payment schemes : Java Glossary

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payment schemes
Introduction BitCoin
Cash Softcard
Cheques Applet Pay
Credit Cards Starbucks Android
Debit Cards Comparison
PayPal Future
DigiCash Links

Introduction

There have been many schemes promoted for exchanging money. Let’s look at them and the advantages and disadvantages of each scheme.

Cash

Cheques

Credit Cards

Debit Cards

PayPal

DigiCash

BitCoin

Softcard

Applet Pay

Starbucks Android

Comparison

Comparing Payment Schemes
Scheme Anonymous? Hard to Steal? Works in Brick and Mortar Stores? Works over the Internet? Works as ID?
cash
cheques
credit cards
debit cards
PayPal
DigiCash
BitCoin
Softcard
Apple Pay
Starbucks Android
CAC (Common Access Card) card

Future

Eventually we will get a smart card that lets you buy in brick and mortar stores like a debit card and also over the Internet. It will also act as an ID card and as a key. The early versions will look like USB (Universal Serial Bus) fobs. They or an attached computer will have a biometric reader so only the owner can use them. Every computer or every fob will need such a biometric reader. The service will be attached directly to your bank account, the way a debit card is now, so there is no long PayPal-like wait to top up your gas tank. It will be thought of as just an extension of the debit card to permit secure Internet purchases. Eventually a single card will take over the function of all the cards and electronic keys in your wallet, including your passport. The card will also eventually let you digitally sign and date electronic legal documents.


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