The merchant is also verified by its financial institution. Later Issuing Bank verifies approval of both customer and merchant. Merchant verifies the user and sends authenticated transaction details to Issuing Bank. In our system, the token is issued and authenticated by Issuing Bank (token issuer). We use the concept of signcryption for each communication between any pair of entities and offers token updation instantly as an add-on feature to existing on-line e-cash systems where token is the payment instrument (containing electronic cash) which acts as an electronic wallet. In this paper, we present an on-line electronic payment system for low-value transaction. Abstract of research paper on Computer and information sciences, author of scientific article - Arpita Mazumdar, Debasis Giri
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