MONEY PAD MACHINE
First Introduction
The 21st century will not be "cashless", as many now predict. However, it does seem clear that the currency of the 21st century will be "paperless". Paper currency and checks are gradually being supplanted by smartcards , digital cash and instant transfers of funds. The large paper bureaucracy of banks is quickly becoming redundant, burdensome, even antiquated. The evolution in digital money is happening so fast that banks cannot adopt quickly enough and will eventually collapse like top-heavy giants, blown over by the winds of financial change. Maybe, or may not be, but one trend is already clear.
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 with a satellite communication link.
As the new technologies develop into new ways of making payment, one concern naturally arises. 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. There is nothing inherent in the technology that makes it less protective of privacy and individual rights. Advancement’s like Biometrics Technology has made individual privacy even more secure.
As developments in electronic money gather pace, protection of individual rights must be kept in focus. 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, 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.
In order to protect the rights and properties of each individual we thought of providing a security system, which every human being can understand and feel free to use. Human beings feel secure when they have their own security arrangements to protect their rights and as well as wealth. Keeping this point of view in mind the Biometrics Technology is use to develop an e-cash handling system, which is similar to well known credit cards and smartcards. The e-cash handling system is a device that facilitates secure currency transactions. We call it as Money Pad which recognises Finger Print’s of the user and decides weather the user is a authorised person or not. Every time the user wants to access the Money Pad he has to make an impression of his finger, which will be sensed and matched with the one in the hard disk. 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.
** As technologies evolve, electronic chips can almost be found in all transactions especially when it comes to financial processing. Initiated debit and credit cards have become the leading payment procedure in the modern world. It is used in interbank computer networks and there is no need to carry cash with you. Professional IT services in Australia would have this called “Money Pad,” thus referring to a wallet—a future wallet. The forthcoming centuries won’t be tagged ‘cashless’ or will not use cash. The currency indeed will be paperless or even coin less. Transactions related to money will be done through the Money Pad.**
NEXT COMING:::BACKGROUND OF THE INVENTION
