Introduction To E- Wallet

E-Wallet
G.H.Raisoni Polytechnic,Jalgaon Page 1
G.H.Raisoni Polytechnic
Gat No.269,A.P Savkheda (Bk.), Jalgaon
A Presentation Report On
“E-Wallet”
Presentation Dated On
1-7-2016
Presented By
Mr.Milind Narsing Prajapat
Guided By
Mr.Tushar Wagh Sir

E-Wallet
Introduction
Many wallets today are clustered with several cards, cash & more.
Keeping track of all these items can be difficult .The E-Wallet will
provide all of the functions of today’s wallet on one convenient
smart card eliminating the need for several cards. The E-Wallet will also
provide numerous security features not available to regular wallet
carriers. Identification is required for every credit card transaction &
the card should be tampered with. These increased security measures
& convenience makes this a worthwhile project.
E-Wallet is a means of authentication & payment for device
independent e-payment instructions. Digital Wallet allows user to make
e-transactions quickly & securely. A E-Wallet functions much like a
physical wallet.It is a method of storing various forms of e-money(e-
cash),it has also evolved into a service that provides internet users with
a convenient way to store & use online shopping information.

E-Wallet
Abstract
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

E-Wallet
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.
What Is An E-Wallet
Once you have been online for a few weeks or months, you will have an
online identity. You may need and use quite a few online passwords
and pins, along with personalized billing and shipping information. Not
only do you need to enter your personal and financial data at each site,
but you also have to remember and secure that information. An e-
wallet is a convenient, secure place to store data related to your online
identities. Once you start using one, you will wonder how you ever
managed without it.

E-Wallet
Misconceptions
Many popular browsers, including Internet Explorer and Firefox have
some basic built-in e-wallet functions. However, storing your
information in a browser is not as secure as using a separate program
that is specifically designed for this task. In addition, if you change
browsers, you may not have access to your data. Browsers also store
your passwords in a separate location from your form data. In some
cases, you need an add-on to store personal data that you need for
completing forms. With few exceptions, these days, you will have a
separate email program where you store email addresses for your
contacts
Functions
E-wallets can store your passwords, credit card numbers, email
contacts and vital data like your driver's license or social security
numbers. You may have your personal data recorded in several
disparate locations, including your browser, spreadsheets, a PDA and
on paper. Not only is it inconvenient to manage your online experience
this way, but it can also be risky. Paper can get lost or waterlogged.
Trying to remember and update your email contacts and credit card
information can be overwhelming. An e-wallet allows you to unify and
store the information that you need. You will only need to remember
one password to unlock your encrypted data.

E-Wallet
Features Of E-Wallet
A consumer e-wallet is a standalone software application that you can
download and install on your computer, PDA or Smartphone. Some of
the most popular e-wallet software programs also allow you to store
photos and maps. You can often customize the software's data entry
options to fit your needs. Many retailers also provide credit card data e-
wallets to their customers. These have limited features. They mainly
store billing and shipping information.
Consideration
Syncing and backup options are important. Keeping a file separate
gives you peace of mind and recovery options when you lose access to
the original files, or the device stops working. The option to use your
e-wallet on multiple electronic devices makes the software more useful.
To simplify your life, you should choose ane-wallet that you can run
from a USB flash drive, along with your Smartphone and a desktop or
laptop.

E-Wallet
How To Use An E-Wallet
The sites where e-wallet services are available generally have the
following few easy steps to get started.
Benefits Of E-Wallet
The sites where e-wallet services are available generally have the
following few easy steps to get started.
Ease of use without having to enter your debit/credit card details for
every online transaction.
For some sites there is no minimum amount and you can deposit an
amount as low as Rs 10.
You can pass on the benefits of your e-wallet to your friends and family
as well.
There is no chance of a decline of payment since e-wallet is a prepaid
account.

E-Wallet
Where You Can Use E-Wallet
Online Grocery Stores
Big Basket.com, a Bangalorebased online food and grocery store, offers
an e-wallet facility for a simple payment option. The e-wallet on this
site can be filled up with any sum of money, starting from as low as Rs
10. The maximum money that can be stored on Big Basket's e-wallet is
Rs 10,000.
Utility Payments
Paying the electricity bill, phone bill, mobile bill and even booking a
seat at the theatre can now be done with OxiCash. Your OxiCash e-
wallet can be filled and recharged using net banking, debit cards and
credit cards or even cash payments at OxiCash retail outlets.
Fly prepaid
If you are planning a vacation and fear spending the saved money
elsewhere you can save up with, Lusso Trip's e-wallet facility.
Customers generally keep a Rs 10,000
balance on their e-wallet and save up as much as Rs 1 lakh to book
tickets when they want to.
E-wallet on mobile
Airtel Money transforms the mobile phone into a convenient wallet.
The digitised money can be used on several shopping sites like
ebay.in, Home Shop 18, Myntra and Book My Show. All one needs to
have is an Airtel connection.

E-Wallet
Buying Online
E-commerce major Flipkart was one among the first few to start am e-
wallet service in 2011. Flipkart introduced e-wallet service to its
customers, in addition to their cash-on-delivery option. Consumers can
create an e-wallet and fill it up to Rs 10,000 at a time.
Recharging Mobile Phones
At Munkey.in, an e-wallet service, a mobile recharge can be done
automatically on an auto disconnect missed call to their number. A
customer can also go for scheduled recharge option where a filled e-
wallet can recharge a number or DTH connection on set times of the
month.
What are the risks?
Revealed passwords can lead to theft.
There is no facility of refund; the amount is only redeemable against a
purchase.
E-Wallet Problems
The e-commerce community can face loss problem because of fake &
unknown customers.
The unreliable person may send any incorrect information or may use
others accounts for transactions.

E-Wallet
E-Wallet risks

E-Wallet
Security
 A good e-wallet uses strong encryption for stored data. The user
also needs to enter a password to open the stored files. Some e-
wallets employ additional password security features such as a
limit on failed password attempts. Once this limit is reached, the
user will be locked out.
 Authorization, Access Control:
– protect intranet from hordes: Firewalls
 Confidentiality, Data Integrity:
– protect contents against snoopers: Encryption
 Authentication:
– both parties prove identity before starting transaction:
Digital certificates
 Non-repudiation:
- Proof that documents originated by you and you only. ( i.e.
Digital Signature)

E-Wallet
E-Payments: Atomicity
 Money atomicity: no creation/destruction of money when
transferred
 Goods atomicity: no payment w/o goods and vice-versa.
– Eg: pay on delivery of parcel
 Certified delivery: the goods delivered is what was promised:
– Open the parcel in front of a trusted 3rd party.
Payment system types
 Credit card-based methods
– Credit card over SSL - First Virtual -SET
 Electronic Cheques
– - NetCheque
 Anonymous payments
– - Digicash - CAFE
 Micropayments
 SmartCards

E-Wallet
Encrypted credit card payment
 Set secure communication channel between buyer and seller .
 Send credit card number to merchant encrypted using merchant’s
public key.
 Problems: merchant fraud, no customer signature .
 Ensures money but no goods atomicity.
First Virtual
 Customer assigned virtual PIN by phone.
 Customer uses PIN to make purchases.
 Merchant contacts First virtual.
 First virtual send email to customer
 If customer confirms, payment made to merchant.
 Not goods atomic since customer can refuse to pay.
 Not suitable for small transactions.
 Flood customer’s mailbox, delay merchant.
Electronic Cheques
 Leverages the check payments system, a core competency of the
banking industry.
 Fits within current business practices
 Works like a paper check does but in pure electronic form, with
fewer manual steps.

E-Wallet
 Can be used by all bank customers who have checking accounts.
 Different from Electronic fund transfers.
How does echeck works ?
 Exactly same way as paper
 Check writer "writes" the echeck using one of many types of
electronic devices
 ”Gives" the echeck to the payee electronically.
 Payee "deposits" echeck, receives credit,
 Payee's bank "clears" the echeck to the paying bank.
 Paying bank validates the echeck and "charges" the check writer's
account for the check.
Smartcards
 8-bit micro, < 5MHz, < 2k RAM, 20k ROM.
 Download electronic money on a card: wallet on a card.
 Efficient, secure, paperless, intuitive and speedy
 Real and virtual stores accept them .
 Less susceptible to net attacks since disconnected.
 Has other uses spanning many industries, from banking to health
care .

E-Wallet
Advantages Of E-Wallet
1. Ease of use (not require separate card reader).
2. Ease of maintenance
3. Good flexibility & safety.
4. Ease of access.
5. It saves lot of users time.
Disadvantages Of E-Wallet
1. Sometimes network problem may occur.
2. Failure of technology.
3. Possible tracking of individual.
4. Suspectable to forgery.

E-Wallet
Conclusion
In addition to the uses of physical wallet , the electronic wallet needs
to satisfy the core requirement of providing payment and
authentication in online transaction initiated from any Internet
enabled device. Once this is achieved a range of “value added”
services, some of which are outlined above.
E-Wallet is destined to become the virtual representation of a person
on the Internet. Residing on the network, the electronic wallet will be
able to be reached from any Internet access point & will become the
owner’s authorised agent for eCommerce transactions.

E-Wallet
References
 State of the art in electronic payment systems, IEEE
COMPUTER 30/9 (1997) 28-35
 Internet privacy - The quest for anonymity, Communications of
the ACM 42/2 (1999) 28-60.
Hyper links
– http://www.javasoft.com/products/commerce/
http://www.semper.org/
http://www.echeck.org/
– http://nii-server.isi.edu/info/NetCheque/
– http://www.ec-europe.org/Welcome.html/
– http://www.zdnet.com/icom/e-business/
– http://www.wikipedia.com/
– http://www.slideshare.com/

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