Lovely Hands Company (LHC) is a jewelry store that specializes in diamond rings, Rolex watches and precious stone ornaments, such as diamond earrings. LHC's products start at $500 and go upwards to a few high end items that sell for hundreds of thousands of dollars. The in-store jeweler, a master craftsman, designs products for his customers, and is world-renowned for his original designs.

LHC is considering embedding tiny RFID chips, called the Memory Spot, on the inside of each jewelry item in inconspicuous locations. At a size only slightly larger than the tip of a pencil, the Memory Spot can easily be placed upon products in places where they are difficult to remove without the proper tools. The jeweler would be responsible for embedding and removing these chips. For low-end products (those that sell for less than $2,000), the chips would be permanently installed, while for high-end products they would be removed after customer payment by the jeweler, at the option of the customer.

The Memory Spot does not require a power source, as it uses power from the magnetic field generated by the wireless sensor network or by some wireless devices. The Memory Spot will contain information such as the materials present in the item (e.g. gold, platinum, emerald, or diamond), the item serial number, and its sales price. It will also contain the name and address of the store, and tracking software that can be remotely triggered in the event that the item is stolen. Since the Memory Spot reader must be very close to the item, the inside of the display cases will be fitted with readers, and trigger devices that can be turned on by employees with a foot button in the event of a robbery. The software will also be activated when the store closes at the end of the day, and deactivated when the store opens.

At time of purchase, store equipment will read the Memory Spot, match the information to the customer invoice, and transfer to the Memory Spot the customer's name and address. In addition to using wireless systems for the Memory Spot, the store's local area network is also enabled using wireless technology.

Required:

1. A) Describe five different types of electronic payments that LHC could accept. You could assume that LHC accepts B2B e-payments as well. (5 marks)