Low cost and trusted electronic purse system design

Electronic purse systems are more trusted than magnetic credit card payment systems. However, electronic purse technology is difficult and expensive to realize. Security is a major problem in payment systems, but off-line electronic payments have security gaps. Public Key Infrastructure (PKI) solutions, which are applicable with third parties included to the system, have some risks. Smart cards are not fully trusted. In this study, a low cost and easily applicable electronic purse system is proposed. The proposed solution is as trusted as its global world samples. Applying a simple user authentication method, memory protected smart cards is used without requiring microprocessor smart card security.