MONEY PAD
Money pad is one such medium of exchange, which aims to provide secure means of currency exchange. It’s a means that carries digital cash, as paper cash is going to extinct. “In order to use this money pad it is necessary to have at least one e-bank in every city”. 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.
OPERATION OF MONEY PAD
New User:
When a user wishes to have a Money Pad, he is supposed to visit a near by bankwhich has a e-bank facility. It is necessary for the new user to create a account with someminimum balance. The authentication details along with his finger print 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.
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 authorised 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.
