MoneyPad:The Future Wallet

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- 2012

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MADHUBEN & BHANUBHAI PATEL
WOMEN’S INSTITUTE
OF ENGINEERING,
NEW VIDHYANAGAR

Certificate
This is to certify that Ms. PATEL JINKAL P, PATEL
KRUSHNA C En. No. 100630107049,100630107047 Third
Year Computer Engineering has satisfactorily completed her
term work in SEMINAR for the term July-2012 to December –
2012.

Seminar Title: MONEYPAD: THE FUTURE WALLET
Date:

CHETAN CHUDASAMA SHITTAL GONDALIA
Faculty Guide Head of Department
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ACKNOWLEDGEMENT

i

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.

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INDEX

NO. SUBJECT PAGE NO.
1 ABSTRACT 5
2 INTRODUCTION 7
3 KEY WORDS 9
4 FORMS OF MONEY 11
5 TECHNICAL DESTAILS OF PAPER 15
6 OPERATION OF MONEY PAD 24
7 WHY USE MONEYPAD? 25
8 TRANSACTION USING MONEY PAD 27
9 TECHNICAL IMPLEMENTATION 28
10 FIELDS OF APPLICATION 29
11 FUTURE SCOPE 31
12 CONCLUSION 32
13 REFERENCES 33

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ABSTRACT

"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. 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. 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?

These are some of the tough questions to answer but here’s a solution, which provides a form
of security to these modes of currency exchange using the “Biometrics Technology”. The
Money 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 the
Money Pad he has to make an impression of his fingers which will be scanned and matched
with the one in the hard disk of data base server. 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.

Thus providing a form of security to the ever - lasting transaction currency of the future “e-
cash”.

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LIST OF FIGURES

NO. FIGURE NAME PAGE NO.
1 MONEY PAD 8
2 HAND CASH 11
3 MONEY PAD 14
4 INTER BANK COMPUTER NETWORKS 15
5 PRESENT BANKING SYSTEM 16
6 VARIOUS DEBIT CARDS 17
7 AN EXAMPLE OF STREET MARKET ACCEPTING 18
CREDITS CARDS
8 CREDIT CARDS 18
9 SMART CARD APPLICATION 19
10 SMART CARD IC CHIP DIAGRAM 20
11 DEBIT CARD 21
12 HOW TO WORK MONEY PAD? 23
13 PROCESS OF ISSUING MONEY PAD 24
14 TRANSACTION OF MONEY PAD 27
15 FINGER PRINT READER 28

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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

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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. 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.

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.

1.1 money pad

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2. KEYWORDS

2.1 Money Pad

2.2 Digital or Electronics Cash

2.3 Personal Digital Assistant

2.4 Biometrics Technology

2.5 Finger Print Reader

2.6 Float

2.7 Flat Money

2.8 Spice - Backed

2.9 Legitimate

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.

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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.

2.5 Finger Print Reader – A machine with read/write head capable of reading the

information 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.

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3. FORMS OF MONEY

3.1 Hand Cash

3.2 E-cash

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.

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

3.1 Hand Cash
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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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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
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 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 pad

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5. TECHNICAL DETAILS OF PAPER

5.1 Basic of the Present System

5.2 Credit Card

5.3 Smart Card

5.4 Debit Card

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.

5.1.1 Interbank Computer Networks

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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.
Insecure transactions using fixed encryption.
The card has to be renewed once it

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5.2.1 Various Credit Cards

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Benefits to merchants

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. 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.

5.2.3 Credit cards

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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.

5.3.1 Smart Card Application

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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 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
EMV chip
Hologram
Card number
Card brand logo

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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 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”.

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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5.4.2 How To Work Money Pad:-

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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 a 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

6.1 Process of issuing money pad

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7. WHY USE MONEY PAD?

7.1 Instant clearing of funds

7.2 Avoid the insecure way of carrying money

7.3 Provide strong security

7.4 Can be meet by a common man

7.5 Avoid the nuisance of renewing

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

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

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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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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.
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.

8.1 Transaction of money pad

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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.

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.

9.1 Finger print reader

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10. FIELDS OF APPLICATION

10.1Applicable 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.

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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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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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12. 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 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 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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13. REFERENCES

www.goldmoney.comfuturemoney.html
www.scribd.commoneypad.html

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MoneyPad:The Future Wallet

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