Explain E-payment Security Schemes Following are the e-payment security schemes 1) Encryption 2) Certificates & Certificates Authority (CA) 3) Digital Signature 4) Digital Envelop 5) Message Digest 6) Transaction Certificates and Time Stamp (1) Encryption Encryption refers to changing a message into unreadable form. Later the encrypted message can be converted into readable form by Decryption. There are two types of Encryption (A) Secret Key Encryption/Private Key Encryption In this scheme, same key called secret key is used by sender and receiver for Encryption (Making message unreadable) & Decryption (Getting original message). Data Encryption Standards (DES) is the most widely used algorithm for secret key/private key encryption scheme. (B) Public Key Cryptography It is Also known as asymmetric Encryption. It uses two different keys (1) Private Key (2) Public Key. The receiver sends his public key to sender. The sender encrypts message with thi
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