INTRODUCTIONThe 21 st century will be paperless paper currency and checks are gradually being substituted by smartcards, digital cash and instant transfers of funds.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.
Credit cards disadvantages• Instant clearing of funds is not possible .• User is always under the pressure of limits on purchase defined by the issuer of the card and also every transaction involves certain Charges.• Insecure transactions using fixed encryption.• The card has to be renewed once it is expired.
Smart cardsdisadvantages• Insecure transactions using fixedencryption.• Risk of data loss due to chip failure.
Operations of money pad Process in request of money pad. New user Enter an e-book Request for money pad Creates the details of the new user and his finger Create for print recordnew accountMoney pad is Database server issued
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 accessGeneral info.finger print. the Of users Info.collected in passed to Finger print the server for verification reader Database server Unauthorised Money pad Cannot access cash is emailed to E- owner’s account Authorised book
Technical implementation of money padThe 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.The accuracy of any biometric system is measured in two ways : False Acceptable Rate – where an imposter is accepted as a match. False Rejection Rate – where a legitimate match is denied access.
Applications of money pad• Applicable in e-banks and in any kind of e-transactions.• The money pad device is capable of carrying digi-cash and it is useful to perform any kind of e-banking or any kind of e-transaction.• To perform remote transaction like e-payments, digi-cash transfer etc.,Useful to carry Digital cash..• The Money pad provides a secure means to carry digi-cash.• It is applicable to any kinds of ecommerce transactions.
Applicable in daily life.• It is useful in shopping, identification, telephone services and licenses . It is applicable in daily life.
Conclusions• The following three requirements are necessary;1. Instant clearing of funds2. Elimination of payment risk3. Secure transactions using strong encryption• 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 recognize the finger print can be attached at any place throughout the world.