CHAMELI DEVI SCHOOL OF ENGINEERING SEMINAR ON : MONEY PAD, THE FUTURE WALLET SUBMITTED TO:SUBMITTED BY: PROF.JASWANT MANDLOIASHITA JAIN COMPUTER SCIENCE.

CHAMELI DEVI SCHOOL OF ENGINEERINGCHAMELI DEVI SCHOOL OF ENGINEERINGSEMINAR ON : MONEY PAD, THE FUTURE WALLET

SUBMITTED TO: SUBMITTED BY:PROF.JASWANT MANDLOI ASHITA JAINCOMPUTER SCIENCE DEPARTMENT0832CS091027

Table Of ContentsAbstractKey wordsIntroductionTechnical DetailsHow To Use Money Pad?Why Use Money Pad?Fields Of ApplicationConclusionAcknowledgement

ABSTARCTJust as fiat money replaced specie-backed 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-cas h”

KEY WORDS

KEY WORDS1. MONEY PAD - A form of credit card or smart card similar to

floppy disk, which is introduced to provide, secure e-cash transactions.

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

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

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

5. FLOAT – The transaction in terms of digi-cash, which takes zero-sumgain, is called float

INTRODUCTION  The wallet of the future will hold less paper cash, coins and

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

There is nothing inherent in the technology that makes it less protective of privacy and individual rights. Advancement’s likeBiometrics Technology has made individual privacy even more secure.

The e-cash handling system is a device that facilitates secure currency transactions. We call it as Money Pad which recognises Finger Print’s of the user and decides weather the user is a authorised person or not.

 Every time the user wants to access the Money Pad he has to make an impression of his finger, which willbe sensed and matched with the one in the hard disk.

TECHNICAL DETAILS  Basic Of The Present System:

1.Credit Card

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.

3.Insecure transactions using fixed encryption.4.The card has to be renewed once it is

expired.

2. Smart CardDisadvantaged:1.Insecure transactions using fixed

encryption.2. Risk of data loss due to chip failure.

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

here we presenta medium of exchange to carry digital cash wherever man wants, which we name as “Money Pad”.

Money pad is one such medium of exchange, which aims to provide secure means of currency exchange. It’s a means that carries digital cash,as paper cash is going to extinct. “In order to use this money pad it is necessary to have at least one e-bank in every city”.

Money pad is a biometric system similar to a credit card or a smart card just like a floppy disk. It consists of a touch sensor and magnetic disk as its peripherals .

Touch sensor is used to record the fingerprint of the user. Magnetic disk, which has the read and write permission is used to hold the authentication details of the user, bank code as well as digi-cash. The bank code and account number of the owner of this money pad is present on the label.

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

NOTE : The Money Pad consists of storedinformation like account number, bank code (from where he has purchased this money pad)and his fingerprint.

Transaction Using Money Pad :1.Place your finger on the touch sensor &

then on the finger print reader.2.Enter bank code & account number to

enter into e-bank services.3. If a finger print match occurs the reader

knows that he is a authorised user and allows for further transactions.

If not then the reader comes to know that the user is unauthorised and a provision can be made so that the digicash present in the Money Pad is e-mailed back to the authorised accountholder using theuser details present in the Money Pad.

WHY USE MONEY PAD?Instant cleaning of funds.Avoids insecure ways of carrying money.Provides strong security.Can be used by a common man.Avoids nuisance of renewing.

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

transaction. Can be used to carry out remote

transactions.Useful to carry Digital cash. Utilization of personal data in filling

order forms. Applicable in m-commerce transactions.Applicable in daily life.

CONCLUSION For a digital currency system to attain widespread

recognition and use thefollowing three requirements are necessary:1. Instant clearing of funds2. Elimination of payment risk3. Secure transactions using strong encryptionSince the Money Pad aims to satisfy the above conditions there is no doubt that in near future it will be widely recommended for use.

Once the Money Pad is implemented it has a wide scope. Though atpresent we may use finger print reader to access the digi-cash in the near future the device can be automated into Mobile phone, Watches, Hand held devises, as well as WAP devices. In future when internet is going to capture the world there is no requirement of any card or pad just a small device which can recognise the finger print can be attached at any place throughout the world. Thus requiring no device to carry money, just a man is required to access digi-cash and proving “Man As Money”. At last since Thumb Impression is going to provide a strong base for security in the future we can predict that “History Repeats”

ACKNOWLEDGEMENTThe satisfaction and euphoria that accompanies the

successfulcompletion of any task, would be incomplete without the mention of the people who made it possible, whose constant guidance, support and encouragement crown all the efforts with success.

I wish to express my sincere gratitude to Dr. CNS Murthy, Dean,CDSE and Prof. P. Lakkadwala, H. O. D Computer Science Department for their kind permission to utilise the resources of the department. My sincere thanks & Prof. Jaswant Mandloi, Lecturer, Computer Science Department, for having consented to be the guide, and for his valuable guidance and support during the preparation of this presentation. Last but not the least I would like to thank my family and friends who have been a constant source of inspiration.