The protocols implement credit card-based transactions between the customer and the merchant while using the existing financial network for clearing and authorization. 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. There are many approaches to solve the problems. The State of the Art in Electronic Payment Systems - Asokan, al. Chen, Garay et al.