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Concept of e-Wallet and its features, E Wallet


Using the basic concepts of Embedded Systems, an idea for changing the future of Cards (Banking, Petrol, Health, Televoice, etc.) is proposed in this article. 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 vendor who connects it to his terminal (PC).The vendor displays the billing information to the customer who finalizes it. The amount in the e-Wallet is updated accordingly. Later at periodic intervals, the vendor 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 application's software can be embedded into this e-Wallet which provides multi-functionality.

Features of e–Wallet :

* Refillable
* Infinite lifetime
* Current balance can be stored and read
* User authentication is provided
* Universal access
* Maximum possible cash
* Cannot be duplicated

With all the above mentioned features it is definite that the future of cards is definitely e-Wallet. Besides credit cards, this e-Wallet can also be extended into various fields like Sim – card, Petro – card, Credit – card, Health – card, Intelligent web – surfing card, Insurance – card, Access – card, ATM, Televoice card.
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