The document describes a proposed digital payment system called the Money Pad. The Money Pad uses biometric authentication via fingerprint scanning to securely store and transact digital cash. It aims to provide advantages over existing payment methods like credit cards and smart cards by enabling instant funds clearing, strong security through biometrics, and eliminating the need to carry physical cash. The Money Pad consists of a touch sensor to record fingerprints and a magnetic disk to store authentication details, bank information, and digital cash balances. It is envisioned as a convenient way to perform electronic payments and banking transactions using digital cash.

1. SIE, Bakrol (CE-1)
1.
MONEY PAD THE FUTURE WALLET
Introduction
The money pad is a way of bank cards or intelligent cards used to provide protected etransactions. This is a way of electronic cash which uses biometrics authentication
technology. The Money Pad is used by the customer by providing his handy create impact
on the scanning device and it information the thumbs opinions. An attractive hard drive is
used for saving the thumbs impact information and it contains the lender rule information
etc.
The customer has to place he thumbs impact on the scanning device and it assessments
information from the platform hosting server and if it is correct then he is permitted to type
his account number and the security password and after the effective achievement he is
permitted to make the further dealings. The precision of the Money Pad is measured based
on
the
incorrect
agree
to
amount
and
being
rejectetamount.
The Money Pad uses the most protected security and decryption methods for making the
online dealings. The Money Pad allows the immediate cleaning of the resources and it
functions like a digital cash. This prevents the hassle of the restoration and can be used in m
business and bring out distant dealings in an easier way.
1.2TECHNICAL DETAILS OF THE PAPER
1.2.1 Basic Of The Present System 
Presently due to the usage of computers in almost all the fields the demand for the
utilization of Electronic Money has been increased. Payments made today in nearly all of
the deposit currencies in the world's banking systems are handled electronically through a
series of interbank computer networks. Credit cards and smartcards are widely used to enter
into these interbank computer networks in order to perform transactions. These are the
popular medium widely existing as a recent medium of currency in the e-cash scenario. The
mode of usage and the security provided by these currency mediums are as follows.

1.2.2 Credit Card
Credit cards are payment devices that allow the consumer to make purchases within
certain guaranteed limits as defined by the issuer of the card. To use a credit card in most
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2. SIE, Bakrol (CE-1)
MONEY PAD THE FUTURE WALLET
cases it is sufficient to present the merchant with the card number and the cardholder's name
and expiration 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 in the card reader machine then the machine asks for authentication information
like secret password etc. Later the user is allowed to perform the transaction. These credit
cards have several disadvantages like
1.2.2.1 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.
1.2.3 Smartcards
A smartcard resembles a credit card except that it has a microchip embedded within it,
which allows 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, storing bank account information and holding digital cash. Payment
information in the form of currency value is stored on this chip and can be retrieved with
specially designed card readers.
1.2.3.1 Disadvantages
 Insecure transactions using fixed encryption.
 Risk of data loss due to chip failure.
1.2.4 New Approach
As this is an era of internet every thing 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 or cyber cash etc. These are the recent medium of exchange, which are necessary
for the existence of e-banking. As in future the world is going to be paper less cash the
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3. SIE, Bakrol (CE-1)
MONEY PAD THE FUTURE WALLET
existence of e-cash will lead e-banking. In future internet is going to capture the whole
world and the private currency will become the media of exchange in e-banks replacing the
government currency. Keeping this point of view in mind and to over come the above
drawbacks of credit cards and smart cards here we present a medium of exchange to carry
digital cash wherever man wants, which we name as “Money Pad”.
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MONEY PAD THE FUTURE WALLET
2.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 (Fig-1). 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.
Fig-2.1: A Money Pad
2.1 WHY USE MONEY PAD?
2.1.1 Instant clearing of funds
The instant clearing of funds means the end of 'float', which is the time spent waiting for
a fund transfer to clear. Payments can be instantly made as man himself carries digi-cash
with him. There is no need for any intermediate party to clear the funds.
2.1.2 Avoids the insecure way of carrying money
The present trend is full of theft and robbery. Man is in fear while he is carrying a huge
amount 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 of
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5. SIE, Bakrol (CE-1)
MONEY PAD THE FUTURE WALLET
digital money. In case he loses the Money Pad the provision can be made such that the lost
cash can be recurred into his own account by e-mail facility.
2.1.3 Provides strong security
As we know every body has a different fingerprint it is a rare case to have two persons
with same fingerprint. Taking this into consideration Money Pad uses Biometric
Technology to provide strong security.
2.1.4 Can be meet by a common man
Since credit card and smart card require the facility that a minimum deposit should be
present which is very high to be meet by a common man. Where as Money Pad doesn’t
require any minimum high deposit but it requires a small amount which can be meet by a
common man.
2.1.5 Avoids the nuisance of renewing
Money Pad once issued is permanent, as it doesn’t require any kind of renovation.
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6. SIE, Bakrol (CE-1)
MONEY PAD THE FUTURE WALLET
2.1.6 Design of the system
Fig-2.2: Design of the system
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MONEY PAD THE FUTURE WALLET
2.1.7 Checking of authentication information
Fig-2.3:Checking of authentication information
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MONEY PAD THE FUTURE WALLET
3. 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.
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MONEY PAD THE FUTURE WALLET
4. Advantages of Money Pad
 Increase security - Provide a convenient and low-cost additional tier of security.
 Reduce fraud by employing hard-to-forge technologies and materials. For e.g.Minimise
the opportunity for ID fraud, buddy punching.
 Eliminate problems caused by lost IDs or forgotten passwords by using physiological
attributes. For e.g. Prevent unauthorised use of lost, stolen or "borrowed" ID cards.
 Reduce password administration costs.
 Replace hard-to-remember passwords which may be shared or observed.
 Integrate a wide range of biometric solutions and technologies, customer applications and
databases into a robust and scalable control solution for facility and network access
 Make it possible, automatically, to know WHO did WHAT, WHERE and WHEN!
 Offer significant cost savings or increasing ROI in areas such as Loss Prevention or Time
& Attendance.
 Unequivocally link an individual to a transaction or event.
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MONEY PAD THE FUTURE WALLET
5. CONCLUSION
 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.
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11. SIE, Bakrol (CE-1)
MONEY PAD THE FUTURE WALLET
6. Bibliography
 www.acadjournal.com
 www.projectshub.com
 www.collegelib.com
 www.seminarprojecttopics.blogspot.in
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