Thanh toán Điện tử

ThS Phạm Mạnh Cường

Chương 1: Introduction to Money

Outline
 Nature of money
 What is a payment?
 What is a payment system?
 Desirable properties of money
 Payment system requirements
 Payment risks
The Payment Process
Payment is just ONE component of eCommerce,
but a VERY IMPORTANT component

NATIONAL ECONOMY / FINANCIAL MARKETS

CUSTOMER PAYMENT SERVICE SYSTEM
BANKING SYSTEM
INTERBANK SYSTEM
Buyer Seller
Payment Payment
Access Access
Buyer Point Bank Clearing House Central Bank Bank Point Seller

Agree Instruct Initiate Clear/ Complete Notify of Complete

on Trade Payment Payment Switch Settle Payment Trade
Payment

SOURCE: PHILIP TROMP, PERAGO.COM

Development of Money
 Definition: “something generally accepted as a medium of
exchange, a measure of value, or a means of payment.” (một cái gì
đó được chấp nhận như một phương tiện trao đổi, một thước đo giá
trị, hay một phương tiện thanh toán)

Monetary History:
 Barter (direct exchange of goods) ABSTRACTION
 Medium of exchange (arrowheads, salt)
 Coins (gold, silver)
 Tokens (paper)
NEED
 Notational money (bank accounts) BANKS
 Dematerialized schemes (pure information)
Barter
 Direct exchange of goods and services -- possible when
production exceeds individual needs
 Problem: “double coincidence of wants”
 Trade a bicycle for a cow
 Alice must have a bicycle and want a cow UNLIKELY
 Bob must have a cow and want a bicycle
 But: Internet allows rapid discovery of wants
 Problem: remote barter requires an escrow (or risk)
 Problem: outside the monetary and tax systems
 When money is not trusted, barter returns
 Electronic barter systems exist, e.g. LETS
Types of Money:
Fiduciary vs. Scriptural

 Fiduciary money (fiat money – tiền được thừa

nhận, legal tender – tiền pháp định)
 Issued by a central (government) bank
 Cannot be refused
 Scriptural money (not legal tender)
 Money not issued by a central bank
 Examples: bank accounts, travelers cheques, gift
certificates, Octopus
 Can be refused
Types of Money:Token vs. Notational

 Token money
 Represented by a physical article (e.g. cash)
 Can be lost
 Notational money
 Examples: bank accounts, frequent flyer miles
 Electronic (scriptural) money: wide recognition
 Jeton = electronic token with limited recognition
 Hybrid money
 Check
 Telephone card (carries jetons for future service)
The Money Matrix

TOKEN NOTATIONAL HYBRID

FIDUCIARY  CASH ACCOUNT
 

 WITH GOVERNMENT
GOVERNMENT CENTRAL CHECK
BEARER BANK
BOND
SCRIPTURAL  CERTIFIED  BANK  PERSONAL
CHECK ACCOUNT CHECK
 TRAVELER’S  FREQUENT  GIFT

CHECK FLYER MILES CERTIFICATE

Specialized Payment Instruments
 Money order (allows named person to claim money)
 Traveler’s check (limited to one spender)
 Gift certificate (limited to one merchant)
 Coupons, food stamps (limited to certain goods)
 Bill of lading (sight draft), letter of credit
 Purpose: atomicity (connect goods and payment)
 Ecommerce Payment Ranges
Minimum Typical Maximum
AMOUNTS IN USD Transactio Transactio Transactio
n n n
Value Value Value

Macro $100 $1000 

Mini $1 $10 $100

Micro $0.01 $0.1 $1

SOURCE: COMPAQ CORP.

 Objective of Payment Systems
 To allow the payee to obtain money, fiduciary or its
equivalent
 Usually in his bank account (convertible to fiduciary)
 Cash is rare except for low-value face-to-face payments
 How does the money get into the bank account?
 Payment in real money is called settlement
 Most payments are not settled individually
 Example: bank checks, ATM withdrawals – too small for
separate transfers of funds; batched for efficiency
 Batching to determine how much money must be paid
is called clearance or clearing
 Payment systems must provide for both clearance
and settlement
 Credit Card Transaction
1. BUYER TENDERS CREDIT CARD INFO TO SELLER

BUYER SELLER
6. SELLER SHIPS GOODS TO BUYER
2. SELLER TRANSMITS
PAYMENT DATA TO
11. BUYER PAYS 10. BUYER’S BANK
8. SELLER’S BANK SELLER’S BANK
BUYER’S BANK SENDS BILL TO 5. SELLER’S BANK
CREDITS SELLER’S
USING SOME BUYER NOTIFIES SELLER
ACCOUNT
OTHER METHOD
OF PAYMENT 7. END OF DAY,
SELLER UPLOADS
3. SELLER’S BANK
COMPLETED
ASKS BUYER’S BANK
TRANSACTIONS
FOR AUTHORIZATION
TO BANK
BUYER’S SELLER’S
BANK BANK
4. BUYER’S BANK
AUTHORIZES/REJECTS

9. BUYER’S BANK PAYS

SELLER’S BANK
CLEARANCES: SETTLEMENTS:
2. HOW MUCH SHOULD SELLER GET? HOW? 7. SELLER GETS PAID
-- HOW MUCH SHOULD EACH BANK GET/PAY? HOW MUCH? 9. SELLER’S BANK GETS PAID
10. HOW MUCH SHOULD BUYER’S BILL BE? 11. BUYER’S BANK GETS PAID
Vấn đề trong thanh toán
 Làm thế nào để người trả biết phải trả bao nhiêu?
(bill presentment, invoicing)
 Cơ chế nào được sử dụng để “trả tiền” (payment)?
 Khi nào thanh toán sẽ được thực hiện (trước, trong, sau)
 Làm thế nào các khoản thanh toán sẽ được điều chỉnh?
(clearance)?
 Làm thế nào người thụ hưởng nhận được tiền thật
(settlement-kết toán)?
 Làm thế nào người thụ hưởng ghi nợ người trả
(reconciliation)?
 Những hồ sơ nào mỗi bên phải lưu giữ (audit)?
 An toàn (Security) cho các vấn đề trên
 Chứng thực các bên

 Phòng chống giả mạo (prevention of forgery)

Hệ thống thanh toán theo thời gian
 Hệ thống trả trước - Prepaid Systems (Bank access before
transaction)
 Cash
 Octopus, phone card
 Bank stored-value cards (GeldKarte)
 Hệ thống trả nay - Instant-Paid Systems (Access during
transaction)
 Debit card – Thẻ ghi nợ
 Hệ thống trả sau - Post-Paid Systems (Access after transaction
= credit – tín dụng)
 Credit card, EZPass, Speedpass
 Checks & electronic forms, eChecks
 Commercial invoice
 Có sự khác biệt lớn trong rủi ro, xác thực, chi phí
Vài phương thức “Thanh toán”
 Cash
 Check
 Point-of-sale (POS) debit
 ATM
 Credit transfer (giro), automated clearing house
(ACH) – Trung tâm thanh toán bù trừ tự động
 Interbank transfer (EFT – electronic funds transfer
– chuyển tiền điện tử)
 Credit cards – Thẻ tín dụng
 Payment cards, smart cards (Octopus, Mondex)
Vài phương thức “Thanh toán”
 Mobile payment (Paybox)
 Accumulating balance – số dư tích luỹ, e.g. Valista
iPin
 Intermediaries, peer-to-peer (P2P), PayPal
 Scrip systems (micropayments-thanh toán nhỏ lẻ)
 Loyalty systems (Flooz, Beenz -- now bankrupt)
 Electronic cash (eCash), digital currency
 Crypto Currency (bitcoin)
System Issues
 Physical support (smart card, files, encrypted strings)
 Value representation (denominations – mệnh giá, numbers)
 Location of value store (bank, electronic wallet)
 Discharging power (who accepts it?)
 Mode of use (remote, face-to-face)
 Methods of payment (credit transfer)
 Genuineness – Trung thực (is it valid? stolen? double-spent?)
 Authentication – xác thực (of user)
 Traceability – theo vết (anonymity, privacy)
 Scalability – khả năng mở rộng, cost
Desired Properties of Money
 Universal acceptance
 Transferability, portability
 Safety (unforgeable – giả mạo, unstealable –
trôm cắp)
 Privacy (no one except parties know the amount)
 Anonymity (no one can identify the payor)
 Work off-line (no need for on-line verification)
 Divisible into change (pay for $10 item with $100
bill)
 Arbitrary denominations – mệnh giá linh động
(e.g. $325.14)
Costs of Money
 Time
 Risk
 Physical cost (print currency, mint coins)
 System infrastructure
 Processing cost (transactions)
 Security
 Human time
 Law enforcement
B2B Payments
 High dollar value
 Tied to paperwork
 Requisitions, authorization, purchase order, shipping
documents
 Financial controls, auditing
 Connection with legacy ERP and accounting
systems
 Cash management
 International issues
 Customs documents, foreign currency
B2B Payments
Buyer Supplier
Order
• Procurement • Order Mgmt
• Receipt Status Order Confirmation • Fulfillment
• Reconciliation • Credit and

and Payment Advance Shipping Notice Collections

• Financing/ • Financing/
Cash Mgmt Invoice
Cash Mgmt

Letter of Credit/ Payment Guarantee/

Escrow/ Financial Insurance/
Line of Credit/ Institution Trade Finance/
Risk Management Risk Management
Cash Cash
Payment Receipt
Logistics Providers
Details Details
Proof of Delivery Packing List
• Order Mgmt
Shipping Invoice • Credit/ Collections Proof of Delivery Cash
• Financing/ Cash Mgmt
Shipping Invoice Payment
Details
Payment Payment (Shipping
Cash Receipt Details Authorization
Authorization Charges)
Logistics (Shipping
Provider Charges)
Bank
Buyer Cash Account Cash Supplier
Bank Bank
Account Cash Account

SOURCE: TRADECARD
Goods Move Faster Than Money
 Bill of Lading (B/L) Transaction
PURPOSE: LINK PAYMENT TO SHIPMENT

1. BUYER SENDS SIGHT DRAFT TO SELLER

(ORDER TO BANK TO PAY ON SIGHT WHEN
ALSO PRESENTED WITH B/L
BUYER SELLER
2. SELLER DELIVERS 6. SELLER’S BANK
8. BUYER PRESENTS GOODS TO CARRIER; CREDITS SELLER’S
B/L, CLAIMS GOODS CARRIER GIVES B/L ACCOUNT, NOTIFIES
4. SAILING SELLER
7. BUYER’S BANK LANDING CARRIER
DEBITS BUYER’S DOCK
ACCOUNT, GIVES
B/L TO BUYER

3. SELLER SENDS B/L WITH

DRAFT TO BUYER’S BANK

BUYER’S SELLER’S
BANK BANK
5. BUYER’S BANK PAYS
DRAFT TO SELLER’S BANK

CARRIER IS AN ESCROW AGENT. IF B/L IS NOT PRESENTED, GOODS WILL NOT BE DELIVERED.
IF SELLER NEVER SHIPS GOODS, THERE WILL BE NO B/L AND BUYER’S BANK WILL NOT PAY
Major Ideas
 Money classifications
 Token v. notational (what form does it take?)
 Fiduciary v. scriptural (government or issuer-based)
 Prepaid, Instant-Paid, Postpaid
 Payment methods
 Cash is very expensive to use
 B2B payments are complex
 Atomicity between shipments and payments is
difficult to achieve
Q&A
Payment Risks
 ALL RISK HAS COST
 Suffering loss has cost

 Protecting against loss has cost

 System design must respond to risk posture

(willingness to accept various kinds of risk)
 Transferable v. non-transferable risk
 Insurance

 Hedging

 Example tradeoff: open v. closed payment networks

Payment Risks
System design must respond to risk posture
 Operational (reliability and integrity)
 Security (unauthorized access)

 Employee fraud

 Counterfeiting (ecash)

 System design, implementation, maintenance

 Customer misuse

 Service provider risk

 System obsolescence

 Transaction repudiation by customer

Payment Risks
 Reputational
 Negative public opinion  loss of business

 Bank of New York Russian money laundering

 Lose both legitimate customers AND launderers
 System deficiencies
 Security breach

 Failure of similar systems

 Systemic
 Risk that failure to meet an obligation spreads through

the system, causing others to fail to meet obligations

Payment Risks
 Legal
 Violation of law, ambiguity, legal sanctions

 Money laundering

 Inadequate disclosure

 Violation of privacy

 Violation by linked site

 Certificate authority risk

 Foreign law
Payment Risks
 Banking
 Credit (non-payment, insolvency)

 Liquidity (demand for redemption of ecash)

 Interest rate (spread)

 Market (inflation, foreign exchange)

 Cross-border (social, political, economic)

 Crime
 Fraud, forgery

 Theft

 Kiting (illegal use of float)