MoneyPad:The Future Wallet

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DIGITAL WALLET AND E-COMMERCE
BY JINKAL PATEL

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MoneyPad:The Future Wallet

  1. 1. 100630107049,100630107047 MONEY PAD: THE FUTURE WALLET A Seminar Report on “MONEY PAD: THE FUTURE WALLET”For the partial fulfillment of degree of Bachelor of Engineering for the Gujarat Technological University By PATEL JINKAL P. (100630107049) PATEL KRUSHNA C. (100630107047) B.E. III Year (Sem-V) Under guidance of CHETAN CHUDASAMA Faculty of Computer Department / IT Department At MBICT, New Vidhyanagar Year- 2012MBICT/CE/2012 1
  2. 2. 100630107049,100630107047 MONEY PAD: THE FUTURE WALLET MADHUBEN & BHANUBHAI PATEL WOMEN’S INSTITUTE OF ENGINEERING, NEW VIDHYANAGAR Certificate This is to certify that Ms. PATEL JINKAL P, PATELKRUSHNA C En. No. 100630107049,100630107047 ThirdYear Computer Engineering has satisfactorily completed herterm work in SEMINAR for the term July-2012 to December –2012.Seminar Title: MONEYPAD: THE FUTURE WALLETDate:CHETAN CHUDASAMA SHITTAL GONDALIAFaculty Guide Head of DepartmentMBICT/CE/2012 2
  3. 3. 100630107049,100630107047 MONEY PAD: THE FUTURE WALLET ACKNOWLEDGEMENTi It is matter of great pleasure for me to submit this seminar report on “Money Pad : The Future Wallet”, as a part of curriculum for award of “Bachelor in Engineering (Computer Engineering)” degree of Gujarat Technical University(Gujarat). I am thankful to my seminar guide Prof. SHITTAL GONDALIA, Head in Computer Engineering .Department for her constant encouragement and suitable guidance .I take this opportunity to express my deep sense of gratitude towards those, who have helped me in various ways, for preparing my seminar. At the last, I am thankful to my parent, who had encouraged and inspired me with their blessing.MBICT/CE/2012 3
  4. 4. 100630107049,100630107047 MONEY PAD: THE FUTURE WALLET INDEXNO. SUBJECT PAGE NO.1 ABSTRACT 52 INTRODUCTION 73 KEY WORDS 94 FORMS OF MONEY 115 TECHNICAL DESTAILS OF PAPER 156 OPERATION OF MONEY PAD 247 WHY USE MONEYPAD? 258 TRANSACTION USING MONEY PAD 279 TECHNICAL IMPLEMENTATION 2810 FIELDS OF APPLICATION 2911 FUTURE SCOPE 3112 CONCLUSION 3213 REFERENCES 33MBICT/CE/2012 4
  5. 5. 100630107049,100630107047 MONEY PAD: THE FUTURE WALLET ABSTRACT"Money in the 21st century will surely prove to be as different from the money of the currentcentury as our money is from that of the previous century. Credits will become the dominantpayment modes, creating the potential for private money to compete with government-issuedcurrencies."Just as everything is getting under the shadow of “e” today we have paper currency beingreplaced by electronic money. In the emerging field of electronic commerce, novelbuzzwords like smartcards, online banking, digital cash, and electronic checks are being usedto discuss money. But how are these brand-new forms of payment secure? And mostimportantly, which of these emerging secure electronic money technologies will survive intothe next century?These are some of the tough questions to answer but here’s a solution, which provides a formof security to these modes of currency exchange using the “Biometrics Technology”. TheMoney Pad introduced here uses the biometrics technology for Finger Print recognition.Money Pad is a form of credit card or smartcard. Every time the user wants to access theMoney Pad he has to make an impression of his fingers which will be scanned and matchedwith the one in the hard disk of data base server. If the finger print matches with the user’s hewill be allowed to access and use the Pad otherwise the Money Pad is not accessible.Thus providing a form of security to the ever - lasting transaction currency of the future “e-cash”.MBICT/CE/2012 5
  6. 6. 100630107049,100630107047 MONEY PAD: THE FUTURE WALLET LIST OF FIGURESNO. FIGURE NAME PAGE NO.1 MONEY PAD 82 HAND CASH 113 MONEY PAD 144 INTER BANK COMPUTER NETWORKS 155 PRESENT BANKING SYSTEM 166 VARIOUS DEBIT CARDS 177 AN EXAMPLE OF STREET MARKET ACCEPTING 18 CREDITS CARDS8 CREDIT CARDS 189 SMART CARD APPLICATION 1910 SMART CARD IC CHIP DIAGRAM 2011 DEBIT CARD 2112 HOW TO WORK MONEY PAD? 2313 PROCESS OF ISSUING MONEY PAD 2414 TRANSACTION OF MONEY PAD 2715 FINGER PRINT READER 28MBICT/CE/2012 6
  7. 7. 100630107049,100630107047 MONEY PAD: THE FUTURE WALLET 1. INTRODUCTION The 21st century will not be "cashless", as many now predict. However, it does seemclear that the currency of the 21st century will be "paperless". Paper currency and checks aregradually being substituted by smartcards, digital cash and instant transfers of funds. Thelarge paper bureaucracy of banks is quickly becoming redundant, burdensome, and even outof date. The evolution in digital money is happening so fast that banks cannot adopt quicklyenough and will eventually collapse like top-heavy giants, blown over by the winds offinancial change. 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 .As the newtechnologies develop into new ways of making payment, one concern naturally arises. Thereis nothing inherent in the technology that makes it less protective of privacy and individualrights. Advancement’s like Biometrics Technology has made individual privacy even moresecure. As developments in electronic money gather pace, protection of individual rightsmust be kept in focus. Because the record of most governments so far in these early stagesof electronic commerce has been seen by many to be confrontational and not protectiveof individual rights, it is likely that the preservation of these rights is one reason that privatecurrencies are likely to emerge on the Internet and to eventually play an important role inglobal commerce. In order to protect the rights and properties of each individual we thought ofproviding a security system, which every human being can understand and feel free to use.Human beings feel secure when they have their own security arrangements to protect theirrights and as well as wealth. Keeping this point of view in mind the Biometrics Technology isused to develop an e-cash handling system, which is similar to well known credit cards andsmartcards. The e-cash handling system is a device that facilitates secure currencyMBICT/CE/2012 7
  8. 8. 100630107049,100630107047 MONEY PAD: THE FUTURE WALLETtransactions. We call it as Money Pad which recognizes Finger Prints of the user and decideswhether the user is an authorized person or not. Every time the user wants to access theMoney Pad he has to make an impression of his finger, which will be sensed and matchedwith the one in the hard disk. If the finger print matches with the user’s he will be allowed to access and use thePad otherwise the Money Pad is not accessible. 1.1 money padMBICT/CE/2012 8
  9. 9. 100630107049,100630107047 MONEY PAD: THE FUTURE WALLET 2. KEYWORDS2.1 Money Pad2.2 Digital or Electronics Cash2.3 Personal Digital Assistant2.4 Biometrics Technology2.5 Finger Print Reader2.6 Float2.7 Flat Money2.8 Spice - Backed2.9 Legitimate2.1 MONEY PAD - A form of credit card or smart card similar to floppy disk, which isintroduced to provide, secure e-cash transactions.2.2 Digital or Electronic CashThese terms are also used interchangeably, and they refer to any of the various methods thatallow a person to purchase goods or services by transmitting a number from one computer toanother. The numbers are issued by a bank and represent sums of real money. Digital cash isanonymous and reusable.MBICT/CE/2012 9
  10. 10. 100630107049,100630107047 MONEY PAD: THE FUTURE WALLET2.3 Personal Digital Assistance - A PDA, sometimes referred to as a palm-topcomputer is smaller than a laptop computer and does not have as much computing power.Used to send email via a wireless modem, write documents in a text editor, performcalculations in a spreadsheet, store names and addresses, and perform other common businessand personal tasks.2.4 Biometrics Technology - Technology used to accurately identify and verify anindividual’s identity.2.5 Finger Print Reader – A machine with read/write head capable of reading theinformation stored in the Money Pad.2.6 Float – The transaction in terms of digi-cash, which takes zero-sum gain, is called float.2.7 Fiat Money – Authorized money.2.8 Specie-Backed – Coined money.2.9 Legitimate – Law full.MBICT/CE/2012 10
  11. 11. 100630107049,100630107047 MONEY PAD: THE FUTURE WALLET 3. FORMS OF MONEY3.1 Hand Cash3.2 E-cash3.1 HAND CASH:-The amount of money in the form of cash that a company has after it has paid all its costs.Written at the top of the assets side of a balance sheet to show the amount of money held by acompany in the form of notes and coins.If someone is paid cash in hand, they are paid in notes and coins so there is no written recordof the payment. 3.1 Hand CashMBICT/CE/2012 11
  12. 12. 100630107049,100630107047 MONEY PAD: THE FUTURE WALLET3.2 E-CASHE-cash represent different types of products. This section explores the different types of e-cash product and how each function. Stored electronically , used to make online electronic payments Similar to traditional bank accounts Used with other payment technologies (digital wallets) Alleviates those with no credit cards to shop online Merchants accepting digital cash payments avoid credit card transaction fees E-cash technologies , Inc. is a secure digital cash provider that allows you to withdraw funds from your traditional bank account.MBICT/CE/2012 12
  13. 13. 100630107049,100630107047 MONEY PAD: THE FUTURE WALLET 4. E-WALLET Digital wallet allows user to make electronics commerce transactions quickly and securely. A digital cash wallet functions much like a physical wallet. The digital wallet was first conceived as a method of storing various forms of electronic money, but with little popularity of such e-cash services, the digital wallet has evolved into a service that provide internet users with a convenient way to store and use online shopping information. The term “digital wallet” is also increasingly being used to describe mobile phones, especially smart phones, that stores an individual’s credentials and utilize wireless technologies such as near field communication to carry out financial transactions. Keep track of your billing and shipping information so that it can be entered with one click at participating sites. Store e-checks e-cash and credit card information.4.1 CREDIT CARD COMPANIES OFFER A VARITY OF E-WALLETS Visa e-wallets MBNA e-wallets allows one click shopping at member sites Entrypoint.com offers a personalized desktop toolbar that includes an e-wallet.A group of e-wallet vendors have standardized technology with Electronic CommerceModeling Language  Context independent knowledge Name, E-mail address, context independent preferencesMBICT/CE/2012 13
  14. 14. 100630107049,100630107047 MONEY PAD: THE FUTURE WALLET  Context dependent knowledge “When driving I don’t want to receive instant message”  Service invocation rules Automated services identification and access Map contextual attributes onto different resources  Privacy rules Access control rules “Only my classmates can see my location” Obfuscation rules “My classmate can only see the building I am in but not the actual room”. 4.1 money padMBICT/CE/2012 14
  15. 15. 100630107049,100630107047 MONEY PAD: THE FUTURE WALLET 5. TECHNICAL DETAILS OF PAPER5.1 Basic of the Present System5.2 Credit Card5.3 Smart Card5.4 Debit Card5.1 Basic of the Present SystemPresently due to the usage of computers in almost all the fields the demand for the utilizationof Electronic Money have been increased. Payments made today in nearly all of the depositcurrencies in the worlds banking systems are handled electronically through a series ofinterbank computer networks. Credit cards and smartcards are widely used to enter into theseinterbank computer networks in order to perform transactions. These are the popular mediumwidely existing as a recent medium of currency in the e-cash scenario. The mode of usageand the security provided by these currency mediums are as follows. 5.1.1 Interbank Computer NetworksMBICT/CE/2012 15
  16. 16. 100630107049,100630107047 MONEY PAD: THE FUTURE WALLET 5.1.2 Present Banking system5.2 CREDIT CARDSCredit cards are payment devices that allow the consumer to make purchases within certainguaranteed limits as defined by the issuer of the card. To use a credit card in most cases it issufficient to present the merchant with the card number and the cardholders name andexpiration date of the card. These data can be conveniently transmitted over the Internet.Furthermore, credit cards process funds by electronic means. The user has to swap the card inthe card reader machine then the machine asks for authentication information like secretpassword etc. Later the user is allowed to perform the transaction. These credit cards haveseveral disadvantages like, Disadvantage:- 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 itMBICT/CE/2012 16
  17. 17. 100630107049,100630107047 MONEY PAD: THE FUTURE WALLET 5.2.1 Various Credit CardsMBICT/CE/2012 17
  18. 18. 100630107049,100630107047 MONEY PAD: THE FUTURE WALLET Benefits to merchants 5.2.2 An example of street markets accepting credit cardsCredit cards are issued after an account has been approved by the credit provider, after whichcard holders can use it to make purchases at merchants accepting that card .When a purchaseis made, the credit card user agrees to pay the card issuer. The card holder indicates his/herconsent to pay, by signing a receipt with a record of the card details and indicating theamount to be paid or by entering a Personal identification number(PIN). Also, manymerchants now accept verbal authorizations via telephone and electronic authorization usingthe Internet, known as a Card/Cardholder Not Present (CNP) transaction. 5.2.3 Credit cardsMBICT/CE/2012 18
  19. 19. 100630107049,100630107047 MONEY PAD: THE FUTURE WALLET5.3 SMARTCARDSA smartcard resembles a credit card except that it has a microchip embedded within it, whichallows the smartcard to store information and sometimes to even perform simple calculations.Common smartcard chips typically holds about 8,000 bytes (characters) of information,which enables the smartcard to perform a variety of functions such as identification, storingbank account information and holding digital cash. Payment information in the form ofcurrency value is stored on this chip and can be retrieved with specially designed cardreaders.Disadvantages: Insecure transactions using fixed encryption. Risk of data loss due to chip failure. 5.3.1 Smart Card ApplicationMBICT/CE/2012 19
  20. 20. 100630107049,100630107047 MONEY PAD: THE FUTURE WALLET 5.3.2 Smart Cards IC Chip Diagram. 5.4 DEBIT CARDS A debit card (also known as a bank card or check card) is a plastic card that provides the cardholder electronic access to his or her bank account(s) at a financial institution. Some cards have a stored value with which a payment is made, while most relay a message to the cardholders bank to withdraw funds from a designated account in favor of the payees designated bank account. The card can be used as an alternative payment method to cash when making purchases. In some cases, the primary account number is assigned exclusively for use on the Internet and there is no physical card. The use of debit cards has become widespread in many countries and has overtaken cheque and in some instances cash transaction by volume Like Credit cards, debit cards are used widely for telephone and internet purchases. 5.4.1 TYPES OF DEBIT CARDS An Example of the front of a typical debit card: Issuing bank logo EMV chip Hologram Card number Card brand logoMBICT/CE/2012 20
  21. 21. 100630107049,100630107047 MONEY PAD: THE FUTURE WALLET Expiry date Cardholder’s name An example of the reverse side of a typical debit card: Magnetic stripe Signature strip Card security code 5.4.1 Debit CardMBICT/CE/2012 21
  22. 22. 100630107049,100630107047 MONEY PAD: THE FUTURE WALLET New Approach:-As this is an era of internet everything is getting online like shopping, business, banking etc.In the recent trend even money is available online at any time in the form of digi-cash orcyber cash etc. These are the recent medium of exchange, which are necessary for theexistence of e-banking. As in future the world is going to be paper less cash the existence ofe-cash will lead e-banking. In future internet is going to capture the whole world and theprivate currency will become the media of exchange in e-banks replacing the governmentcurrency. Keeping this point of view in mind and to overcome the above drawbacks of creditcards and smart cards here we present a medium of exchange to carry digital cash whereverman wants, which we name as “Money Pad”. Money Pad:-Money pad is one such medium of exchange, which aims to provide secure means ofcurrency exchange. It’s a means that carries digital cash, as paper cash is going to extinct. “Inorder to use this money pad it is necessary to have at least one e-bank in every city”. Moneypad is a biometric system similar to a credit card or a smart card just like a floppy disk. Itconsists of a touch sensor and magnetic disk as its peripherals. Touch sensor is used to recordthe fingerprint of the user. Magnetic disk, which has the read and write permission is used tohold the authentication details of the user, bank code as well as digi-cash. The bank code andaccount number of the owner of this money pad is present on the label.MBICT/CE/2012 22
  23. 23. 100630107049,100630107047 MONEY PAD: THE FUTURE WALLET5.4.2 How To Work Money Pad:-MBICT/CE/2012 23
  24. 24. 100630107049,100630107047 MONEY PAD: THE FUTURE WALLET 6. Operation of Money Pad New User:When a user wishes to have a Money Pad, he is supposed to visit a nearby bank which has ae-bank facility. It is necessary for the new user to create a account with some minimumbalance. The authentication details along with his fingerprint is recorded and stored in thedata base server. The user is provided with a account number and bank code along with hisMoney Pad. The Money Pad consists of stored information like account number, bank code(from where he has purchased this money pad) and his fingerprint. Design of System Process in request of money pad 6.1 Process of issuing money padMBICT/CE/2012 24
  25. 25. 100630107049,100630107047 MONEY PAD: THE FUTURE WALLET 7. WHY USE MONEY PAD?7.1 Instant clearing of funds7.2 Avoid the insecure way of carrying money7.3 Provide strong security7.4 Can be meet by a common man7.5 Avoid the nuisance of renewing7.1 Instant clearing of fundsThe instant clearing of funds means the end of float, which is the time spent waiting for afund transfer to clear. Payments can be instantly made as man himself carries digital - cashwith him. There is no need for any intermediate party to clear the funds.7.2 Avoids the insecure way of carrying moneyThe present trend is full of theft and robbery. Man is in fear while he is carrying a hugeamount from place to place. The medium of exchange that is introduced (Money Pad)eliminates this fear since man need not carry any hard cash as it is stored in the form ofdigital money. In case he loses the Money Pad the provision can be made such that the lostcash can be recurred into his own account by e-mail facility.7.3 Provides strong securityMBICT/CE/2012 25
  26. 26. 100630107049,100630107047 MONEY PAD: THE FUTURE WALLETAs we know everybody has a different fingerprint it is a rare case to have two persons withsame fingerprint. Taking this into consideration Money Pad uses Biometric Technology toprovide strong security.7.4 Can be meet by a common manSince credit card and smart card require the facility that a minimum deposit should be presentwhich is very high to be meet by a common man. Whereas Money Pad doesn’t require anyminimum high deposit but it requires a small amount which can be meet by a common man.7.5 Avoids the nuisance of renewingMoney Pad once issued is permanent, as it doesn’t require any kind of renovation.MBICT/CE/2012 26
  27. 27. 100630107049,100630107047 MONEY PAD: THE FUTURE WALLET 8. TRANSACTION USING MONEY PADWhenever a user wants to use the Money Pad he has to place his finger on the touch sensor and thenplace it in a finger print reader. The reader will ask for bank code so that he can enter into his e-bank,then his account number so that he can enter into his account. After this the reader will access thefingerprint and matches with that present on the Money Pad as well as present in the data base server.If a match occurs the reader knows that he is an authorized user and allows for further transactions. Ifnot then the reader comes to know that the user is unauthorized and a provision can be made so thatthe digital cash present in the Money Pad is e-mailed back to the authorized account holder using theuser details present in the Money Pad. As the Money Pad has read and write facility it is used to download digital-cash, carry on transaction and store the balance. 8.1 Transaction of money padMBICT/CE/2012 27
  28. 28. 100630107049,100630107047 MONEY PAD: THE FUTURE WALLET 9. TECHNICAL IMPLEMENTATIONThe Money Pad uses the Biometric Technology as the technique with which the security isprovided. Biometric Technology are used to accurately identify and verify an individual’sidentity. This involves identifying his physiological and behavioral characteristics.Biometrics in general refers to the study of biological characteristics. With reference tocomputer security, it refers to authentication techniques using biological characteristics thatare measurable or identifiable and unique to an individual.The accuracy of any biometric system is measured in two ways: False Acceptance Rate – Where an impostor is accepted as a match. False Rejection Rate – where a legitimate match is denied access.Fingerprint verification is one such biometric system, which authenticates weather the user isa authorized person or not. It involves the user placing his finger over a glass plate, whichresides over a high-resolution change coupled cameras. The image captured is compared tothat in the systems database and decides the user authentication. A finger print reader can beused for this purpose. 9.1 Finger print readerMBICT/CE/2012 28
  29. 29. 100630107049,100630107047 MONEY PAD: THE FUTURE WALLET 10. FIELDS OF APPLICATION10.1Applicable in e-banks and in any kind of e-transactions The money pad device is capable of carrying digital-cash and hence it is useful to Perform any kind of e-banking or any kind of e-transaction.10.2 Can be used to carry out remote transactions As digital-cash can be carried in Money Pad it is useful to perform remote Transaction like e-payments, dig-cash transfer etc.10.3 Useful to carry Digital cash Since in future paper cash is going to extinct, man needs a secure means to Carry digital-cash. As Money Pad provides a secure means to carry digital-cash it will be very needful in future.10.4 Utilization of personal data in filling order forms The personal data stored in the Money Pad can be used to fill order forms Thus saving users time.10.5 Applicable in m-commerce transactions Since digital-cash is carried everywhere it is applicable to any kind of m commerce Transactions.MBICT/CE/2012 29
  30. 30. 100630107049,100630107047 MONEY PAD: THE FUTURE WALLET10.6 Applicable in daily life As it is useful in shopping, identification, telephone services and licenses it is Applicable in daily life also.MBICT/CE/2012 30
  31. 31. 100630107049,100630107047 MONEY PAD: THE FUTURE WALLET 11.FUTURE SCOPEThe wallet of future will hold paperless cash, coins and magnetic strip cards. It will holdInstead money pad containing digital cash and other financial information. Updated perhapsautomatically by a PDA with satellite communication link.1.Instant clearing of funds2.Elimination of payment risk3.Secure transaction using strong encryptionMBICT/CE/2012 31
  32. 32. 100630107049,100630107047 MONEY PAD: THE FUTURE WALLET 12. CONCLUSIONFor a digital currency system to attain widespread recognition and use the, Following threerequirements 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 futureit will be widely recommended for use. 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 thedevice can be automated into Mobile phone, Watches, Hand held devises, as well as WAPdevices. In future when internet is going to capture the world there is no requirement of anycard or pad just a small device which can recognize the finger print can be attached at anyplace throughout the world. Thus requiring no device to carry money, just a man is requiredto access digital-cash and proving ―Man as Money.At last since Thumb Impression is going to provide a strong base for security in the futurewe can predict that ―History repeats.MBICT/CE/2012 32
  33. 33. 100630107049,100630107047 MONEY PAD: THE FUTURE WALLET 13. REFERENCES www.goldmoney.comfuturemoney.html www.scribd.commoneypad.htmlMBICT/CE/2012 33

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