The concept of security and trust in electronic payments

The use of electronic communication channels to conduct businesses without the need for physical conduct or presence has already been established and accepted warmly. But the issue of paying electronically still remains risky and muddy. This article implicates the security and trust issues that are essential for every electronic payment mechanism in order to be accepted and established as a common medium of financial transactions. The growth of the Internet as a medium of transaction has made possible an economic transformation in which commerce is becoming electronic. The critical factor of success for every commercial entity to implement and operate an e-business mechanism is money flow, material flow and information flow in commerce process. The majority of trust theories are built upon the basis that there is a history of exchanges between partners (experiences), but the fluid and dispersed nature of e-commerce market makes the issue of trust hard due to the frailness to scale the reliability of participants. Strong and long-lasting business relationships have always been depended on trust. The transition to digital economy, forces enterprises not only to develop customer intimity but also to ensure that security requirements are part of the customer relationship strategy. Transactions in electronic commerce can occur without any prior human contact or established interpersonal relationships. This lack of interper-sonal trust creates a circumstance for a security threat. Generally, security is a set of procedures, mechanisms and computer programs to authenticate the source of information and guarantee the