MONEY PAD-THE FUTURE WALLET MONEY PAD-THE FUTURE WALLET

CONTENTSAbstractKey wordsIntroductionTechnical DetailsHow To Use Why To Use ApplicationConclusion

ABSTRACTReplaced paper currencies, electronically. Initiated debits and credits will become the dominant

payment modes, creating the potential for private money to compete with government-issued currencies.

Just as every thing is getting under the shadow of “e” today we have paper currency being replaced by electronic money or e-cash.

The Money Pad introduced here uses the biometrics technology for Finger Print recognition. 

Thus providing a form of security to the ever-lasting transaction currency of the future “e-cash”

KEY WORDS

KEYWORDMONEY PAD - A form of credit card or smart card similar to floppy disk, which is introduced to provide, secure e-cash transactions.

DIGITAL MONEY OR e-CASH -  they refer to any of the various methods that allow a person to purchase goods or services by transmitting a number from one Computer to another.

BIOMETRICS TECHNOLOGY - Technology used to accurately identify and verify an individual’s identity.

FINGER PRINT READER – A machine with read/write head capable of reading the information stored in the Money Pad.

INTRODUCTIONThe 21st century will be paperless paper currency and

checks are gradually being substituted by smartcards, digital cash and instant transfers of funds.

It will hold Money Pad containing digital cash and other financial information, updated — perhaps automatically — by a PDA with a satellite communication link.

Biometrics Technology has made individual privacy even more secure

Money Pad recognises Finger Print’s of the user and decides weather the user is a authorized or not.

PRESENT SYSTEM

(A)DEBIT CARD

(B)SMART CARD

They are payment devices that allows the consumer to make purchases within guarantied limits as defined by the issuer of card.

Holds up to 8000 bytes of information

Disadvantages-

1- Instant clearing of funds is not possible .

2- User is always under the pressure of limits on purchase defined by the issuer of the card and also every transaction involves certain Charges

New Approach  To over come the above drawbacks of credit cards and smart cards

a medium of exchange to carry digital cash wherever man wants, which was named as “Money Pad”.

Operations of money pad:-Design of the system:-

Transaction using money pad A user wants to use the money pad he has to place his finger on the touch sensor

and then place it in a finger print reader. The reader will ask for bank code of the database. Then he can enter into his e-bank, After the reader will access the finger print.

Finger print reader

Money pad

Database server

E-bookCannot access cash is emailed to owner’s account

General info. Of users

Info.collected in passed to the server for verification

Authorised

Unauthorised

Technical implementation of money pad

The money pad uses the Biometric Technology as the technique with which the security is provided. Biometric Technology are used to accurately identify and verify an individuals identity.

It generally believed that the pattern on each finger unique.

HOW A SENSOR WORKS ?• A sensor reads the ridge pattern on the finger

surface.• Analog reading in the digital from through an

analog to digital converter.

How To Use Money Pad?New User :1. Visit a nearby bank with e-banking facility.2. Create an account with some balance.3. Give necessary details along with finger prints.4. User is given bank code & account number along with money

pad

The Money Pad consists of stored information like account no., bank code (from where he has purchase money pad ) and his finger print.

FIELDS OF APPLICATIONSApplicable in e-banks  and in any kind of e-transaction.

Useful to carry Digital cash.

 Utilization of personal data in filling order forms.

 Applicable in m-commerce transactions.

CONCLUSION For a digital currency system to attain widespread recognition

and use the following three requirements are necessary:

1. Instant clearing of funds

2. Elimination of payment risk

3. Secure transactions using strong encryption

Since the Money Pad aims to satisfy the above conditions there is no doubt that in near future it will be widely recommended for use.