Overview of Micro-payment Technology

Micropayment systems are the electronic payment systems used to make small value payments. In these systems the technology used is Radio Frequency Identification (RFID) which offers number of advantages over other current technologies in use in payment systems. Number of the benefits offered by RFID technology has attracted business and authorities for its use. But the recent security researches on this technology had brought number of its vulnerabilities into light, which made authorities to think again before accepting it as a one-stop solution to current technology‟s shortcomings. The aim of this work is to provide an overview of the RFID technology in context to payment systems, to discuss about its basic working, requirements and issues. The possible outcome of this project would be the detailed analysis of RFID, its main security issues and possible suggestions (by experts) that can be used to overcome these current security issues.