One comment made by Lee Stein from First Virtual struck me as very interesting. Many of these security systems protect the part of the transfer that is the most difficult to break into while completely ignoring the part that is the easiest, namely the merchants server. How is the customer to be sure that the merchant deletes the credit card info after it is received, more often than not it sits on the server for weeks. I did like the idea that with First Virtual the credit info is never online. But as you are required to have a US bank account its not so simple for a french company to use.
Encryption is still illegal in France, with the possible exception of crypting solely the payement.
Netscape works well from what I've seen and heard, but that encrypts everything and is out of the question. I believe that the existing banking structure will be kept in place for internet payments, its already the base for most systems. Including First VIrtual and the electronic cash alternatives. Just as when we walk into a store that accepts everything from AMEX to discover. This is a fake email address.