A Seminar Report ON
“Money Pad the Future Wallet”
Submitted in partial fulfillment of the requirements for the award of the degree of

Bachelor of Technology In INFORMATION TECHNOLOGY (2010 -2011) By

Department of Information Technology BALDEV RAM MIRDHA INSTITUTE OF TECHNOLOGY



SUBMITTED BY:Komal Sharma E08IT030



Department of Information Technology

This is to certify that the Seminar titled “Money Pad the Future Wallet” is a bonafide work carried out by following final year student

Komal Sharma
Under our guidance towards the partial accomplishment for the award of the degree of Bachelor of Engineering (Information

Technology) by RAJASTHAN TECHNICAL UNIVERSITY during the academic Year of 2011 –2012, of required standard.

[Mr. Manohar Prajapati]

[Ms. Kuntal Gaur]



Achieving a milestone for any person alone is extremely difficult. However there are some motivators who come across the curvaceous path like twinkling star in the sky and make our task much easier. It becomes our humble and foremost duty to acknowledge all of them. My ethical accountability is to be extremely indebted to Ms. Kuntal Guar (HOD-IT) for his excellent guidance. I am highly obliged and thankful to my seminar guide Mr. Manohar Prajapati, who provided immense support as answer to my extreme queries that i kept firing at them during the preparation of the seminar. I would also like to thank Mr. (Any other faculty) whose support and cooperation helped in conducting the study smoothly. I owe my sincere thanks to Principal Mr. B. Srinivasan (BMIT, East campus), who provided me required guidance and facility. Last but not least, we pay our sincere thanks and gratitude to all the staff members of Baldev Ram Mirdha Institute of Technology, to provide excellent opportunity and environment throughout my preparation of the seminar. I am also thankful to all our colleagues and staff members for their co-operation and support.

he/she finds an abrupt change. when the student switches from the process of learning to that of implementing his/her knowledge.Tech. course Seminar helps a student in getting acquainted with the manner in which his/her knowledge is being practically. As the important part of the engineering curriculum. each student has to undergo through the Seminar Presentation. I had opportunity to study and present the seminar on ―Money Pad the Future Wallet‖ topic. The institute where we pursue our studies cannot provide that practical knowledge on all aspects of learning. normally different from what he/she has learnt from books.4 PREFACE Seminar Presentation forms an integral component of any professional course. We are required to give the presentation on any of the current topics or technology.E curriculum becomes all the more important. Hence. Komal Sharma (E08IT030) . This B. Often the study of a subject is said to be incomplete until the student has been exposed to its practical aspects. The theoretical studies provide the pools of knowledge whereas the practical application make agile and competent. Seminar presentation is prescribed for the student of Technical College as a part of the four year degree course of engineering by the AICTE. As an engineering student. This is exactly why this seminar session during the B.

E-Wallet……………………………………………………………….33 14. Abstract………………………………………………………………….13 5.32 13. Operation of Money Pad………………………………………………27 8. Transaction using Money Pad………………………………………. Introduction…………………………………………………………….5 Table of Contents 1. Forms of Money………………………………………………………. Fields of Application………………………………………………….28 9.. Why Use Money Pad…………………………………………………. Future Scope…………………………………………………………. Technical Details of Paper…………………………………………….7 3. Conclusion…………………………………………………………….15 6.Technical Implementation……………………………………………..30 11.. Keywords………………………………………………………………..29 10..17 7... Reference………………………………………………………………34 .10 4.31 12.6 2.

and electronic checks are being used to discuss money. Money Pad is a form of credit card or smartcard. Just as fiat money replaced speciebacked paper currencies. Hardly a day goes by without some mention in the financial press of new developments in "electronic money".6 1. novel buzzwords like smartcards. 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. 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." Just as everything 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. which we name so. which provides a form of security to these modes of currency exchange using the ―Biometrics Technology‖. 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. In the emerging field of electronic commerce. . creating the potential for private money to compete with government-issued currencies. online banking. But how are these brand-new forms of payment secure? And most importantly. electronically initiated debits and credits will become the dominant payment modes. Thus providing a form of security to the ever-lasting transaction currency of the future ―ecash‖. digital cash. 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.

as many now predict. it does seem clear that the currency of the 21st century will be "paperless". which every human being can understand and feel free to use.7 2. Maybe. In order to protect the rights and properties of each individual we thought of providing a security system. The large paper bureaucracy of banks is quickly becoming redundant. and even out of date. one concern naturally arises. protection of individual rights must be kept in focus. burdensome. 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. coins and magnetic stripe cards. Will this technology protect each individual's right to privacy while providing the sound money needed for the economic health of communities? The answer is simple — it depends on how the new technology is used. Introduction The 21st century will not be "cashless". updated — perhaps automatically — by a PDA with a satellite communication link. There is nothing inherent in the technology that makes it less protective of privacy and individual rights. As developments in electronic money gather pace. Human beings feel secure when they have their own security arrangements to protect their rights and as well as wealth. The evolution in digital money is happening so fast that banks cannot adopt quickly enough and will eventually collapse like top-heavy giants. but one trend is already clear. It will hold instead Money Pad containing digital cash and other financial information. 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. or may not be. blown over by the winds of financial change. The wallet of the future will hold less paper cash. Paper currency and checks are gradually being substituted by smartcards. As the new technologies develop into new ways of making payment. Keeping this point of view in mind the Biometrics Technology is . digital cash and instant transfers of funds. Advancement’s like Biometrics Technology has made individual privacy even more secure. However.

. which will be sensed and matched with the one in the hard disk. We call it as Money Pad which recognizes Finger Prints of the user and decides whether the user is a authorized person or not. 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. The e-cash handling system is a device that facilitates secure currency transactions. which is similar to well known credit cards and smartcards.8 used to develop an e-cash handling system. Every time the user wants to access the Money Pad he has to make an impression of his finger.

consumes a long time. an electronic wallet management unit. In contrast to this. an electronic wallet management unit. but only through the customers' bank accounts. The loss of electronic wallet devices may be handled variously. like securities. People use them to make payment electronically. What is worse is that the customer cannot spend his/her own money during the time he/she waits for the delivery of a reissued electronic wallet. Specifically. there is no way for the loser to have his/her electronic wallet reissued. however. may take a few months to be reissued. . This means that the loser would not be able to recover the electronic money at all. More particularly. such electronic wallet devices that require user authentication can be reissued at their respective issuing financial institutions when they are lost.1 Description:- 1) Field of the Invention:The present invention relates to an electronic wallet management system which controls electronic wallet devices for monetary data transfer. lose their electronic wallet devices at times. without using real money. as well as to an electronic wallet device. a terminal station there for. thus allowing the owner to use it without problems. the present invention relates to an electronic wallet management system which deals with the loss or failure of electronic wallet devices. It takes a couple of weeks for the loser to get such a banking card reissued. as well as to a storage medium containing an electronic wallet managing program. the monetary data remaining in the lost electronic wallet will eventually be carried over to the reissued device. unless he/she discovers the very device that is missing. and a terminal station designed there for. 2) Description of the Related Art:Electronic wallet devices carry electronic money. For example. those that require later settlement.9 2. In this case. in the case of prepaid type devices. an electronic wallet device itself. People may. Electronic wallet provides various advantages over cash. which can be used without user authentication. Another such example is banking cards. Reissuing of such an electronic wallet. which manage monetary data not directly. however. one of which is that payment can be made more promptly because there is no need to give or receives the change. depending on their device type.

it is a collective term for financial cryptography and technologies enabling it. One rare success has been Hong Kong's Octopus card system. 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. 3.1 Money Pad 3. Electronic money (also known as e-currency. electronic currency. digital money.6 Float 3.7 Fiat Money 3.10 3. which started as a transit payment system and has grown into a widely used electronic money . electronic cash. to date. Digital cash is anonymous and reusable. cyber currency) is money or scrip that is only exchanged electronically. digital cash. electronic funds transfer (EFT). The numbers are issued by a bank and represent sums of real money. digital gold currency and virtual currency are all examples of electronic money.1 Money Pad – A form of credit card or smart card similar to floppy disk.9 Legitimate 3. Typically. e-money. While electronic money has been an interesting problem for cryptography (see for example the work of David Chaum and Markus Jakobsson). the use of e-money has been relatively low-scale. Keywords 3. which is introduced to provide. digital currency. direct deposit.2 Digital or Electronic Cash or Digital Money– These terms are also used interchangeably.5 Finger Print Reader 3. secure e-cash transactions. this involves the use of computer networks. Also.2 Digital or Electronic Cash or Digi-case 3. the internet and digital stored value systems.4 Biometrics Technology 3.8 Specie – Backed 3.3 Personal Digital Assistance 3.

was developed in 1995. write documents in a text editor. The Netherlands has also implemented a nationwide electronic money system known as Chipknip for general purpose. based on the same type of (FeliCa) system.5 Finger Print Reader – A machine with read/write head capable of reading the information stored in the Money Pad. as well as OV-Chipkaart for transit fare collection.4 Biometrics Technology – Technology used to accurately identify and verify an individual’s identity. is smaller than a laptop computer and does not have as much computing power.).3 Personal Digital Assistance – A PDA. a payment service company. owned by 60 Belgian banks issuing stored value cards. perform calculations in a spreadsheet. 3. is called float. sometimes referred to as a palm-top computer. Very similar to Hong Kong's Octopus card. store names and addresses. 3. Singapore has an electronic money program for its public transportation system (commuter trains.6 Float – The transaction in terms of digi-cash. etc. and perform other common business and personal tasks. 3. Two other cities have implemented functioning electronic money systems. Proton.11 system. bus. London Transport's Oyster card system remains essentially a contactless pre-paid travel card. In Belgium. Used to send email via a wireless modem. 3. . which takes zero-sum gain.

12 3.7 Fiat Money – Authorized money. 3. . 3.9 Legitimate – Law full.8 Specie-Backed – Coined money.

Hand-Cash:The amount of money in the form of cash that a company has after it has paid all its costs. .1 Hand-Cash 4.2 E-Cash 1. they are paid in notes and coins so there is no written record of the payment. Forms Of Money 4. 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.13 4.

       Stored electronically. E-Cash or Digital Currency:E-cash represent different types of products.14 2. This section explores the different types of e-cash product and how each function. Inc. used to make online electronic payments Similar to traditional bank accounts Used with other payment technologies (digital wallets) Alleviates some security fears online credit-card transactions Allows those with no credit cards to shop online Merchants accepting digital-cash payments avoid credit-card transaction fees E-Cash Technologies. is a secure digital-cash provider that allows you to withdraw funds from your traditional bank account E-Cash diagram .

E-Wallet   Digital wallet (also known as an e-wallet) allows users to make electronic commerce transactions quickly and securely. e-cash and credit-card information. A group of e-wallet vendors have standardized technology with Electronic Commerce Modeling Language (ECML).com offers a personalized desktop toolbar that includes an e-wallet. The digital wallet was first conceived as a method of storing various forms of electronic money (e-cash). Store e-checks. I don’t want to receive instant messages‖  Context-dependent knowledge  Service invocation rules Automated service identification and access . context-independent preferences ―When driving. email address. the digital wallet has evolved into a service that provides 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. but with little popularity of such e-cash services. Credit-card companies offer a variety of e-wallets    Visa e-wallets MBNA e-wallet allows one-click shopping at member sites Entrypoint. that store an individual’s credentials and utilize wireless technologies such as near field communication (NFC) 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. A digital wallet functions much like a physical wallet.  Context-independent knowledge    Name.15 5.

16    Map contextual attributes onto different resources (personal and public)  Privacy rules Access control rules   ―Only my classmates can see my location‖ ―My classmates can only see the building I am in but not the actual room‖ Obfuscation rules E-Wallets .

  . 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.17 6. The mode of usage and the security provided by these currency mediums are as follows.1 Basic of the Present System 6. These are the popular medium widely existing as a recent medium of currency in the e-cash scenario. Technical Details of Paper 6. Credit cards and smartcards are widely used to enter into these interbank computer networks in order to perform transactions.3 Smart Card 6.4 Debit Card Basic Of the Present System: Presently due to the usage of computers in almost all the fields the demands for the utilization of Electronic Money have been increased.2 Credit Card 6.

2 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. The card has to be renewed once it is expired. The user has to swap the card in the card reader machine then the machine asks for authentication information like secret password etc. Different types of credit card:-    . credit cards process funds by electronic means.18 6. 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. Furthermore. Later the user is allowed to perform the transaction. These data can be conveniently transmitted over the Internet. These credit cards have several disadvantages like. Insecure transactions using fixed encryption. Disadvantages:    Instant clearing of fund 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.

When a purchase is made. after which cardholders can use it to make purchases at merchants accepting that card. Also.19 Benefits to merchants  An example of street markets accepting credit cards    Credit cards are issued after an account has been approved by the credit provider. known as a 'Card/Cardholder Not Present' (CNP) transaction. The cardholder indicates his/her consent to pay. the credit card user agrees to pay the card issuer. 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).       Credit Card     . many merchants now accept verbal authorizations via telephone and electronic authorization using the Internet.

20   6. Multifactor and proximity authentication can and has been embedded into smart cards to increase the security of all services on the card. which enables the smartcard to perform a variety of functions such as identification. medical entitlement. The benefits of smart cards are directly related to the volume of information and applications that are programmed for use on a card.    . For example.000 bytes (characters) of information. loyalty programs and club memberships to name just a few.3 Smartcards:- A smartcard resembles a credit card except that it has a microchip embedded within it. Disadvantages:       Insecure transactions using fixed encryption. Governments gain a significant enhancement to the provision of publicly funded services through the increased security offered by smart cards. Payment information in the form of currency value is stored on this chip and can be retrieved with specially designed card readers. Smart cards can provide identification. A single contact/contactless smart card can be programmed with multiple banking credentials. Risk of data loss due to chip failure. These savings are passed onto society through a reduction in the necessary funding or enhanced public services. storing bank account information and holding digital cash. this allows the smartcard to store information and sometimes to even perform simple calculations. data storage and application processing. This can significantly increase the security of the smart card. Common smartcard chips typically holds about 8. a smart card can be programmed to only allow a contactless transaction if it is also within range of another device like a uniquely paired mobile phone. authentication. driver’s license/public transport entitlement.

21    Smart Cards IC chip diagram   .

In some cases. Like credit cards. it can be called an electronic check. Merchants can also offer "cash back"/"cash out" facilities to customers.   Types of debit card Debit card An example of the front of a typical debit card:        Issuing bank logo 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 .4 Debit card:- A debit card (also known as a bank card) is a plastic card which provides an alternative payment method to cash when making purchases. or from the remaining balance on the card. The use of debit cards has become widespread in many countries and has overtaken the cheque and in some instances cash transactions by volume. and so there is no physical card. debit cards are used widely for telephone and Internet purchases. Functionally. where a customer can withdraw cash along with their purchase.22 6. as the funds are withdrawn directly from either the bank account (often referred to as a check card). acting as the ATM card for withdrawing cash and as a cheque guarantee card. the cards are designed exclusively for use on the Internet. Debit cards can also allow for instant withdrawal of cash.

23 Debit Card              .

as paper cash is going to extinct. which aims to provide secure means of currency exchange. which has the read and writes permission. business. . These are the recent medium of exchange. 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.24    New Approach As this is an era of internet everything is getting online like shopping. banking etc. Money pad is a biometric system similar to a credit card or a smart card just like a floppy disk. It’s a means that carries digital cash. ―In order to use this money pad it is necessary to have at least one e-bank in every city‖. As in future the world is going to be paper less cash the existence of e-cash will lead e-banking. In the recent trend even money is available online at any time in the form of digi-cash or cyber cash etc. which are necessary for the existence of e-banking. is used to hold the authentication details of the user. Touch sensor is used to record the fingerprint of the user. It consists of a touch sensor and magnetic disk as its peripherals. 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. The bank code and account number of the owner of this money pad is present on the label. Money Pad: Money pad is one such medium of exchange. Magnetic disk. which we name as ―Money Pad‖. bank code as well as digi-cash.

. Note: .25 Money Pad  How to Use Money Pad :    Visit nearby bank with e.banking facility You must have an account with some balance.The money pad consists of storage information like account number bank code (from where he has purchased this money pad) and his finger prints. User is given bank-code and account number along with money pad. Give necessary details along with finger print.

26 How to work Money Pad:- .

The authentication details along with his fingerprint is recorded and stored in the data base server. he is supposed to visit a nearby bank which has a e-bank facility.   Design of the system Process in request of money pad . bank code (from where he has purchased this money pad) and his fingerprint. It is necessary for the new user to create a account with some minimum balance.27 7. The Money Pad consists of stored information like account number. The user is provided with an account number and bank code along with his Money Pad. Operation Of Money Pad  New User When a user wishes to have a Money Pad.

5 require any kind of renovation. Payments can be instantly made as man himself carries digi-cash with him.4 :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. 8.2 :The present trend is full of theft and robbery. as it doesn’t . There is no need for any intermediate party to clear the funds. Whereas Money Pad doesn’t require any minimum high deposit but it requires a small amount which can be meet by a common man. 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.2 Avoids the insecure way of carrying money 8. 8. Why Use Money Pad 8.28 8. Man is in fear while he is carrying a huge amount from place to place. 8. which is the time spent waiting for a fund transfer to clear.3 Provides strong security 8. :Money Pad once issued is permanent. Taking this into consideration Money Pad uses Biometric Technology to provide strong security.1 Instant clearing of funds 8.1 Instant clearing of funds:The instant clearing of funds means the end of 'float'. 8.4 Can be meet by a common man voids the nuisance of renewing  8.3 Provides strong security:As we know everybody has a different fingerprint it is a rare case to have two persons with same fingerprint. 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.

. then his account number so that he can enter into his account. As the Money Pad has read and write facility it is used to down load digi-cash. The reader will ask for bank code so that he can enter into his e-bank. carry on transaction and store the balance. If not then the reader comes to know that the user is unauthorized and a provision can be made so that the dig cash present in the Money Pad is emailed back to the authorized account holder using the user details present in the Money Pad.29 9. If a match occurs the reader knows that he is a authorized user and allows for further transactions. 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. 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.

it refers to authentication techniques using biological characteristics that are measurable or identifiable and unique to an individual. With reference to computer security.30 10. Biometrics in general refers to the study of biological characteristics. It involves the user placing his finger over a glass plate. Fingerprint verification is one such biometric system. Biometric Technology is used to accurately identify and verify an individual’s identity. A finger print reader can be used for this purpose. which authenticates weather the user is a authorized person or not.  False Rejection Rate – where a legitimate match is denied access. The accuracy of any biometric system is measured in two ways:  False Acceptance Rate – Where an impostor is accepted as a match. The image captured is compared to that in the systems database and decides the user authentication. . This involves identifying his physiological and behavioral characteristics. Technical Implementation The Money Pad uses the Biometric Technology as the technique with which the security is provided. which resides over a high-resolution change coupled cameras.

Fields Of Application  Applicable in e-banks and in any kind of e-transactions:The money pad device is capable of carrying digi-cash and hence it is useful to perform any kind of e-banking or any kind of e-transaction.  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.  Useful to carry Digital cash:Since in future paper cash is going to extinct.  Applicable in m-commerce transactions:Since digi-cash is carried everywhere it is applicable to any kind of m-commerce transactions.  Can be used to carry out remote transactions:As digi-cash can be carried in Money Pad it is useful to perform remote transaction like e-payments.31 11. As Money Pad provides a secure means to carry digi-cash it will be very needful in future. . telephone services and licenses it is applicable in daily life also. man needs a secure means to carry digi-cash. identification.  Applicable in daily life:As it is useful in shopping. dig-cash transfer etc.

It will hold instead Money Pad containing digital cash and other financial information. Secure transactions using strong encryption . coins and magnetic stripe cards.Future Scope The wallet of the future will hold less paper cash. Elimination of payment risk 3. Instant clearing of funds 2.32 12. 1. updated — perhaps automatically — by a PDA with a satellite communication link.

.33 13. Thus requiring no device to carry money. Following three requirements are necessary:- 1. Hand held devises. 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. Watches.Conclusion For a digital currency system to attain widespread recognition and use the. 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. Elimination of payment risk 3. At last since Thumb Impression is going to provide a strong base for security in the future we can predict that ―History Repeats‖. Once the Money Pad is implemented it has a wide scope. 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. as well as WAP devices. just a man is required to access digi-cash and proving ―Man as Money‖. Instant clearing of funds 2.

html www. Websites   www.com/futuremoney. PC Quest Magazine– October 2001 issue.Reference   Computers Today Magazine.com/sales/free.html .goldmoney.34 14.October 2001 issue.nightcats.

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