Internet Payment System: A New Payment System for Internet Transactions

Payment systems need to address a number of security issues in order to be aneffective and secure means of transferring payments across the Internet. To be accessible to awider audience, they also need to be easy to use for their end-users (customers and merchants).Trying to address these issues, we created the Internet Payment System (IPS). IPS tries tocombine the advantages of several existing payment systems. While strong emphasis is madeon the mobility and ease of use for its customers, IPS still retains strong security properties. Itachieves privacy, integrity, authentication and non-repudiation by using different cryptographicalgorithms and techniques. To demonstrate that the protocol satisfies the desired securityproperties, we use a recently proposed tool for formal verification, called AVISPA