MVPayword: Secure and efficient Payword-based micropayment scheme

Existence of secure and efficient payment systems for e-commerce applications is a vital need for today transactions in internet environment. Payword is a micropayment system which can achieve high computational performance by utilizing hash chains. However, this system requires the users to generate a new payword chain for each vendor from which they make a purchase. This will degrade overall efficiency of the system. In this paper we propose a new Payword-based micropayment system (MVPayword) which enables the user to make purchases from different vendors using only one hash chain. MVPayword prevents users to do double-spending. Moreover, it can prevent malicious vendors from collaborating to create fake paywords. We will analyze all security and efficiency aspects of MVPayword in detail. Comparison between MVPayword and other similar systems shows that unlike other systems, MVPayword is secure and efficient. Subsequently, it can have many practical applications for micropayment transactions.