Electronic Wallet
Presented by:-
ROHIT KUMAR 0101332708 CSE-A (VIIth sem.)
Under the guidance of:-
Mr. Krishan Kant
CONTENTS
INTRODUCTION MOTIVATION GRAND IDEA CHARACTERISTICS TRANSACTION TECHNOLOGY USED SETUP & USE ADVANTAGES CONCLUSION REFERENCES
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WHAT IS E-WALLET?
e-Wallet stands for Electronic Wallet. An e-Wallet functions much like a physical Wallet. An e-Wallet is also known as a Digital Wallet. An e-Wallet allows users to make electronic commerce transactions quickly & securely.
MOTIVATION
My Wallet is thick, bulky, falling apart, impossible to manage.
I already carry a Mobile phone wherever I go.
GRAND IDEA
E-WALLET CHARACTERISTICS
EXTENSIBLE :- A Wallet should be able to accommodate users different payment & multiple payment protocols. CLIENT-DRIVEN :- Interaction between Wallet & Vendors, we believe should be driven by client. SYMMETRIC :- Vendors & Banks run software analogous to wallets which manages their end of the financial operation.
GENERALIZED :- Interfaces should be similar of what type of devices that the Wallets, Banks or Vendors Applications is running on.
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EXAMPLE OF TRANSACTION
TRANSACTION PROCESS
A customer places order on website by pressing the 'Submit Order' or equivalent button. The customer's web browser encrypts the information to be sent between the browser & the merchant's webserver. This is done via SSL (Secure Socket Layer) encryption. The merchant then forwards the transaction details to their payment gateway. This is another SSL encrypted connection to the payment server hosted by the payment gateway.
Contd
The payment gateway forwards the transaction information to the payment processor used by the merchant's acquiring bank. The payment processor forwards the response to the payment gateway. The payment gateway receives the response, and forwards it on to the website. The entire process typically takes 23 seconds.
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Contd
The merchant submits all their approved authorizations, in a "batch", to their acquiring bank for settlement via their processor.
The acquiring bank deposits the total of the approved funds in to the merchant's nominated account. This could be an account with the acquiring bank if the merchant does their banking with the same bank, or an account with another bank.
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TECHNOLOGY USED
An e-Wallet has both a software & information component. The software provides security & encryption for the personal information & for the actual transaction. The information component is basically a database of user-inputted information. This information consists of your shipping address, billing address, payment methods (including user name, password & security questions), & other information.
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SETUP & USE
CLIENT-SIDE E-WALLET SERVER-SIDE E-WALLET
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CLIENT-SIDE E-WALLET
Some people prefer to access the Internet using one machine (e.g. those who stay home most of the time or access sites from their work PC only). A Client-side ewallet is more suitable for these kinds of people. The client-side e-wallet is an application running on the client PC that holds e-Wallet information. Customers can buy articles / services using the clientside e-wallet at different sites without the need to log in after the e-wallet application is downloaded to their PC.
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CLIENT-SIDE E-WALLET CONCEPTUAL MODEL
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SERVER-SIDE E-WALLET
Some people prefer to access the Internet from multiple computers (e.g. a business person who often travels around). A Server-side e-wallet is suitable for these people. The server-side e- wallet is stored on the vendor server and is transferred from the broker to each vendor when required. Customers can buy articles using the server-side ewallet anywhere in the world. However customers are required to remember e-Wallet ID and password in order to log into a site.
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SERVER-SIDE E-WALLET CONCEPTUAL MODEL
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ADVANTAGES
EASE OF USE :Withdraw or deposit value by Internet / telephone No signature required. Immediate payment. In the future, access points may include mobile phones. ACCESSIBILITY & CONVENIENCE :Internet, Cash machines and telephones give more access points to funds in bank account. Available 24 hours / 365 days. Cash machines and telephones cannot run out of electronic cash.
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Contd
FLEXIBILITY :Transfer value by Internet / telephone. Pay person to person. For low or high values. Multi-currency capability. No age limit, so suitable for all the family.
SAFETY & CONTROL :Spend only what you have. Read your balance. Load value at home. Lock your card or wallet. Keep track of what you have spent and where. Customer is traceable.
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CONCLUSION
In todays fast moving world where people live very stressfull life, this approach in electronic wallet making would provide some help to people while shopping, travelling etc. as it is very easy to use. It also have a tracking device which would provide safety to your money. So people should buy this wallet because of the safety purpose, easy to use and good quality.
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REFERENCES
http://en.wikipedia.org/wiki/Digital_wallet http://www.webopedia.com/TERM/D/digita l_wallet.html http://www.luminouslandscape.com/reviews/digital_wallet.shtml http://ecommerce.hostip.info/pages/330/Dig ital-Wallet-Technology.html
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Any Queries?
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Made by :- Rohit kumar
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