A payment scheme using vouchers.

Electronic payment schemes are traditionally based on the physical model of commerce where customers withdraw cash from bank accounts and spend it at merchants' establishments in return for goods and services. This may not be the most ideal model on which to base electronic payment. A new payment scheme using a different paradigm has been developed. Vouchers are prepared by the bank and the merchant. These are distributed to customers who can redeem them for electronic goods with the help of the bank. This new scheme requires fewer online messages to be transmitted than previous payment schemes involving electronic goods such as NetBill and thus also requires less online processing. The voucher scheme also provides some properties desired by payment schemes based on electronic coins. [ABSTRACT FROM AUTHOR]