10-02-2012, 02:39 PM
Money Pad, The Future Wallet
Introduction
The Money Pad introduced here uses the biometrics technology for Finger Print recognition.
Money Pad is a form of 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 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 other wise the Money Pad is not accessible
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 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.
Electronic Purses and Debit Cards
Despite the increasing flexibility, relationship-based cards are credit based and settlement occurs at the end of the billing cycle.
There remains a need for a financial instrument to replace cash.
To meet this need, banks, credit card companies, and even government institutions are racing to introduce "electronic purses," wallet-sized smart cards embedded with programmable microchips that store sums of money for people to use instead of cash for everything from buying food, to making photocopies, to paying subway fares.
Money Pad
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.
Why use Money pad?
Instant clearing of funds
Avoids the insecure way of carrying money
Provides strong security
Can be meet by a common man
Avoids the nuisance of renewing
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 individuals identity.
This involves identifying his physiological and behavioural 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
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 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 .
