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Chapter 15. Payment Systems > Real-World Payment Systems

Real-World Payment Systems

In many respects, payment online is not very different from payment in the real world. Because we want payment transactions online to have value off the network as well, online payment systems are usually based on existing payment mechanisms. In this section, we review several common payment methods. In particular, we look at the properties that make them attractive for use online or that must be captured in an online analog.

Cash

Cash is perhaps the most familiar and most widely accepted form of payment for face-to-face transactions. For the consumer, it has many important properties.


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