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“Money in the 21st century will definitely prove to be while different from the money of the current century while our funds is as a result of the prior century. In the same way fiat money replaced specie-backed paper currencies, electronically initiated debits and credits will become the dominating payment settings, creating the potential for private money to contend with government-issued foreign currencies.  Just as every thing achievement under the darkness of “e today we have paper forex being substituted by electronic money or e-cash.

Hardly a day passes without some mention in the financial press of new developments in “electronic money. Inside the emerging field of digital commerce, new buzzwords just like smart playing cards, online banking, digital funds, and electric checks are utilized to discuss cash. But exactly how are these brand-new forms of repayment secure?

And many importantly, which of these rising secure digital money systems will endure into the next century? These are generally some of the difficult questions to response but here is a solution, which provides a form of reliability to these settings of currency exchange using the “Biometrics Technology.

The Money Protect introduced below uses the biometrics technology for Finger Print acknowledgement. Money Cushion is a form of credit card or smartcard, which in turn we name so. Every time the user would like to access the amount of money Pad this individual has to get that promotion of his fingers which will be scanned and matched with the one in the hard disk of data bottom server. In case the finger printing matches while using user’s he can be allowed to access and use the Pad various other wise the amount of money Pad is definitely not available.

Thus offering a form of security to the ever-lasting transaction forex of the future “e-cash.


1 . Money Cushion ” A kind of credit card or smart card a lot like floppy disk, which is introduced to provide, secure e-cash orders.

2 . Digital or Electronic Cash or Digi-cash or perhaps E-cash or perhaps Ecash or perhaps Digital Cash “

These terms are also used interchangeably, and so they refer to any of the various methods that let a person to purchase goods or services by transmitting a number in one computer to a different. The figures are granted by a bank and represent sums of real money. Digital cash is anonymous and reusable.

3. Personal Digital Assistance ” A PDA, sometimes termed as a palm-top computer, is smaller than a laptop computer and have as much computing electric power. Used to give email via a wireless device, write paperwork in a textual content editor, conduct calculations within a spreadsheet, shop names and addresses, and perform different common organization and personal responsibilities.

4. Biometrics Technology ” Technology utilized to accurately discover and verify an individual’s identity.

a few. Finger Print Reader ” A equipment with read/write head competent of studying the information stored in the Money Protect.

6. Float ” The purchase in terms of digi-cash, which requires zero-sum gain, is called float.

7. Fiat Cash ” Approved money.

8. Specie-Backed ” Gave money.

9. Legitimate ” Legislation full.


The 21st century will not be “cashless, as many at this point predict. Nevertheless , it does seem clear the fact that currency in the 21st century will be “paperless. Newspaper currency and checks happen to be gradually staying supplanted simply by smartcards, digital cash and instant transfers of funds. The large conventional paper bureaucracy of banks is definitely quickly becoming redundant, tiring, even ancient. The progression in digital money is occurring so fast that financial institutions cannot adopt quickly enough and will ultimately collapse like top-heavy leaders, blown more than by the wind gusts of financial modify. Maybe, could be, although one pattern is already obvious. The budget of the future will hold less newspaper cash, gold coins and magnet stripe cards. It will maintain instead Funds Pad that contain digital money and other economical information, current ” maybe automatically ” by a PERSONAL DIGITAL ASSISTANT with a satellite tv communication website link.

As the new technologies develop into new ways of getting payment, one concern obviously arises. Will this technology protect every single individual’s directly to privacy while providing requirements money needed for the financial health of communities? The answer is simple ” it depends how the new technology is used. There is nothing inherent in the technology that makes it fewer protective of privacy and individual privileges. Advancement’s just like Biometrics Technology has made specific privacy even more secure. Because developments in electronic cash gather speed, protection of individual legal rights must be retained in target. Because the record of most government authorities so far during these early stages of electronic commerce has been found by many to get confrontational and not protective of individual privileges, it is likely that the preservation of the rights is one reason that personal currencies probably emerge on the web and to eventually play a significant role in global business.

In order to protect the legal rights and properties of each specific we thought of providing a security alarm, which every human being can easily understand and feel free to work with. Human beings experience secure when they have their personal security plans to protect their particular rights as well as as wealth. Keeping this point of look at in mind the Biometrics Technology is use for develop a great e-cash handling system, which can be similar to well-known credit cards and smartcards. The e-cash handling system is a tool that makes it possible for secure foreign currency transactions. We all call it since Money Mat which acknowledges Finger Print’s of the end user and determines weather the consumer is a authorised person or perhaps not. Whenever the user would like to access the bucks Pad he has to make an impression of his finger, which is sensed and matched together with the one in the hard disk. If the finger print suits with the wearer’s he will be allowed to access and use the Mat other wise the Money Pad is not accessible.

Specialized Details Of The Paper

¢ Basic Of The current System:

At this time due to the usage of computers in almost all the fields the demand for the use of Electric Money had been increased. Payments made today in most of00 the pay in currencies in the world’s bank systems are handled electronically through a group of interbank laptop networks. Bank cards and smartcards are widely used to enter into these interbank computer networks in order to carry out transactions. These are generally the popular channel widely existing as a the latest medium of currency in the e-cash scenario. The method of utilization and the secureness provided by these types of currency mediums are the following.

¢ Mastercard:

Credit cards are payment equipment that allow the consumer to create purchases within just certain certain limits because defined by the issuer in the card. To use a credit card in most cases it is satisfactory to present the merchant together with the card number and the cardholder’s name and expiration time of the greeting card. These data can be easily transmitted over the Internet. Furthermore, credit cards process cash by electric means. The user has to exchange the card in the card reader equipment then the equipment asks for authentication information like secret security password etc . Later on the user can be allowed to carry out the deal. These a credit card has several cons like, Down sides:

r Fast clearing of funds is not possible.

r End user is always under the pressure of limits upon purchase identified by the issuer of the credit card and also every single transaction involves certain costs.

3rd there’s r Insecure deals using set encryption.

r The has to be reconditioned once it is expired.

¢ Smartcards:

A smartcard is similar to a credit card except that it has a microchip embedded within just it, that allows the smartcard to store information and sometimes to even perform simple computations. Common smartcard chips commonly holds about 8, 000 bytes (characters) of information, which in turn enables the smartcard to perform a variety of capabilities such as identity, storing bank account information and holding digital cash. Repayment information in the form of currency worth is kept on this chip and can be gathered with specially designed card visitors.


r Insecure transactions applying fixed security.

l Risk of data loss due to processor chip failure.

¢ New Way

As this is an era of internet every thing is getting on the net like shopping, business, banking etc . Inside the recent pattern even cash is available on-line at any time as digi-cash or cybercash etc . These are the recent moderate of exchange, which are essential for the existence of e-banking. As in upcoming the world will be paper less money the existence of e-cash will lead e-banking. In future internet will capture the world and the private currency will end up the multimedia of exchange in e-banks replacing the federal government currency. Keeping this point of view in mind and to above come the above drawbacks of credit cards and smart credit cards here we present a medium of exchange to carry digital cash wherever guy wants, which we name as “Money Pad.

Cash Pad:

Money pad is usually one such channel of exchange, which should provide protect means of foreign exchange. It’s a signifies that carries digital cash, while paper funds is going to extinct. “In so that it will use this cash pad you need to have in least 1 e-bank in every single city.

Cash pad is a biometric program similar to a credit card or a key card just like a floppy disk. That consists of a contact sensor and magnetic disk as its peripherals (Fig-1 site -8). Contact sensor is utilized to record the fingerprint of the customer. Magnetic hard disk drive, which has the read and write agreement is used to carry the authentication details of an individual, bank code as well as digi-cash. The bank code and consideration number of the owner of this funds pad is present on the ingredients label.

Fig-1 A Money Protect

Procedure of Money Protect:

¢ New User: (Refer fig-2 web page 10)

Each time a user wishes to have a Cash Pad, he’s supposed to go to a near by lender which has a e-bank facility. It is vital for the newest user to make a account which includes minimum harmony. The authentication details together with his fingerprint is definitely recorded and stored in your data base machine. The user is provided with a accounts number and bank code along with his Cash Pad. The amount of money Pad contains stored info like consideration number, traditional bank code (from where he provides purchased this kind of money pad) and his fingerprint.

¢ Deal using Cash Pad: (Refer fig-3 site 10)

Whenever a user really wants to use the Funds Pad this individual has to place his ring finger on the touch sensor after which place it within a finger printing reader. Someone will look for bank code so that he can access his e-bank, then his account amount so that he can enter into his consideration. After this you will gain access to the finger-print and suits with that present on the Money Mat as well as present in the data bottom server. If the match occurs the reader knows that he is a authorised end user and allows for further ventures. If not really then the target audience comes to understand that the user is unauthorised and a dotacion can be built so that the digicash present in the Money Pad is e-mailed back in the authorised account holder using the consumer details within the Money Mat. As the Money Pad has read and write facility it is utilized to down load digi-cash, carry on purchase and retail store the balance.

Write Protect


Contact Sensor

Outer cover

Space For


Magnetic Hard drive

Central Hub

Choose Money protect?

¢ Quick clearing of funds

The moment clearing of funds means the end of ‘float’, which is the time spent waiting for a fund copy to clear. Obligations can be quickly made since man himself carries digi-cash with him. There is no need for just about any intermediate party to clear the funds.

¢ Avoids the insecure method of carrying money

The present pattern is full of robbery and robbery. Man is in fear while he is carrying a huge amount around town. The channel of exchange that is released (Money Pad) eliminates this kind of fear since man do not need to carry any hard cash as it is stored in the proper execution of digital money. In the event that he loses the Money Cushion the supply can be manufactured such that the lost money can be recurred into his own account by e-mail facility.

¢ Provides good security

As you may know every body provides a different fingerprint it is a rare case to have two persons with same fingerprint. Choosing this into account Money Mat uses Biometric Technology to provide strong security.


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Topic: Credit card, Credit cards, Digital cash,

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