Topic
Payment
About: Payment is a research topic. Over the lifetime, 29217 publications have been published within this topic receiving 379350 citations. The topic is also known as: pay & paying.
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01 Jan 1983
TL;DR: Automation of the way the authors pay for goods and services is already underway, as can be seen by the variety and growth of electronic banking services available to consumers.
Abstract: Automation of the way we pay for goods and services is already underway, as can be seen by the variety and growth of electronic banking services available to consumers. The ultimate structure of the new electronic payments system may have a substantial impact on personal privacy as well as on the nature and extent of criminal use of payments. Ideally a new payments system should address both of these seemingly conflicting sets of concerns.
3,308 citations
TL;DR: In this article, the authors survey recent theoretical work on two-sided markets and the main questions are (i) what determines which side of the market is subsidized (if either) in order to attract the other side, and (ii) is the resulting outcome socially e¢cient?
Abstract: There are many examples of markets involving two groups of participants who need to interact via intermediaries. Moreover, these intermediaries usually have to compete for business from both groups. Examples include academic publishing (where journals facilitate the interaction between authors and readers), advertising in media markets (where newspapers or TV channels enable adverts from producers to reach consumers), payment systems (where credit cards can be a convenient method of transaction between consumers and retailers), and telecommunications networks (where networks are used to provide links between callers and those who receive calls). The paper surveys recent theoretical work on these two-sided markets. The main questions are (i) what determines which side of the market is subsidized (if either) in order to attract the other side, and (ii) is the resulting outcome socially e¢cient?
2,331 citations
Patent•
18 Oct 1994
TL;DR: In this paper, the authors present a bill pay system where participating consumers (12) pay bills (30) to participating billers (14) through a payment network (102) operating according to preset rules (104).
Abstract: A bill pay system (figure 4) wherein participating consumers (12) pay bills (30) to participating billers (14) through a payment network (102) operating according to preset rules (104). The participating consumers (12) receive bills (3) from participating billers (14) (paper/mail bills, e-mail notices, implied bills for automatic debts) which indicate an amount, and a unique biller identification number (120). To authorize a remittance, a consumer (12) transmits (2) to its participating bank (16) a bill pay order (122) indicating a payment date, a payment amount, the consumer's account number with the biller (14), a source of funds (232) and the biller's (14) biller identification number, either directly or by reference to static data containing those data elements. Bank C (16) then submits a payment message (124) to a payment network (102), and the payment network (102), which assigns the biller reference numbers, forwards (268) the payment message to the biller's bank (18). For settlement, the consumer's bank (16) debits the consumer's (12) account and is obligated to a net position with the payment network (102); likewise, the biller's bank (18) receives a net position from the payment network (102) and credits the biller's bank account (268). If the consumer's bank (16) agrees to send non-reversible payment messages (124), the consumer's bank (16) does not submit the transaction until funds are good unless the consumer's bank (16) is willing to take the risk of loss if funds are not good, in the case of a guaranteed payment network (102).
1,420 citations
TL;DR: This paper reviewed the historic development of the conceptualization of ecosystem services and examined critical landmarks in economic theory and practice with regard to the incorporation of ecosystem service into markets and payment schemes, concluding that the trend towards monetization and commodification of ecosystems is partly the result of a slow move from the original economic conception of nature's benefits as use values in Classical economics to their conceptualization in terms of exchange values in Neoclassical economics.
1,317 citations
18 May 2014
TL;DR: This paper formulate and construct decentralized anonymous payment schemes (DAP schemes) and builds Zero cash, a practical instantiation of the DAP scheme construction that is orders of magnitude more efficient than the less-anonymous Zero coin and competitive with plain Bit coin.
Abstract: Bit coin is the first digital currency to see widespread adoption. While payments are conducted between pseudonyms, Bit coin cannot offer strong privacy guarantees: payment transactions are recorded in a public decentralized ledger, from which much information can be deduced. Zero coin (Miers et al., IEEE SaP 2013) tackles some of these privacy issues by unlinking transactions from the payment's origin. Yet, it still reveals payments' destinations and amounts, and is limited in functionality. In this paper, we construct a full-fledged ledger-based digital currency with strong privacy guarantees. Our results leverage recent advances in zero-knowledge Succinct Non-interactive Arguments of Knowledge (zk-SNARKs). First, we formulate and construct decentralized anonymous payment schemes (DAP schemes). A DAP scheme enables users to directly pay each other privately: the corresponding transaction hides the payment's origin, destination, and transferred amount. We provide formal definitions and proofs of the construction's security. Second, we build Zero cash, a practical instantiation of our DAP scheme construction. In Zero cash, transactions are less than 1 kB and take under 6 ms to verify - orders of magnitude more efficient than the less-anonymous Zero coin and competitive with plain Bit coin.
1,305 citations