The protocols implement credit card-based transactions between the customer and the merchant while using the existing financial network for clearing and authorization. The protocols can be extended to apply to other payment models, such as debit cards and electronic checks. They are based on public-key cryptography and can be implemented in either software or hardware.
Individual protocols differ in key management complexity and degree of security.
It is intended that their deployment be gradual and incremental. The iKP protocols are presented herein with the intention to serve as a starting point for eventual standards on secure electronic payment. They have influenced the development of the SET standard. The full version is available below. Related work and links iKP is discussed in the book Electronic payment systems by Donal O'Mahony, Michael Peirce, and Hitesh Tewari, Artech House, ISBN 0890069255, 1997.