Money Pad: The Future Wallet
                     Money 
Pad: The 
Future 
Wallet
Introduction
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
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Different Currency
Money in the 21st century will surely prove to 
be as different from the money of the current 
century as our money is from that of the 
previous century. 
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Electronically 
initiative
Just as fiat money replaced specie-backed 
paper currencies, electronically initiated debits 
and credits will become the dominant payment 
modes, creating the potential for private money 
to compete with government-issued currencies.
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Electronic Money
Just as every thing is getting under the shadow 
of “e” today we have paper currency being 
replaced by electronic money or e-cash. Hardly 
a day goes by without some mention in the 
financial press of new developments in 
“electronic money”.
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Digital Evolution
In the emerging field of electronic commerce, 
novel buzzwords like smartcards, online 
banking, digital cash, and electronic checks are 
being used to discuss money. 
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Technical Details Of 
The Paper
7
Basic Of The Present 
System
Presently due to the usage of computers in 
almost all the fields the demand for the 
utilization of Electronic Money have been 
increased. Payments made today in nearly all of 
the deposit currencies in the world's banking 
systems are handled electronically through a 
series of interbank computer networks. 
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Credit Card
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 suffi cient to 
present the merchant with the card number and 
the cardholder's name and expiration date of the 
card. 
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Smartcards
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.
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Disadvantages
• Insecure transactions using fixed encryption
• Risk of data loss due to chip failure
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