Authors: Timothy J Walshaw
This article describes a method of purchasing goods and services on the internet using money deposited with an Internet Service Provider (ISP), and a proposed centralized Internet Money Transfer Service (IMTS) to transfer the money from the Buyer's ISP to the Seller's ISP. The method in short requires:- 1.Having the buyer establish an account with the buyer’s internet service provider (ISP); 2.Having the seller establish an account with the sellers’ ISP; 3.The buyer placing funds in the buyer’s ISP, or establishing a line of credit; 4.The buyer purchases a good or service from the seller by sending a message over the internet via the buyer’s ISP and the seller’s ISP; 5.This purchase results in a debiting of the buyer’s account and crediting of the seller’s account; 6.The transfer of money from the buyer’s ISP to the seller’s ISP. 7.For domestic only transfer, there is a single domestic Money Transfer Service, owned by the provider, that transfers money from one domestic ISP to another. 8.The domestic transfer of money from one ISP to another would pass through the domestic Internet Money Transfer Service (IMTS), owned by the provider. All the ISP’s would open accounts with this service, and the Domestic IMTS would refund net payments to each ISP at the end of the day through its banking agent, or require the ISP to refund it the net amount at the end of the day. 9.The domestic IMTS would act as the central banker for this internet money transfer service. There would be an IMTS service in each country. 10.For International money transactions each Domestic IMTS would also act as an International IMTS. 11.The international transfer of money from one ISP to one in another country would pass through the International IMTS, owned by the provider. All the ISP’s would open accounts with this service, and the IMTS would refund net payments to each ISP at the end of the day through its banking agent, or require the ISP to refund it the net amount at the end of the day. 12.Each country’s IMTS would act as the central banker for this internet money transfer service. There would be an IMTS in each country, and they would facilitate inter-country payments. These IMTS’s would facilitate foreign exchange transactions. This methodology could be used in economies where more advanced money transfer systems, based on the use of credit cards and individual credit, are unable to be used. Additionally, there are issues with the safety of the provision of credit card numbers to sellers. The transmission of these numbers over the internet is dangerous, the seller has to be trusted not to misuse the credit card information, and the retention of this information in databases can be highly dangerous. It is a lot safer to transfer the money directly from buyer to seller via third parties using encryption.
Comments: 20 Pages.
[v1] 2018-12-22 18:53:03
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