Money Pad, The Future Wallet

By: Afreen sultana

19831A1203
 Keywords
 Introduction
 Credit and Debit cards
 Smart cards
 Electronic purses
 Money pad
 Uses
 Design of the system
 Field of implementation
 Conclusion.
 Introduction
 Biometrics.
Security.
Finger Print recognition.
 Forms.
 Accessing.
 Authorization.
 E-cash.
 E-cheque.
 Definition
 "Money in the 21st century will surely prove to be as different from the money of the current centu
ry as our money is from that of the previous century. Just as fiat money replaced specie-backed pa
per 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 w
e have paper currency being replaced by electronic money or e-cash.
 Hardly a day goes by without some mention in the financial press of new developments in "electro
nic money". In the emerging field of electronic commerce, novel buzzwords like smartcards, onlin
e banking, digital cash, and electronic checks are being used to discuss money. But how are these
brand-new forms of payment secure? And most importantly, which of these emerging secure electr
onic money technologies will survive into the next century?
 These are some of the tough questions to answer but here's a solution, which provides a form of se
curity to these modes of currency exchange using the "Biometrics Technology". The Money Pad i
ntroduced here uses the biometrics technology for Finger Print recognition. Money Pad is a form o
f credit card or smartcard, which we name so.
 Every time the user wants to access the Money Pad he has to make an impression of his fingers wh
ich will be scanned and matched with the one in the hard disk of data base server. If the finger prin
t matches with the user's he will be allowed to access and use the Pad other wise the Money Pad is
not accessible. Thus providing a form of security to the ever-lasting transaction currency of the fut
ure "e-cash".
 Money Pad - A form of credit card or smart card similar to floppy disk, which is introduced to pro
vide, secure e-cash transactions.
 Credit and Debit Card
 Definition`

 Providing details.

 Transactions over Internet.

 Processing.
 Smartcards
 Definition

 Uses.

 Memory.

 Accessing.
 Electronic Purses
 Flexibility.

 Relation ship based cards.

 Financial instrument.

 Wallet-sized smart cards useful in

Buying food,
To making photocopies,
To paying subway fares.
 Money Pad
 Floppy disk.

 Consists of peripherals like:

A touch sensor and
Magnetic disk as its peripherals.

 Details of the owner.

 Transactions.
 Why use Money pad?
 Instant clearing of funds

 Avoids the insecure way of carrying mon

ey

 Provides strong security

 Can be meet by a common man

 Avoids the nuisance of renewing

Design of the system
 The accuracy of any biometric system i
s measured in two ways

• False Acceptance Rate — Where an impostor is acc

epted as a match

• False Rejection Rate — where a legitimate match

is denied access
 Fields Of Application
 Applicable in e-banks and in any kind of e-transactions

 Can be used to carry out remote transactions

 Useful to carry Digital cash

 Utilization of personal data in filling order forms

 Applicable in m-commerce transactions

 Applicable in daily life

 Conclusion
 For a digital currency system to attain widespread recogni
tion and use the following three requirements are necessar
y:
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 reco
mmended for use .
Thank You