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E-Cash & Mobile Payments

E-Cash & Mobile Payments

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E-Cash & Mobile Payments

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  1. E-Cash & Mobile Payments Karen Uttecht

  2. Overview • What is Money? • E-Cash (Ideal) • History • Basic Concept • Technologies • Features • Trade-offs • Real “Electronic Cash” Systems • Online Payment Systems • Peer to Peer Systems • Smart Cards • Mobile Payments (in detail)

  3. What is Money? Stone Money of Yap Island Photo from [20]

  4. History of E-Cash • Invented by David Chaum in 1982 in his paper “Blind Signatures for Untraceable Payments” • Chaum filed patents and founded DigiCash, Inc. • Chaum’s mismanagement of DigiCash ultimately lead to Bankruptcy in 1998 • Hundreds of papers improving on Chaum’s E-Cash have been written since.

  5. E-Cash: Basic Concept Bank 1. Send Prepared E-Cash 4. Check E-Cash Validity 2. Return Signed E-Cash 5. Return Verification 1 5 4 2 Payer Service Provider 3 3. Give E-Cash

  6. Cryptographic TechnologyUsed By E-Cash Schemes • RSA / Public Key Cryptography • Elliptic Curve Cryptography • Blind Signatures • Hash Functions • Digital Certificates

  7. Ideal E-Cash:Security Requirements • Non-Reproducible • Can’t be Double Spent • Tamper-Proof • Private and Anonymous • Theft Resilient • Dispute Resolution

  8. Ideal E-Cash:Usability Requirements • Fast • Easy to Use • Easy to Learn • Available • Accountable • Predictable Performance • Accurate

  9. E-Cash: Trade-Offs and Challenges • Double Spending vs. Availability • Double Spending vs. Anonymity • Dispute Resolution vs. Anonymity • Fair Trading

  10. Real “Electronic Cash” Systems • Online Payment Systems • Peer to Peer Systems • Smart Cards • Mobile Payments

  11. Online Payment Systems • Users exchange money through their site • Money stays put (with the site), ownership changes hands • Online Wallets, Shopping Carts & Checkout through participating retailers • Mobile web payments • Examples: Paypal, WebMoney, Gogopay, CashU

  12. Peer to Peer Systems • No Central Authority • Coins are chains of digital signatures of all previous owners Diagram from [12]

  13. Peer to Peer Systems • Double spending is prevented by announcing all transactions to the network, majority of nodes decide which transaction came first • Timestamps determined using longest proof-of-work chain • Examples: BitCoin (Open Source) Diagram from [12]

  14. Smart Card Systems • Essentially like a “Smart Card” Visa gift card • Anonymous – the user does not open an account • Cards are loaded up at kiosks • Many are transit cards retailers have chosen to accept as payment • No theft protection • Examples: FeliCa System – Widely Used • Notably extensively used in Hong Kong, Singapore, Japan, and Netherlands as E-Cash

  15. Mobile Payments • Exchanging money using Mobile Devices • Four General Types • SMS • Direct Mobile Billing • Mobile Web Payments • Near Field Communications

  16. Mobile Payments: SMS • Payment Request Sent via Text Message • Charge is added to Phone Bill • Very clunky • Unreliable • No Security – Messages are plaintext

  17. Mobile Payments:Direct Mobile Billing • Essentially Charging Services to your Phone Bill • Uses a pin code & one-time-password • Prevalent in Asia • Bypasses banks & credit cards

  18. Mobile Payments: Mobile Web Payments • Accessing a payment web service on your mobile phone • Example: Paypal Mobile: https://www.paypal.com/mobile

  19. Mobile Payments: Near Field Communications • NFC is an extension of ISO/IEC 14443, RFID proximity card standard • NFC device can communicate with existing infrastructure and other NFC devices • Range of 7-8 inches • Low Power Consumption • Designed for Mobile Devices

  20. NFC Mobile Payments Pictures From Reference [11]

  21. NFC Mobile Payments • NFC embedded into mobile phone • Allows User to Pay with their Phone • E-Cash Schemes could be used in conjunction • Mobile to Mobile Payments Possible • “Offline” Payments Possible • Predicted: $75 Billion globally in NFC Mobile Payments by 2013 • 59% of US consumers want to make purchases with their mobile phone

  22. NFC Mobile Payment Systems • Pay-Buy-Mobile Initiative • Working on World Wide Standard for NFC Mobile Payments • Over 50 Mobile Operators involved • Payforit – UK • Bling Nation – US – “Smart Sticker” • China Mobile • Blaze Mobile (US) – “Sticker Based” • Many trials worldwide

  23. Questions?

  24. References • [1] History of DigiCash http://jya.com/digicrash.htm • [2] E-Cash System Architecture http://rtds.cs.tamu.edu/aaa2.php • [3] Bitcoin http://www.bitcoin.org/ • [4] Paypal www.paypal.org • [5] WebMoney www.wmtransfer.com • [6] CashU www.cashu.com • [6] Liberty Reserve www.libertyreserve.com/en/ • [7] Wikipedia: Mobile Payments http://en.wikipedia.org/wiki/Mobile_payment • [8] Wikipedia: Near Field Communications http://en.wikipedia.org/wiki/Near_Field_Communication • [9] NFC Mobile Payments to Reach US$75 Billion by 2013 http://www.paymentsnews.com/2008/07/nfc-mobile-paym.html

  25. References • [10] Architecture and Development of NFC Applications http://www.slideshare.net/tdelazzari/architecture-and-development-of-nfc-applications • [11] NFC: Payment and Beyond http://www.nfc-forum.org/resources/presentations/Tagawa_Barcelona_2010.pdf • [12] Bit Coin: A Peer-To-Peer Electronic Cash System http://www.bitcoin.org/bitcoin.pdf • [13] Pay-Buy-Mobile Initiative http://gsmworld.com/our-work/mobile_lifestyle/mobile_money/pay_buy_mobile/index.htm#nav- • [14] Pay-for-it http://www.payforit.org/ • [15] Bling Nation http://www.blingnation.com/ • [16] Near Field Communications World Payments News http://www.nearfieldcommunicationsworld.com/category/applications/payments/

  26. References • [17] NFC Trials and Rollouts worldwide http://www.nearfieldcommunicationsworld.com/list-of-nfc-trials-pilots-tests-and-commercial-services-around-the-world/ • [18] Blaze Mobile http://www.blazemobile.com/ • [19] Newswire: Consumers want to use their phones to make purchases at the point of sale http://www.nearfieldcommunicationsworld.com/2009/12/01/32406/59-of-consumers-want-to-use-their-phone-to-make-purchases-at-the-point-of-sale/ • [20] Yap Island Sights http://www.visit-fsm.org/yap/sights.html • [21] “What is Money?” Ray Byler • [22] “mFerio: the design and evaluation of a peer-to-peer mobile payment system” Balan, Rajesh Krishna and Ramasubbu, Narayan and Prakobphol, Komsit and Christin, Nicolas and Hong, Jason