Electronic wallets (eWallets) provide all the functionalities of a traditional wallet using one convenient smart card, therefore, eliminating the need for several cards. eWallets also provide numerous security features unavailable to those who use regular wallets. For instance, identification is required for every credit card transaction, and the smart card is equipped with a disabling device,should the card be tampered with. Techno Brain’s eWallet solution allows users to make electronic payments using a financial instrument (such as a credit card or digital cash through NFC), and hides the low-level execution details of the payment protocol used to make the payment. Multiple credit/debit cards can be stored in a single eWallet account and used for payments. New NFC (Near Field Communication) chips are already appearing in smartphones. They provide very close range, low-power, easy to setup point-to-point communication. In our solution, NFC acts as the communication medium for exchanging monetary and identification information. Our solution authenticates the consumer through the use of digital certificates or other encryption methods, stores and transfers values, and secures the payment process from the consumer to the merchant.
The monetary implements that can be used include cash, debit and credit cards, and stored value cards — while identification includes national or state identification cards and driver licenses. The identification function could use biometric technology or other technology and can potentially replace other forms of identification.
The features of Techno Brain’s eWallet include:
- Identification and management of eWallet accounts for institutions and individuals
- Elimination of the risks associated with cash handling
- Balance enquiry and Statement of Account report capabilities
- PIN and other security measures
- Multiple methods for loading and reloading(bank account, credit/debit cards, scratch-off cards, and transfers from other eWallets)
- Fully logged transactions for e-payment and loading transactions