Money has become the important aspect of everybody’s life. It is the most basic requirement of human before food, water and shelter. But the significance and pattern of using money has completely changed from earlier times to present time. In previous years, people used flat money that has been replaced by specie backed paper currency.
But now, electronically initiated debits and credits have become dominant and most important payment modes which helps in the creation of private money which competes with government-issued currencies. The electronic money or e- cash have benefitted the lives of many people.
The patterns of using money are discussed in several ways currently with the emergence of electronic commerce that includes digital cash, online banking, electronic checks and smartcards. This technology provides special security with the exchange of currency that uses biometrics technology.
This technology is used for finger print recognition. It comes in the category of smartcard or the credit card which we use for making money transactions. When an user uses this money pad, firstly they have to make an impression of fingers which are scanned and matched with hard disk from database server.
If the scanner finger print will be matched with the user, then he/she will be allowed to access the pads, lese it will not be accessible to the user. This digital technology helps in providing a special from of security that make ever-lasting transaction of the currency for generating and maintain e-cash for the future. This is exactly similar to floppy disk which introduces the security of e-cash transactions.
The future wallet of the people will hold money pad rather than cash in their pockets that contains financial information and digital cash. It will automatically updates with a satellite communication link by PDA. It is highly protective, secured and contains individual rights. For the protection and prevention of rights of each and every individual in a security system, they are allowed to feel free and use this technology.
Digital wallet is increasingly used to describe mobile phones especially smart phones that help to keep storage of individual credentials and utilization of wireless technologies like near field communication that carries financial transactions.