iKP - A family of secure electronic payment protocols

Abstract

This paper proposes a family of protocols - iKP (i = 1;2;3) - for secure electronic payments over the Internet. The protocols implement credit card-based transactions between the customer and the merchant while using the existing financial network for clearing and authorization. The protocols can be extended to apply to other payment models, such as debit cards and electronic checks. They are based on public-key cryptography and can be implemented in either software or hardware. Individual protocols differ in key management complexity and degree of security. It is intended that their deployment be gradual and incremental. The iKP protocols are presented herein with the intention to serve as a starting point for eventual standards on secure electronic payment.