e-Wallet – THE FUTURE OF CARDS ABSTRACT: Using the basic concepts of Embedded Systems, an idea for changing the future of Cards (Banking, Petro, Health, Televoice, etc.) is proposed in this paper. Requirement of a special card reader, limited lifetime, acceptance being the main disadvantages of today’s traditional cards, led to the design of e- Wallet. The main objective of e-Wallet is to make paperless money transaction easier. The main idea behind this paper is to bring in a cheaper, more versatile and much more easily usable kind of a card. Using this e- Wallet the transaction procedure can be as simple as: the customer goes to the point of sale (POS), does the purchasing and when it comes to the payment, the customer submits his e-Wallet to vender who connects it to his terminal (PC).The vender displays the billing information to the customer who finalizes it. The amount in the e-Wallet is updated accordingly. Later at periodic intervals, the vender intimates the bank (in 1 1
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e-Wallet – THE FUTURE OF CARDS
ABSTRACT:
Using the basic concepts of Embedded Systems, an idea for changing the
future of Cards (Banking, Petro, Health, Televoice, etc.) is proposed in this paper.
Requirement of a special card reader, limited lifetime, acceptance being the main
disadvantages of today’s traditional cards, led to the design of e-Wallet. The main
objective of e-Wallet is to make paperless money transaction easier. The main idea
behind this paper is to bring in a cheaper, more versatile and much more easily
usable kind of a card. Using this e-Wallet the transaction procedure can be as
simple as: the customer goes to the point of sale (POS), does the purchasing and
when it comes to the payment, the customer submits his e-Wallet to vender who
connects it to his terminal (PC).The vender displays the billing information to the
customer who finalizes it. The amount in the e-Wallet is updated accordingly. Later
at periodic intervals, the vender intimates the bank (in case of credit cards) which
transfers the amount from the customer’(s) account to his. The advantages of e-
Wallet are its ease of use (doesn’t require a separate card reader), ease of
maintenance, flexibility, safety, being the primary ones. The designing of the card is
similar to any other embedded card. The designing cost of the card (e-Wallet) being
as low as the price of a pizza. There are ample enhancements to this application
from credit cards to televoice cards. Unlike traditional cards which are application
oriented, all the applications’ software can be embedded into this e-Wallet which
provides multi-functionality.
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1. INTRODUCTION:
With the advent of computers many technologies are taking this world by a
surprise. These include Embedded Systems (ES), Artificial Intelligence (AI),
Neural Networks (NN), Fuzzy Logic, Bluetooth and many more are upcoming. This
paper deals with Embedded Systems in a new perspective.
In easy terms, Embedded Systems can be viewed as a combination of
hardware and software components, in which the software is implanted into the
hardware to do the specific job. These ES were implemented in various fields from
Battery chargers to Aviation Systems besides Cell phones (GSM, GPRS, CDMA,
etc.). These ES are being developed in ‘leaps and bounds’. The never-ending efforts
of many scientists in the field of ES led to the evolution of Smart Technology (ST).
The main objective of e-Wallet is to make paperless money transaction
easier. The electronic wallet (e-Wallet) is just like a leather wallet as it does the
same, in terms of e-cash. In today’s life where monetary value and security both, go
hand in hand, it is difficult to satisfy customers using the routine cards. The main
idea behind this paper is to bring in a cheaper, more versatile and much more easily
usable kind of a card.
Using the basic concept of ES, an idea for changing the future of Cards
(Banking, Petro, Health etc.) is proposed in this paper. To interpret this idea, it is
first needed to know the pros & cons of today’s ‘traditional’ cards. . Consider the
example of banking, The magnetic stripe cards used for transactions are as simple
as visiting cards, with a magnetic tape to hold the information
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The basic advantages of these cards are:
Ease of mobility
Ease of use
Coming to the disadvantages of these cards, few are listed here under:
Easy Duplication
Requires a special card reader
Networking problems
No memory to hold the current balance
Limited lifetime
No particular user authentication
Unsecured remote transaction
Limited acceptance
Vulnerable to moisture, heat, dirt etc.
and the list goes on……
Keeping these pros & cons in view, the Smart Technology is introduced to
develop a new class of cards. This stream of Smart Technology can be termed as
Smart Card Technology (SCT). This smart card has a microprocessor or memory
chip embedded in it that, when coupled with a reader, has the processing power to
serve many different applications. Such cards can be referred to as e-Wallet
(electronic Wallet).
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2. What is a e-Wallet?
A e-Wallet(digital wallet) is a software component that allows a user to make an
electronic payment with a financial instrument (such as a credit card or a digital
coin), and hides the low-level details of executing the payment protocol that is used
to make the payment.
A e- Wallet functions much like a physical wallet. The digital wallet was
first conceived as a method of storing various forms of electronic money (e-cash),
but with little popularity of such e-cash services, the digital wallet has evolved into
a service that provides internet users with a convenient way to store and use online
shopping information
3. Transaction Procedure:
The e-Wallet cardholder goes to a point of sale (POS) location where the e-
Wallet is accepted. Having chosen the goods he wishes to buy, he goes to the cash
desk. Here, the merchant calculates the total value and enters it on the payment
terminal using a keypad. The terminal then displays the amount on a small screen
facing the cardholder, who confirms the amount by pressing an "OK" button. In less
than a second, the value is transferred from the e-Wallet to the terminal, and the
value remaining in the e-Wallet is adjusted. This is an off-line transaction. A
message is displayed to both the cardholder and the merchant saying that the