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An Electronic Retail Payment System with Distributed Control--A Conceptual Design--
IEICE TRANSACTIONS on Fundamentals of Electronics, Communications and Computer Sciences
Publication Date: 1995/01/25
Print ISSN: 0916-8508
Type of Manuscript: Special Section PAPER (Special Section on Cryptography and Information Security)
electronic payment, funds transfer, cash, wallet, card, cryptography, security,
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This paper proposes an electronic retail payment system to provide flexible and efficient funds transfers with adequate security, reliability, circulativity, and anonymity even in large-scale applications. Funds are represented by a portable intelligent device called a card issued by a supervising organization, the system provider. Funds can be transferred from a card to another at an intelligent terminal called a mediator. To update the balance of each card, two digital signatures are generated by a three-party protocol conducted by the cards and mediator, and are encoded and appended to a write-once separate memory in the card. Old signatures are simultaneously nullified. Through a wired or radio non-real-time link, the generated signatures are periodically reported to the system provider to systemically manage possible abuses.