It will hold 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 will be sensed and matched with the one in the hard disk.
They are payment devices that allows the consumer to make purchases within guarantied limits as defined by the issuer of card.
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.
Once the Money Pad is implemented it has a wide scope. Though at present 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”
Table Of Contents
How To Use
Why To Use
Replaced 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”
1. 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 a number 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.
The wallet of the future will hold
less paper cash
magnetic stripe cards.
It will hold Money Pad containing digital cash and other financial
information, updated — perhaps automatically — by a PDA with a satellite
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.
They are payment devices that allows the consumer to make purchases within
guarantied limits as defined by the issuer of card.
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 Card
Holds upto 8000 bytes of information
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
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
Cannot access cash is emailed to owner’s
General info. Of users
Info.collected in passed to
the server for verification
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.
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.
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
NOTE: The Money Pad consists of stored
information like account number, bank code (from where he
has purchased this money pad)
and his fingerprint.
WHY USE MONEY PAD?
Instant cleaning of funds.
Avoids insecure ways of carrying money.
Provides strong security.
Can be used by a common man.
FIELDS OF APPLICATIONS
Applicable 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.
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.