature to send many individuals money all at once.
