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Electronic money transfer systems (ETMSs) are a
necessary step in the evolution of the payment system of the
human civilization. But these systems must be able to work
"outside" computers.
Not really witout the help of computers, but
people must be able to pay with emoney when they go to a grocery
store. This can be achived using mobile computers, like PDAs and
phones. These mobile computers must be able to be loaded with a
software which deals with the actual emoney transfer.
The mobile computers must be able to comunicate
with one another without physical contact. This way, the computer
of the merchant can communicate with the computer of the buyer.
The buyers computer must also be able to communicate with the
EMTS, through the Internet.
For this idea to become reality there is no need
for an investment in hardware, only in software. The
communication between the EMTS and mobile computers has to be
encrypted (and signed) by the software which deals with the
transaction; this has to be done to ensure nobody can eavesdrop
on the communications, and also to sign a certain confirmation
message which the EMTS sends to the merchant.
Let's say I buy something from a store. I and
the merchant put close together our mobile computers. From my
computer I choose a menu to initiate the transaction and type in
the cost of the merchandise. My computer contacts the merchant's
computer to obtain details about the transaction (like the
currency and the price). Then, my computer contacts the EMTS and
initiates the transfer of the money.
The merchant's computer waits for payment
confirmation, which will come from the EMTS through my computer.
When the confirmation is received, I take the merchandise and go
on my way.
Transaction example
I go into a grocery and take a watermelon from
the shelf. I go to the counter and put my mobile computer next to
the mobile computer of the merchant. I click on a menu from my
computer and it initiates the transaction:
"Type price:"
I type "5"
"Contacting merchant..."
"Got merchant info"
"Merchant currency: USD"
"Merchant account: 267341"
"Merchant name: Grocery X"
"Accept spend?"
I press "Enter"
"Merchant awaits confirmation..."
"Contacting EMT..."
"Spending 5 USD..."
"5 USD spent"
"Sending merchant confirmation"
"Merchant received confirmation"
"Transaction completed"
"Have a nice day!"
During this time, the merchant's phone displays:
I take the melon and I go on my way.
The merchant didn't do anything (he isn't even
connected to the EMTS), and I only pressed on a few keys.
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