42140255-Money-Pad

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CHAMELI DEVI SCHOOL OF ENGINEERINGCHAMELI DEVI SCHOOL OF ENGINEERINGSEMINAR ON : MONEY PAD, THE FUTURE WALLET

SUBMITTED TO: SUBMITTED BY:PROF.JASWANT MANDLOI ASHITA JAINCOMPUTER SCIENCE DEPARTMENT 0832CS091027

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Table Of Contentsy Abstract

y Key words

y Introductiony Technical Details

y How To Use Money Pad?

y Why Use Money Pad?

y Fields Of Application

y Conclusion

y Acknowledgement

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ABSTARCTy Just as fiat money replaced specie-backed paper

currencies, electronically initiated debits and credits will become the dominant payment modes, creating the

potential for private money to compete withgovernment-issued currencies.

y Just as every thing is getting under the shadow of etoday we have paper currency being replaced by electronic money or e-cash.

y The Money Pad introduced here uses the biometricstechnology for Finger Print recognition.

y Thus providing a form of security to the ever-lastingtransaction currency of the futuree-cas h

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KEY WORDS1. 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 anumberfrom one Computer to another

3. BIOMETRICS TECHNOLOGY - Technology used to accurately identify and verify an individuals identity.

4. FINGER PRINT READER A machine with read/write head capable of

reading the information stored in the Money Pad.

5. FLOAT The transaction in terms of digi-cash, which takes zero-sumgain,is called float

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INTRODUCTIONy The wallet of the future will hold less paper cash, coins and magnetic

stripe cards. It will hold instead Money Pad containing digital cash andother financial information, updated perhaps automatically by a

PDA with a satellite communication link.y There is nothing inherent in the technology that makes it less

protective of privacy and individual rights. AdvancementslikeBiometrics Technology has made individual privacy even moresecure.

y

The e-cash handling system is a device that facilitates secure currency transactions. We call it as Money Pad which recognises Finger Prints of the user and decides weather the user is a authorised person or not.

y Every time the user wants to access the Money Pad he has to make animpression of his finger, which willbe sensed and matched with the one in the hard disk.

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TECHNICAL DETAILSy Basic Of The Present System:

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. re t ar

Disadvantages-

1. Instant clearing of funds is not possible .

2. User is always under the pressure of limits onpurchase defined by the issuer of the card and alsoevery transaction involves certain Charges.

3. Insecure transactions using fixed encryption.

4. The card has to be renewed once it is expired.

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2. Smart CardDisadvantaged:

1. Insecure transactions using fixed encryption.

2. Risk of data loss due to chip failure.

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3. New ApproachTo 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 wename as Money Pad.

y

Money pad is one such medium of exchange, which aims to provide securemeans of currency exchange. Its a means that carries digital cash,as pa per cashis going to extinct. In order to use this money pad it is necessary to haveat least one e-bank in every city.

y Money pad is a biometric system similar to a credit card or a smart card just likea floppy disk. It consists of a touch sensor and ma gnetic disk as its peripherals .

y 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.

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How To Use Money Pad?

y 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 withmoney pad

NOTE : The Money Pad consists of storedinformation like account number, bank code (from where he has purchased this money pad)and his fingerprint.

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y Transaction Using Money Pad :

1. Place your finger on the touch sensor & then onthe finger print reader.

2. Enter bank code & account number to enter intoe-bank services.

3. If a finger print match occurs the readerknows that he is a authorised user and allows forfurther transactions.

If not then the reader comes to know that the user is

unauthorised and a provision can be made sothat the digicash present in the Money Pad is e-mailed back to the authorised accountholderusing theuser details present in the Money Pad.

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WHY USE MONEY PAD?y Instant cleaning of funds.

y Avoids insecure ways of carrying money.

y Provides strong security.y Can be used by a common man.

y Avoids nuisance of renewing.

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FIELDS OF APPLICATIONSy Applicable in e-banks and in any kind of e-

transaction.

yCan be used to carry out remote transactions.

y Useful to carry Digital cash.

y Utilization of personal data in filling orderforms.

y Applicable in m-commerce transactions.y Applicable in daily life.

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CONCLUSION For a digital currency system to attain widespread recognition and use

the

following three requirements 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 isno doubt that in near future it will be widely recommended for use.

Once the Money Pad is implemented it has a wide scope. Though atpresent we may use finger print reader to access the digi-cash inthe 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 requirementof any card or pad just a small device which can recognise thefinger print can be attached at any place throughout the world.

Thus requiring no device to carry money, just a man is required toaccess digi-cash and proving Man As Money. At last since ThumbImpression is going to provide a strong base for security in thefuture we can predict that History Repeats

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ACKNOWLEDGEMENTThe satisfaction and euphoria that accompanies the successful

completion of any task, would be incomplete without themention of the people who made it possible, whose constantguidance, support and encouragement crown all the efforts withsuccess.

I wish to express my sincere gratitude to Dr. CNS Murthy, Dean,CDSE and Prof. P. Lakkadwala, H. O. D Computer ScienceDepartment for their kind permission to utilise the resources of the department. My sincere thanks & Prof. Jaswant Mandloi,

Lecturer, Computer Science Department, for having consentedto be the guide, and for his valuable guidance and support duringthe preparation of this presentation. Last but not the least I

would like to thank my family and friends who have been aconstant source of inspiration.

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