WELCOME TO THE SEMINAR ON Money Pad, The Future Wallet

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• WELCOME TO THE SEMINAR ONMoney Pad, The
  Future Wallet
  
• by
• V.PREETHAM KUMAR

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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

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Keywords

• Money Pad
• Digital or Electronic Cash or Digi-cash or E-cash
  or Ecash or Digital Money
• Personal Digital Assistance
• Biometrics Technology
• Finger Print Reader
• Float
• Fiat Money
• Specie-Backed
• Legitimate

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What is Biometrics?

• Biometric technologies are defined as automated
  methods of identifying or authenticating the
  identity of a living person based on unique
  physiological or behavioral characteristics.
• Biometrics can provide very secure and convenient
  authentication for an individual since they
  cannot be stolen or forgotten and are very
  difficult to forge.

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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.

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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

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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.

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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.

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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 a
  authorized user and allows for further
  transactions

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• If not then the reader comes to know that the
  user is unauthorised and a provision can be made
  so that the digi-cash present in the Money Pad is
  e-mailed back to the authorised 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 digi-cash, carry on
  transaction and store the balance

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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

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Design of the system
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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

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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

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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

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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 .

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References

• Computers Today Magazine- October 2001 issues
• PC Quest Magazine October 2001issue
• www.goldmoney.com/futuremoney.html
• www.nightcats.com/sales/free.html
• www.jurpc.de/aufsatz/20010016.html
• www.go.com
• www.google.com

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Thank You