e-Wallet – the future of cards
III/IV B.Tech, ECE III/IV B.Tech, ECE,
SSCET, SSCET, Lankapalli,KrishnaDt Lankapalli,KrishnaDt Contact:9985970210 E-mail:Deepak.firstname.lastname@example.org
Using the basic concepts of Embedded Systems, an idea for changing the future of Cards (Banking, Petro, Health, Televoice, etc.) is proposed in this paper. Requirement of a special card reader, limited lifetime, acceptance being the main disadvantages of today’s traditional cards, led to the design of e-Wallet. The main objective of e-Wallet is to make paperless money transaction easier. The main idea behind this paper is to bring in a cheaper, more versatile and much more easily usable kind of a card. Using this e-Wallet the transaction procedure can be as simple as: the customer goes to the point of sale (POS), does the purchasing and when it comes to the payment, the customer submits his e-Wallet to vender who connects it to his terminal (PC).The vender displays the billing information to the customer who finalizes it. The amount in the e-Wallet is updated accordingly. Later at periodic intervals, the vender intimates the bank (in case of credit cards) which transfers the amount from the customer’(s) account to his. The advantages of e-Wallet are its ease of use (doesn’t require a separate card reader), ease of maintenance, flexibility, safety, being the primary ones. The designing of the card is similar to any other embedded card. The designing cost of the card (e-Wallet) being as low as the price of a pizza. There are ample enhancements to this application from credit cards to televoice cards. Unlike traditional cards which are application oriented, all the applications’ software can be embedded into this e-Wallet which provides multi-functionality.
With the advent of computers many technologies are taking this world by a surprise. These include Embedded Systems (ES), Artificial Intelligence (AI), Neural Networks (NN), Fuzzy Logic, Bluetooth and many more are upcoming. This paper deals with Embedded Systems in a new perspective.
In easy terms, Embedded Systems can be viewed as a combination of hardware and software components, in which the software is implanted into the hardware to do the specific job. These ES were implemented in various fields from Battery chargers to Aviation Systems besides Cell phones (GSM, GPRS, CDMA, etc.). These ES are being developed in ‘leaps and bounds’. The never-ending efforts of many scientists in the field of ES led to the evolution of Smart Technology (ST). Using the basic concept of ES, an idea for changing the future of Cards (Banking, Petro, Health etc.) is proposed in this paper. To interpret this idea, it is first needed to know the pros & cons of today’s ‘traditional’ cards. Consider the example of banking: The magnetic stripe cards used for transactions are as simple as visiting cards, with a magnetic tape to hold the user information. The basic advantages of these cards are: • Ease of mobility
• Ease of use
Coming to the disadvantages of these cards, few are listed here under: • Easy Duplication
• Requires a special card reader
• Networking problems
• No memory to hold the current balance
• Limited lifetime
• No particular user authentication
• Unsecured remote transaction
• Limited acceptance
• Vulnerable to moisture, heat, dirt etc.
and the list goes on…… Keeping these pros & cons in view, the Smart Technology is introduced to develop a new class of cards. This stream of Smart Technology can be termed as Smart Card Technology (SCT)....
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