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.
Why use Money Pad
Money Pad is an electronic equivalent of the regular wallet. The device uses a biometric system that recognises the fingerprints of the user and has the capacity to determine whether the user is an authorised person or not. It is a bank card or intelligent card used to provide protected transactions. It consists of touch sensor which used to register the fingerprint of the user as well as a magnetic disk which has the read and write permission used to hold the verification details of the user.
Advantages in using Money Pad
Money pads help in instant clearing of funds and avoiding the unprotected way of carrying money. This eliminates the fear of carrying hard cash with him or her. Cash will be stored in a form of digital money. This provides strong security because everybody has a different and unique fingerprint. Unlike requirements asked from credit cards and smart cards applicants, money pad doesn’t require any minimum high deposit. This only needs a small amount which a user can provide. It also avoids the nuisance of renewing.
To Use Money Pad
The new user should visit a nearby bank with an e-banking facility to create an account. The Money Pad consists of stored information like account number, bank code from where the Pad has purchased and the user’s fingerprint. The user should give necessary details along with fingerprints which will be stored in the base server.
Transaction Using Money Pad
Money Pad needs a secured internet access for connection. It is like a client server interaction, the user should place his finger on the touch sensor and then on the finger print reader for matching. Once confirmed, enter the bank code and account number to access the e-bank services. If a finger print match reveals, the reader recognises that the user is authorised and allowed to do the transactions. If not, a procurement can be made. The digital-cash present in the money pad is e-mailed back to the authorised account holder using the user details present in money pad.
This electronic device is functional for any electronic banks and online transactions. It is useful for digital cash requests, digital cash transfer and can be utilised for filling order forms because all personal data are already stored there. No need to process via ATM or Automated Teller machines.
For a digital currency system to attain widespread recognition, several technological advantages should be delivered. Managed IT services Australia is in the look-out for this new device’s additional functions and advancement. This will surely eliminate payment risks and secures any money transaction with the implementation of a strong encryption. In the near future, Money Pad would be widely recommended and used by businesses and individuals.