New scheme of credit based payment for electronic commerce

This paper describes a new credit card system, which presents a promise for us to develop a new method of protecting secret information, such as credit card number, PIN and identification. Our credit cards are anonymous. That is, the identity of a card holder and credit card information are not revealed during a payment process. One important feature of our system lies in the fact that, unlike normal electronic credit based systems such as SET, iKP and NetCard, the involvement of the on-line financial institution that runs the payment system is reduced to a minimum.