PaySafe
Encyclopedia
PaySafe was the first Secure Electronic Payment System for Credit Cards over the Internet
.
PaySafe was conceived in Australia
in 1991 by Dennis Charter
and developed by a group of computer programmers headed by Justin Fanning and included others such as the renowned international security consultant and PGP encryption inventor Phil Zimmerman. In 1996 PaySafe was launched in the United States
. Its creators had such belief in its security that a US$10 Million 'prize' was offered to anyone who could hack the PaySafe security portal. No one made claim to the prize.
Dennis Charter’s Secure Electronic Payment invention for the internet is the foundation of all internet based electronic transactions today. This single invention is one of the most commercially significant inventions of the 1990’s. Not a single transaction over the internet today is performed without a Secure Electronic configuration of some description.
Internet
The Internet is a global system of interconnected computer networks that use the standard Internet protocol suite to serve billions of users worldwide...
.
PaySafe was conceived in Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
in 1991 by Dennis Charter
Dennis Charter
Dennis Charter is an Australian born entrepreneur. He embarked on an early career in the music and entertainment industry in Australia from the late 1960s through to the early 1980s....
and developed by a group of computer programmers headed by Justin Fanning and included others such as the renowned international security consultant and PGP encryption inventor Phil Zimmerman. In 1996 PaySafe was launched in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
. Its creators had such belief in its security that a US$10 Million 'prize' was offered to anyone who could hack the PaySafe security portal. No one made claim to the prize.
Dennis Charter’s Secure Electronic Payment invention for the internet is the foundation of all internet based electronic transactions today. This single invention is one of the most commercially significant inventions of the 1990’s. Not a single transaction over the internet today is performed without a Secure Electronic configuration of some description.
See also
- Public-key cryptographyPublic-key cryptographyPublic-key cryptography refers to a cryptographic system requiring two separate keys, one to lock or encrypt the plaintext, and one to unlock or decrypt the cyphertext. Neither key will do both functions. One of these keys is published or public and the other is kept private...
- SpeedpassSpeedpassSpeedpass is a keychain RFID device introduced in 1997 by Mobil Oil Corp. for electronic payment. It was originally developed by Verifone. As of 2004, more than seven million people possess Speedpass tags, which can be used at approximately 10,000 Exxon, Mobil and Esso gas stations worldwide...
- Digital gold currencyDigital gold currencyDigital gold currency is a form of electronic money based on ounces of gold. It is a kind of representative money, like a US paper gold certificate at the time that these were exchangeable for gold on demand. The typical unit of account for such currency is the gold gram or the troy ounce,...
- e-goldE-golde-gold is a digital gold currency operated by Gold & Silver Reserve Inc. under e-gold Ltd., and allowed the instant transfer of gold ownership between users until 2009 when transfers were suspended due to legal issues. e-gold Ltd...
- Private currencyPrivate currencyA private currency is a currency issued by a private organization. It is often contrasted with fiat currency issued by governments or central banks. In many countries, the issue of private paper currencies is severely restricted by law....
- Ripple monetary systemRipple monetary systemRipple is an open-source software project for developing and implementing a protocol for an open decentralized payment network. In its developed form , the Ripple network would be a peer-to-peer distributed social network service with a monetary honour system based on trust that already exists...
- MoneyMoneyMoney is any object or record that is generally accepted as payment for goods and services and repayment of debts in a given country or socio-economic context. The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, occasionally in the past,...
- Electronic commerceElectronic commerceElectronic commerce, commonly known as e-commerce, eCommerce or e-comm, refers to the buying and selling of products or services over electronic systems such as the Internet and other computer networks. However, the term may refer to more than just buying and selling products online...
- Anonymous internet bankingAnonymous internet bankingAnonymous Internet banking is the proposed use of strong financial cryptography to make electronic bank secrecy possible. The bank issues currency in the form of electronic tokens that can be converted on presentation to the bank to some other currency...
- CypherpunkCypherpunkA cypherpunk is an activist advocating widespread use of strong cryptography as a route to social and political change.Originally communicating through the Cypherpunks electronic mailing list, informal groups aimed to achieve privacy and security through proactive use of cryptography...
- Mon€oMon€oMoneo, sometimes branded as mon€o, is an electronic purse system available on French bank cards to allow small purchases to be made without cash....
- Visa CashVisa CashVisa Cash is a smart card electronic cash system owned by VISA.Trialled in various locations Worldwide , the system works via a 'chip' embedded in a bank card, and looks similar to the so-called 'Chip and PIN' cards issued, among other countries, in Europe.The card is 'loaded' with cash via...
- MondexMondexMondex is a smart card electronic cash system which was originally developed by National Westminster Bank in the United Kingdom and subsequently sold to MasterCard International. Mondex launched in a number of markets during the 1990s, expanding from an original trial in Swindon, UK to Hong Kong,...
- QpassQpassQpass of Seattle, WA was a technology company that specialized in providing the infrastructure for electronic payments. Examples are selling products through mobile phones, digital television and for billing services for Voice over IP products....
- ISO 8583ISO 8583ISO 8583 Financial transaction card originated messages — Interchange message specifications is the International Organization for Standardization standard for systems that exchange electronic transactions made by cardholders using payment cards...
- Automated Clearing HouseAutomated Clearing HouseAutomated Clearing House is an electronic network for financial transactions in the United States. ACH processes large volumes of credit and debit transactions in batches. ACH credit transfers include direct deposit payroll and vendor payments. ACH direct debit transfers include consumer payments...