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Money pad
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Introduction:
The 21st century will be paperless paper currency and checks are gradually being substituted by smartcards, digital cash and inst ant transfers of funds.
The wallet of the future will hold less paper cash, coins and magnetic stripe cards. It will hold instead Money pad containing Digital cash and other financial information, updated perhaps Automatically by a PDA.

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Credit Card(reading)
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.

Use the present system :

Credit Card : Credit cards are payment devices that allow the consumer to make purchases within guarantied limits as defined by the issuer of the card.
Dis-advantages :

i. ii. iii. iv. v. vi.

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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. Insecure transactions using fixed encryption. The card has to be renewed once it is expired.
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Smartcards(reading)
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

 Smart cards :
A smartcard resembles(look like) 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 Dis-advantages : Insecure transactions using fixed encryption. Risk of data loss due to chip failure.

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Money Pad(reading)
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.

New approach(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

PDA(READING)
Personal Digital Assistance - A PDA, sometimes referred to as a palm-top computer, is smaller than a laptop computer and does not have as much computing power. Used to send email via a wireless modem, write documents in a text editor, perform calculations in a spreadsheet, store names and addresses, and perform other common business and personal tasks.

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

Operation of money pad(reading)

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

Operations of money pad(diagram):

Design of the system :

Process in request of money pad.

New user Enter an e-book

Request for money pad

Create new account Money pad is issued
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Database Server

Creates the details of the new user and his finger print record

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.
General information of user

Finger print Reader Database Server

Information collected in passed To the server for verification.

Money pad
Unauthorized Authorized

E-book

Cannot access cash is email to owners account

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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.

Transaction using Money Pad(reading)

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

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. his physiological and behavioural refers to the study of biological

This involves identifying characteristics. Biometrics in characteristics. general

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

Applications of money pad:

Applicable in e-banks and in any kind of e-transactions The money pad device is capable of carrying digi-cash and it is useful to perform any kind of e-banking or any kind of e-transaction. Can be used to carry out remote transactions To perform remote transaction like e-payments, digi-cash transfer etc., Useful to carry Digital cash The Money pad provides a secure means to carry digi-cash. Utilization of personal data in filling order forms The personal data stored in the money pad can be used to fill order forms thus savings users time. Applicable in m-commerce transactions It is applicable to any kinds of ecommerce transactions.
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 Applicable in daily life. It is useful in shopping, identification, telephone services and licenses . It is applicable in daily life.

Conclusion:
The following three requirements are necessary:

1. Instant clearing of funds 2. Elimination of payment risk 3. Secure transactions using strong encryption
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.

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