MONEY PAD
Why use Money pad?
Instant clearing of funds::::The instant clearing of funds means the end of 'float', which is the time spent waiting for a fund transfer to clear. Payments can be instantly made as man himself carries digi-cash with him. There is no need for any intermediate party to clear the funds.
Avoids the insecure way of carrying money
The present trend is full of theft and robbery. Man is in fear while he is carrying a huge amount from place to place. The medium of exchange that is introduced (Money Pad) eliminates this fear since man need not carry any hard cash as it is stored in the form of digital money. In case he loses the Money Pad the provision can be made such that the lost cash can be recurred into his own account by e-mail facility.
Provides strong security
As we know everybody has a different fingerprint it is a rare case to have two persons with same fingerprint. Taking this into consideration Money Pad uses Biometric Technology to provide strong security.
Can be meet by a common man
Since credit card and smart card require the facility that a minimum deposit should be present which is very high to be meet by a common man. Where as Money Pad doesn’t require any minimum high deposit but it requires a small amount which can be meet by a common man.
Avoids the nuisance of renewing
Money Pad once issued is permanent, as it doesn’t require any kind of renovation.
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:
Ø False Acceptance Rate – Where an impostor is accepted as a match.
Ø False Rejection Rate – where a legitimate match is denied access.
Fingerprint verification is one such biometric system, which authenticates weather the user is a authorised person or not. It involves the user placing his finger over a glass plate, which resides over a high-resolution change coupled cameras. The image captured is compared to that in the systems database and decides the user authentication.
