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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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