money pad future wallet

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Chapter 1
INTRODUCTION
The 21st century will not be "cashless", as many now predict. However, it does seem clear that the
currency of the 21st century will be "paperless". Paper currency and checks are gradually being
substituted by smartcards, digital cash and instant transfers of funds. The large paper bureaucracy
of banks is quickly becoming redundant, burdensome, and even out of date. The evolution in digital
money is happening so fast that banks cannot adopt quickly enough and will eventually collapse
like top-heavy giants, blown over by the winds of financial 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 new technologies develop into
new ways of making payment, one concern naturally arises. There is nothing inherent in the
technology that makes it less protective of privacy and individual rights. Advancement’s like
Biometrics Technology has made individual privacy even more secure. As developments in
electronic money gather pace, protection of individual rights must be kept in focus. Because the
record of most governments so far in these early stages of electronic commerce has been seen by
many to be confrontational and not protective of individual rights, it is likely that the preservation
of these rights is one reason that private currencies are likely to emerge on the Internet and to
eventually play an important role in global commerce.
In order to protect the rights and properties of each individual we thought of providing 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 their rights and as well as wealth.
Keeping this point of view in mind the Biometrics Technology is used to develop an e-cash
handling system, which is similar to well-known credit cards and smartcards. The e-cash handling
system is a device that facilitates secure currency transactions. We call it as Money Pad which
recognizes Finger Prints of the user and decides whether the user is an authorized person or not.

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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
Fig 1.1: Money Pad
If the finger print matches with the user’s he will be allowed to access and use the Pad otherwise
the Money Pad is not accessible.

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Chapter 2
KEYWORDS
2.1 MONEY PAD
A form of credit card or smart card similar to floppy disk, which is introduced to provide, secure
e-cash transactions.
2.2 Digital or Electronic Cash
These terms are also used interchangeably, and 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.
The numbers are issued by a bank and represent sums of real money. Digital cash is anonymous
and reusable.
2.3 Personal Digital Assistance
A PDA, sometimes referred to as a palm-top computer 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, perform calculations in a spreadsheet, store names and addresses, and perform
other common business and personal tasks.
2.4 Biometrics Technology
Technology used to accurately identify and verify an individual’s identity.
Biometric identifiers are the distinctive, measurable characteristics used to label and describe
individuals. Biometric identifiers are often categorized as physiological versus behavioral
characteristics. Physiological characteristics are related to the shape of the body. Examples
include, but are not limited to fingerprint, palm veins, face recognition, DNA, palm print, hand
geometry, iris recognition, retina and odor/scent. Behavioral characteristics are related to the
pattern of behavior of a person, including but not limited to typing rhythm, gait, and voice. Some
researchers have coined the term behaviometrics to describe the latter class of biometrics.

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More traditional means of access control include token-based identification systems, such as
a license or passport, and knowledge-based identification systems, such as a password or personal
identification number. Since biometric identifiers are unique to individuals, they are more reliable
in verifying identity than token and knowledge-based methods; however, the collection of
biometric identifiers raises privacy concerns about the ultimate use of this information.
2.5 Finger Print Reader
A machine with read/write head capable of reading the information stored in the Money Pad.
Fig 2.1: Finger Print Reader
Fingerprint recognition or fingerprint authentication refers to the automated method of verifying a
match between two human fingerprints. Fingerprints are one of many forms of biometrics used
to identify individuals and verify their identity
2.6 Float
The transaction in terms of digi-cash, which takes zero-sum gain, is called float.

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2.7 Fiat Money
Fiat money has been defined variously as:
 Any money declared by a government to be legal tender.
 State-issued money which is neither convertible by law to any other thing, nor fixed in value
in terms of any objective standard.
 Intrinsically valueless money used as money because of government decree.
2.8 Specie-Backed
Coined money.
2.9 Legitimate
Law full

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Chapter 3
FORMS OF MONEY
3.1 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 a company in
the form of notes and coins.
.
Fig 3.1: Hand Cash

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If someone is paid cash in hand, they are paid in notes and coins so there is no written record of
the payment.
3.2 E-CASH
E-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.

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Chapter 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 Commerce Modeling
Language
 Context independent knowledge
Name, E-mail address, context independent preferences
 Context dependent knowledge
“When driving I don’t want to receive instant message”

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 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”.
Fig 4.1: Money Pad

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Chapter 5
TECHNICAL DETAILS OF PAPER
5.1 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 have 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.
Fig 5.1: Interbank Computer Networks

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Fig 5.1.2: Present Banking System
5.2 Credit Cards
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 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,
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.

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 Insecure transactions using fixed encryption.
The card has to be renewed once it
Fig 5.2.1: Various Credit Cards

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Fig 5.2.2: An example of street markets accepting credit cards
Credit cards are issued after an account has been approved by the credit provider, after which card
holders can use it to make purchases at merchants accepting that card .When a purchase is made,
the credit card user agrees to pay the card issuer.
Fig 5.2.3: Credit cards

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The card holder indicates his/her consent to pay, by signing a receipt with a record of the card
details and indicating the amount to be paid or by entering a Personal identification number (PIN).
Also, many merchants now accept verbal authorizations via telephone and electronic authorization
using the Internet, known as a 'Card/Cardholder Not Present' (CNP) transaction.
5.3 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.
Disadvantages:
 Insecure transactions using fixed encryption.
 Risk of data loss due to chip failure.
Fig 5.3.1: Smart Card Application

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Fig 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 at a financial institution. Some cards have a stored
value with which a payment is made, while most relay a message to the cardholder's bank to
withdraw funds from a designated account in favor of the payee's 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

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 EMV chip
 Hologram
 Card number
 Card brand logo
 Expiry date
 Cardholder’s name
An example of the reverse side of a typical debit card:
 Magnetic stripe
 Signature strip
 Card security code
Fig 5.4.1: Debit Card

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 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 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 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 overcome 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”.
Fig 5.4.2: How to Work Money Pad

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 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. 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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Chapter 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 a e-
bank facility. It is necessary for the new user to create an account with some minimum balance.
The authentication details along with his fingerprint is recorded and stored in the data base server.
The user is provided with a account number and bank code along with his Money 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
Fig 6.1: Process of Issuing Money Pad
New
user
Request
for money
pad
Create for
new
account
Money pad is
issued
Database
server
Enter an e-book
Creates the details
of the new user and
his finger print
record

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Chapter 7
WHY USE MONEY PAD?
Money Pad
Money Pad is a method developed by Tobias Wong for binding bills (usually of one or two dollar
denomination) so that they can be easily carried around, and torn off the pad whenever needed for
payment.
Another type of Money Pad is a futuristic wallet that operates like a credit card or smartcard,
automatically verifying the user's identity before issuing cash debits."Money in the 21st century
will surely prove to be as different from the money of the current century as our money is from
that of the previous century.
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 with government-issued currencies." Just as everything is getting under the shadow of
"e" today we 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
"electronic money." In the emerging field of electronic commerce, novel buzzwords like
smartcards, online 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 electronic money technologies will survive into the next century?
7.1 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 digital - cash with him.
There is no need for any intermediate party to clear the funds.
7.2 Avoids the insecure way of carrying money

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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 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.
7.3 Provides strong security
As we know everybody 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.
7.4 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. Whereas Money Pad doesn’t require any
minimum high deposit but it requires a small amount which can be meet by a common man.
7.5 Avoids the nuisance of renewing
Money Pad once issued is permanent, as it doesn’t require any kind of renovation.

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Chapter 8
TRANSACTION USING MONEY PAD
Whenever 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 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 the fingerprint and matches with that present on the Money Pad as well as present in the
data base server
Fig 8.1: Transaction of money pad
Money
pad
Finger
print
reader
Database
server
Info . collected in passed
to the server for
verification
E-
boo
k
Cannot access cash is emailed
to owner’s account
Unauthorized
Authorized

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If a match occurs the reader knows that he is an authorized user and allows for further transactions.
If not then the reader comes to know that the user is unauthorized and a provision can be made so
that the digital cash present in the Money Pad is e-mailed back to the authorized account holder
using the user details present in the Money Pad. As the Money Pad has read and write facility it is
used to down load digital-cash, carry on transaction and store the balance.

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Chapter 9
TECHNICAL IMPLEMENTATION
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 individual’s identity.
This involves identifying his physiological and behavioral characteristics. Biometrics in general
refers to the study of biological characteristics. With reference to computer security, it refers to
authentication techniques using biological characteristics that are measurable or identifiable and
unique to an individual.
Fig 9.1: Finger Print Reader

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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 is a
authorized person or not. It involves the user placing his finger over a glass plate, which resides
over a high-resolution change coupled cameras. The image captured is compared to that in the
systems database and decides the user authentication. A finger print reader can be used for this
purpose.

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Chapter 10
FIELDS OF APPLICATION
10.1 Applicable 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.
10.6 Applicable in daily life
 As it is useful in shopping, identification, telephone services and licenses it is
 Applicable in daily life also.

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Chapter 11
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 unauthorized 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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Chapter 11
FUTURE SCOPE
The wallet of future will hold paperless cash, coins and magnetic strip cards. It will hold Instead
money pad containing digital cash and other financial information. Updated perhaps automatically
by a PDA with satellite communication link.
1. Instant clearing of funds
2. Elimination of payment risk
3. Secure transaction using strong encryption

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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 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. Once the MoneyPad 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 recognize 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 digital-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.

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REFERENCES
www.goldmoney.comfuturemoney.html
www.scribd.commoneypad.html
http://www.slideshare.net/jolly9293/moneypadthe-future-wallet?related=4
https://in.answers.yahoo.com/question/index?qid=20090216213307AA9oSP5
http://en.wikipedia.org/wiki/Biometrics

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