Classification by the nature of the content of the payment data flow Based on the different nature of the content of the payment data flow used for online payment in the e-commerce process, that is, whether it is transmitted instructions or electronic money itself with the nature of general equivalents, online payment methods can be divided into the following two categories.
(1) Instruction transmission type online payment method. Payment instructions refer to oral or written orders to initiate payment. The payment instructions of online payment refer to electronic instructions to initiate payment, that is, a string of instruction data streams. The user of the payment instruction never actually owns the money, but he instructs banks and other financial intermediaries to transfer money on his behalf to complete the transfer business. The instruction transmission type online payment system is an improvement and strengthening of the existing electronic payment infrastructure and means (such as ACH system and credit card payment, etc.). Instruction transmission type online payment methods mainly include bank network transfer instruction methods (EFT, CHIPS and SWIFT, electronic checks, online banking, FEDI, etc.), credit card payment methods, etc.
(2) Electronic cash transmission type online payment method. Electronic cash transmission type online payment means that when customers make online payments, what is transmitted on the network platform is electronic money itself with the nature of equivalents, that is, the payment and settlement mechanism of electronic cash. The main principle is that users can withdraw a certain amount of electronic cash from their bank accounts and store the electronic cash in a card (such as a smart card) or a part of the user’s computer (such as an electronic wallet of a personal computer or personal digital assistant). At this time, consumers have real “electronic money” and can directly transfer these electronic cash to another party, such as consumers, banks or suppliers, according to the corresponding payment amount on the Internet.