WELCOME TO THE SEMINAR ON Money Pad, The Future Wallet by V.PREETHAM KUMAR

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

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

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.

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.

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

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.

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

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

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

Design of the system

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

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

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 .

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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