As internet use develops, both businesses and consumers are utilizing this opportunity to achieve their goals.  Some of these goals include expanding into greater markets for businesses and shopping online for consumers.  These online transactions now encompass much more than the traditional online banking.  They represent the billions of merchants and consumers whom take part in online transactions twenty-four hours a day.  With this, credit cards and online transactions are quickly becoming an important legal issue.  The different areas include: types of payment methods and their components, legislation, and online security such as encryption software.  All parties must understand this complex scenario to successfully navigate and participate in any online transactions.
With consumers, businesses, and governments transacting business on the internet more than ever, various electronic payment methods have arose.  The most widely used payment method is credit cards, which account for eighty percent to ninety percent of internet payments .  Debit cards are also another major medium of payment.  Variations such as electronic money or e-money and stored value cards have added features beyond the normal credit card and debit card.  The goal of these variations of electronic payments has been to make purchasing simpler by allowing the transfer of cash value to a card  .  Unlike the debit card that deducts money from an account, the card itself represents the account.  For example, retailers are replacing the traditional gift certificates for these stored value cards because they allow more purchasing options.  They can be used either online or offline.  Some stored value cards can be recharged w ...