In the globalised world, most of the data which includes financial information are transferred on the internet as a result of which organisations face unprecedented security threats. Encryption is basically a process of converting plain text into encrypted form, so that, it can be secured against malicious third party attacks like eavesdropping. A number of cryptographic algorithms have been devised for this purpose and one of the most efficient and widely used algorithms being RSA because of its two key natures. In an attempt to further improve the efficiency of the encryption and decryption mechanism of asymmetric approach, we have proposed a new and novel encryption technique. The basic idea behind this novel approach is to reduce the execution time and create the space for its availability in internet. The under proposed new algorithm investigates a novel computational problem and its applications to e-commerce applications. The results of this scheme are computationally comparable to RSA and provably more effective under appropriate assumptions in the standard model. Copyright © 2016 Inderscience Enterprises Ltd.