03-09-2014, 10:54 AM
MONEY PAD-THE FUTURE WALLET
[attachment=67546]
ABSTRACT
Replaced 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 every thing is getting under the shadow of “e” today we have paper currency being replaced by electronic money or e-cash.
The Money Pad introduced here uses the biometrics technology for Finger Print recognition.
Thus providing a form of security to the ever-lasting transaction currency of the future “e-cash”
INTRODUCTION
The wallet of the future will hold
less paper cash
coins
magnetic stripe cards.
It will hold Money Pad containing digital cash and other financial information, updated — perhaps automatically — by a PDA with a satellite communication link.
Transaction using money pad
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 of the database. Then he can enter into his e-bank, After the reader will access the finger print.
FIELDS OF APPLICATIONS
Applicable in e-banks and in any kind of e-transaction.
Useful to carry Digital cash.
Utilization of personal data in filling order forms.
Applicable in m-commerce transactions.
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.
[attachment=67546]
ABSTRACT
Replaced 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 every thing is getting under the shadow of “e” today we have paper currency being replaced by electronic money or e-cash.
The Money Pad introduced here uses the biometrics technology for Finger Print recognition.
Thus providing a form of security to the ever-lasting transaction currency of the future “e-cash”
INTRODUCTION
The wallet of the future will hold
less paper cash
coins
magnetic stripe cards.
It will hold Money Pad containing digital cash and other financial information, updated — perhaps automatically — by a PDA with a satellite communication link.
Transaction using money pad
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 of the database. Then he can enter into his e-bank, After the reader will access the finger print.
FIELDS OF APPLICATIONS
Applicable in e-banks and in any kind of e-transaction.
Useful to carry Digital cash.
Utilization of personal data in filling order forms.
Applicable in m-commerce transactions.
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.