9

CHAPTER 1

INTRODUCTION

Digital wallets are small electronic packages that automatically supply

information such as credit card numbers and shipping addresses for use in conducting
Internet transactions .The Digital Wallet is a portable storage device, roughly the size
of a paperback book, which contains a Motorola Cold Fire processor, PC card slot
rechargeable battery, and a 6gb Toshiba hard drive.

Digital wallet is a software on the hard drive of an online shopper from

which the purchaser can pay for the transaction electronically. The wallet can hold in
encrypted form such items as credit card information, digital cash or coins, a digital
certificate to identify the user, and standardized shipping information.

A digital wallet is a software component that allows a user to make an

electronic payment with a financial instrument (such as a credit card or a digital coin),
and hides the low-level details of executing the payment protocol that is used to make
the payment.

A digital wallet, functions much like a physical wallet. The digital wallet
was first conceived as a method of storing various forms of electronic money (e-cash),
but with little popularity of such e-cash services, the digital wallet has evolved into a
service that provides internet users with a convenient way to store and use online shopping
information.
 10

A digital wallet has both a software and information component. The software

provides security and encryption for the personal information and for the actual

transaction.Typically, digital wallets are stored on the client side and are easily self

-maintained and fully compatible with most e-commerce Web sites. A server-side digital

wallet, also known as a thin wallet, is one that an organization creates for and about you

and maintains on its servers. Server-side digital wallets are gaining popularity among

major retailers dueto the security, efficiency, and added utility it provides to the end-user,

which increases their enjoyment of their overall purchase.

The information component is basically a database of user-inputted information.

This information consists of your shipping address, billing address, payment methods

(including credit card numbers, expiry dates, and security numbers), and other

information.

A digital wallet is a software component that provides a client with instrument

management and protocol management services. A digital wallet is linked into an end-user,

bank, or vendor application and provides the application with instrument management and

protocol management services. The digital wallets that are linked into vendor and bank

applications provide these management services in the same way that end-user digital

wallets do.

CHAPTER 2
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EVOLUTION

Digital wallets first emerged in the mid-1990s with a great deal of hype, but to a
lukewarm public reception. The earliest wallets required customers to download the digital
wallet vendor's(one who sells) software and store it on their desktops. This method largely
inhibited customers from warming to the technology. Downloads generally were viewed
with some skepticism by analysts, since they tend to limit overall distribution. Slow
connection speeds exacerbated the problem, since customers tend to grow frustrated and
abort downloads if they take an excessively long time to complete. In addition, any time
the vendor updated its digital wallet software, customers had to download all over again.
Moreover, once the software was downloaded, the digital wallet was stored on the
computer's hard drive, requiring the customer to make all purchases from that computer.
This lack of flexibility became increasingly problematic as more Internet shoppers roamed
from one place to another and used multiple computers for surfing and shopping.

Another impediment to digital wallet penetration was customer awareness. In

1999, according to the research firm Bizrate.com, only 58 percent of online purchasers
were even familiar with digital wallets, while only one-fourth understood their capabilities.
In addition, the sheer glut of digital wallet offerings in the late 1990s—issued by
merchants, software vendors, credit card firms, banks, and other outfits—led to customer
confusion, not to mention frustration stemming from the lack of compatibility between all
these wallet packages. With no standardized payment system, customers were reluctant to
fill up their hard drives with mutually exclusive digital wallets, nor maintain contracts with
various firms.

In 2000, Forrester Research released the results of a survey of online merchants.

The merchants were asked why digital wallets had failed to attain prominence. Sixty-two

percent of U.S. e-merchants felt there simply was too little customer demand, while 54
 12

percent reported that digital wallets weren't a priority. Twenty-seven percent thought the

market was too immature, another 27 percent couldn't see any benefits in adopting the

technology, and 19 percent thought that digital wallets would result in the loss of customer

relationships.

The Electronic Commerce Modeling Language (ECML) was conceived as a

mechanism to clearly define a format for online order forms that could incorporate digital

wallet technology from any vendor. To adopt ECML, merchants need only reorganize their

existing online order forms so that the fields correspond to those set forth in the ECML

standard. No licensing or usage fees apply, and ECML requires no additional software or

hardware, according to Catalog Age. The first digital wallet to comply with ECML was

IBM's Consumer Wallet 2.1, which was that company's second shot at digital wallet

technology. Meanwhile, ECML standardized the format in which the various fields were

stored in digital wallets.

By the early 2000s, digital wallets were undergoing a mild renaissance. The

models developed at that time abandoned software downloads altogether, opting instead

for digital wallet systems that worked directly with ISPs and other telecommunications

firms. In other words they involved server-side (or "thin"), rather than client-side ("fat"),

technology.

CHAPTER 3

WALLET
 13

A wallet, or billfold, is a small, flat case used to carry personal items such as

cash, credit cards, identification documents (driver's license, identification card, club card,

etc), photographs, and other paper or laminated cards. Wallets are generally made of

leather or fabrics, and they are usually pocket-sized and foldable.

Fig 3.1 The Wallet

3.1 HISTORY OF WALLET

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Wallets were invented in the late 1600's , almost immediately after paper

currency was introduced. Paper currency was invented in Massachusetts in 1690. Prior to

this, simple purses were used to carry around metal coins. These purses resembled small,

drawstring bags.

The first wallets were generally made from cow or horse leather, and had one

small pouch for where people would place their identification cards.

Fig 3.2 Wallet

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3.2 VARIETIES OF WALLET

Wallets are usually designed to hold banknotes and credit cards and fit into a

pocket (or handbag). Small cases for securing banknotes which do not have space for

credit cards or identification cards may be classified as money clips

Some varieties are-.

• Breast wallet (also called a "secretary wallet" or "passage wallet"): a wallet in

which the banknotes are not folded. They are intended for men's breast pocket in a

jacket, or for a handbag. They are too large for storage in a pant (trouser) pocket.

• Bi-fold wallet: a type of wallet in which the banknotes are folded over once. This

has become the "standard" wallet[citation needed]. Credit cards and identification cards

may be stored horizontally or vertically.

• Tri-fold wallet: a wallet with three folds, in which credit cards are generally stored

vertically.

• Front pocket wallet (or money clip): a case with no currency compartment and

very few pockets for cards. Usually banknotes are folded and held to the wallet

with a metal clip.

• Chain wallet: a wallet secured to the pants by a chain. It was first popularized by

bikers who wanted to keep from losing their wallet while riding a motorcycle. Its
 16

popularity had a resurgence in 1970s-80s Punk fashion and in the early 1990s with

the grunge fashion movement as well as Heavy metal fashion.

• Wallet band a type of wallet that uses a continuous elastic band, made of fabric or

rubber, to secure cards and/or cash. Wallet bands have become increasingly more

popular as a way to reduce the bulk of a traditional wallet.

• Wrist wallet: a type of wallet that can be secured to the wrist, to keep one's hands

free.

• Shoe wallet : a small pouch attached to a shoe to be used as a wallet designed

primarily for people exercising.

• Baby wallet : a small wallet with an elastic band that you tie around your baby so

that as long as you have your baby you have your wallet.

Fig 3.3 Secretary or Passage Wallet

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3.3 WALLET IN MARKET

DESIGNERS-Most major designers offer seasonal and perennial wallet collections of

black and brown leather wallets.

RETAILERS- Major retailers also sell a wide selection of men's wallets, including

branded and house-name wallets.

Fig 3.4 Common Wallet

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CHAPTER 4

CHARACTERISTICS

The digital wallets should be:

Extensible. A wallet should be able to accommodate all of the users different

payment instruments, and inter-operate with multiple payment protocols. For

example, a digital wallet should be able to hold a users credit cards and

digital coins, and be able to make payments with either of them, perhaps using SET

in the case of the credit card, and by using a digital coin payment protocol in the

latter case. As banks and vendors develop new financial instruments, a digital

wallet should be capable of holding new financial instruments and make payments

with these instruments. For instance, vendors should be able to develop electronic

coupons that offer discounts on products without requiring that users install a new

wallet to hold these coupons and make payments with them.

Client-Driven. The interaction between the wallet and the vendor, we believe,

should be driven by the client (i.e., the customer). Vendors should not be capable

of invoking the clients digital wallet to do anything that the end-user may resent

or consider an annoyance. For example, a vendor should not be able to

automatically launch a clients digital wallet application every time the user visits

a web page that offers the opportunity to buy a product. Imagine what life would

be like if, simply by walking into someones store, the store owner had the right

to reach into your pocket, pull out your wallet, hold it in front of you, and ask you
 19

if you wanted to buy something from him! A client-driven approach for building a

digital wallet is important because software which customers consider

intrusive will hinder the success of electronic commerce for all participants

involved.

Fig 4.1 Digital wallet Front-off

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Symmetric. Vendors and banks run software analogous to wallets, which manages

their end of the financial operations. Since the functionality is so similar, it makes

sense to re-use, whenever possible, the same infrastructure and interfaces within

wallets, vendors, and banks. For example, the component that manages financial

instruments (recording for instance account balances, authorized uses) can be

shared across these different participants in the financial operations. If the wallet

components that are re-used are extensible, then we automatically get extensibility

at the bank or vendor. So, for instance, an extensible instrument manager will

allow the bank or vendor to easily use new instruments as they become available.

Generalized or Non –Web-Centric. Interfaces should be similar regardless of

what type of device or computer that the wallet, bank, or vendor application is

running on. A digital wallet running on an alternative device, such as a personal

digital assistant (PDA) or a smart card, for example, has substantial functionality in

common with a digital wallet built as an extension to a web browser. Thus, a

digital wallet in these two environments should re-use the same instrument and

protocol management interfaces.

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CHAPTER 5

COMPONENTS

The core components of our digital wallet follow:

1.The Instrument Manager manages all of the instrument instances contained in the

wallet, and, for example, may be queried to determine which instrument classes and

instances are available to execute a given payment or other operation.

2. The Protocol Manager manages all of the protocols that the wallet may use to

accomplish various operations, and invokes protocols to carry out the interaction between

the digital wallet and the vendors and banks. The Protocol Manager relies on the

Communication Manager to process low-level communications requests with other

computers representing banks and vendors.

3. The Wallet Controller presents a consolidated interface for the wallet to the client.

The Wallet Controller hides the complexity of the other components of the wallet, and

provides a high-level interface to the client. A non-human client, or software agent, can

make method calls on the Wallet Controllers interface through the Client API. A human

client may use a graphical user interface (GUI) which may make method calls on the

Wallet Controller. The Wallet Controller coordinates the series of interactions between the

User Profile Manager, Instrument Manager, and Protocol Manager necessary to carry out

high-level requests received from the client, such as purchase a product.

 22

4. The User Profile Manager manages information about clients and groups of clients of

the wallet including their user names, passwords, ship-to and bill-to addresses, and

potentially other user profile information as well. In addition, the User Profile Manager

keeps access control information about what financial instruments each user has the

authority to access.

5. The Communication Manager provides the wallet with an interface to send and

receive string messages between wallets and peer commerce components by setting up a

connection with a remote Communication Manager. The Protocol Manager builds on top

of the connection abstraction to support the concept of a session. A connection is typically

asynchronous, while communications between peer commerce components in a Session

occur in (message , response) pairs where one peer sends a message, the other peer

receives the message, executes some action, and returns a response. Depending upon the

implementation of the Communication Manager, the messages may be sent over different

types of networks using different communication protocols.

For example, one implementation of a Communication Manager may send and receive

messages over the Internet using HTTP requests and responses over a TCP/IP ethernet

network. In this case, a Session may be made up of a sequence of several HTTP GET

messages and their corresponding responses. In another example, a second

implementation of a Communication Manager may send and receive messages over a

RS232 serial interface using TCP/IP.

 23

The Protocol Manager is responsible for making calls to the Cryptographic Engine to

encrypt any data that is passed to the Communication Manager, such that the data can be

securely transmitted over the communications medium. The Communication Manager

cannot be responsible for encryption of sensitive data from the wallet because it is formally

outside the wall`et architecture, and can be replaced by another Communication Manager

to run the wallet on another device. If the Communication Manager is relied upon to

encrypt sensitive data, then the Communication Manager might be replaced with a

malicious Communication Manager that sends all sensitive data to an adversary.

6. The Client API is an interface provided by the Wallet Controller that may be used by an

autonomous software agent acting on behalf of a human user.

7. The User Interface provides a graphical interface to the services offered by the Wallet

Controllers interface. The User Interface is an optional component of the wallet. Some

devices, such as most smart cards, do not have the ability to display a graphical user

interface, and hence the Wallet Controller interface must be accessed through the Client

API. Note that the user interface is a core component within the wallet because certain

parts of the user interface have access to sensitive user data. For example, the edit box

object into which a user enters the password to unlock the wallet should run within the

wallets protected address space. On the other hand, users may want to customize the

wallets interface by plugging-in GUIs developed by other software vendors. To

accomplish both these conflicting goals, the user interface exports parts of its interface as

the User Interface API that may be overloaded by software vendors to render customized

parts of the interface .

 24

The wallet’s user interface exports parts of its interface as the User Interface API

to satisfy both the privacy and customization requirements.Methods in the User Interface

API may be overloaded by software vendors to render customized parts of the interface.

The User Interface API also decouples the GUI so that the GUI can be run on a

thin client, such as a network computer, while the core components of the wallet can be run

on a server.

Fig 5.1 WALLET ARCHITECTURE

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CHAPTER 6

EXAMPLES OF DIGITAL WALLET

 Gator’s e-wallet or e-wallet

 Microsoft Passport

 Yahoo! Wallet

Fig 6.1 Model of Digital Wallet

6.1 Gator’s E-Wallet

Electronic wallet (E-wallet) is a software component in which a user stores

 26

credit card numbers and other personal information. When shopping online, the user

simply clicks the e-wallet to automatically fill in the information needed to make a

purchase.

E-wallet is basically another online payment scheme that functions as a carrier of

e-cash, in the same way that a wallet is used to carry real cash for doing a physical

transaction in an actual shop. The purpose is to offer a secure and easy means of online

payment.

Electronic Wallet from GAIN publishing , Known as the Gator e-Wallet, it

originated from the Gator adware service, which changed its name to Claria.

Electronic Wallet originally from Launch Pad Technologies and later integrated

In to the Entry Point news and information service. See digital wallet and Entry Point.

E-Wallet even stores the security verification questions that you need to know. E-

Wallet is a windows mobile freeware digital wallet and password safe application for

Electronic wallet is an encrypted storage medium holding credit card and other

financial information that can be used to complete electronic transactions without re-

entering the stored data at the time of the transaction.

 27

Fig 6.2 Gator’s E-WALLET

6.1.1 FEATURES OF E-WALLET

The main features are-

1. Secure-All transactions must ensure that information is secure.

2. Flexible-The components of the wallet must be both scalable and modifiable.

3. Portable-The e-wallet must be accessible from any platform, including PCs, PDAs, or

even devices such as Smart Cards.

 28

4. Client Driven-An action must not take place unless the user desires an action.

It also includes some features like:

• Quickly find your entries by using the filter box.

• Unlimited number of categories

• Unlimited number of records in each categories

• Sort entries by clicking on a column header

• Access via secure login authentication

• Full text search

• All passwords are encrypted using 3DES encryption algorithm

• Backup facility

• A very original and easy-to-use user interface

• Fast random password generator

• Custom length

• Modify password character set

• Special character support

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6.1.2 STEPS USED IN E-WALLET

Four steps of using E-wallet –

1)-Decide on an online shop website.

2)-Download the wallet form from the website and fill out the personal infor-

-mation such as credit number, phone number, and address. By filling out the

details once, personal information will be completed automatically when

customers click the E-wallet when purchasing in the future.

3)-Fill out the personal information as to where customers want merchandise to be

shipped.

4)-When customers are ready to buy, one way is to click the E-wallet button to

execute the process; or drag information out of the wallet and drop it into the online

form.

6.1.3 EX-THE INSTRUMENT MANAGER

Prototype Specification:
 30

The states shown are identified as follows:

• State 0: Active State. This state is the initial state of the Instrument Manager

instance. From this state, this manager is awaiting requests to be processed through

to the instruments.

• State 2: Verify Signature State. If a request for a signature verification has been

processed, the manager will enter this state awaiting a return of signature

information from the appropriate instrument instance.

• State 3: Process Card Info State. When a request for card information (or e-cash

transaction, or cybercheck processing, etc.) is made, the manager will send the

request to the instrument instance and await a response in this state.

 31

• State 4: Protocol Preference State. The instrument manager will enter this state to

await a return of protocol preferences which will be processed as required by the

caller, normally the operations manager, which is requiring a protocol to process

some operation.

Fig 6.3 Prototype Specification

 32

• State 5: Available Instruments State. If a request is made to determine

instruments that are available, this state will be entered to compile the list of

instruments, which will be returned as a result of the trasition to the Active state.

An occasion for this would be similar to entering a store and having the clerk

inform the customer that they accept VISA and personal checks--then the customer

must open their wallet and determine which of these they currently have available.

This process may also include verification of purchase limits or expiration dates.

• State 6: Balance Return State. State used to await an instrument's reply to a

balance inquiry.

CHAPTER 7

SETUP AND USE

A client side digital wallet requires minimal setup and is relatively easy to use.

Once the software is installed, the user begins by entering all the pertinent information.

The digital wallet is now setup.

 33

Fig 7.1 Digital Wallet

At the purchase/check-out page of an e-commerce site, the digital wallet software

has the ability to automatically enter the user information in the online form. By default,

most digital wallets prompt when the software recognizes a form in which it can fill out, if

you chose to automatically fill out the form, you will be prompted for a password. This

keeps unauthorized users from viewing personal information stored on a particular

computer. for this reason main benefit of this type of wallet is that you do not need to

complete forms. Instead once you fill your account info in your client side wallet in first

time , it is enough for other use.

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7.1 ECML

Electronic Commerce Modeling Language(ECML) is a universal format for

online commerce Web sites that contains customer information that is used for purchases

made online, formatted through the use of XML tags. It is a standard way of transferring

billing, shipping and payment information to merchant sites regardless of what site the

customer is purchasing from. If order forms are standardized, the customer's information

can be imported directly into the form from a digital wallet with the click of one button.

This saves the customer from repeatedly filling out the same information on multiple order

forms on multiple sites. ECML can be used in conjunction with SSL and SET.

ECML is an open internet standards for digital wallets and online merchant to

facilitate automatic exchange of transaction information.it allows fast and secure online

payment via a"digital wallet" in the phone.

ECML is a simple, open standard that permits any merchant to quickly accept

input from any ECML-enabled wallet. It offers wallet providers the ability to quickly

"find" the areas of the form needing input and automatically transfer the appropriate data at
 35

computer speed -- requiring only a single "autofill" selection by the IBM Consumer Wallet

user.

The founding members of the ECML Alliance are America Online, American

Express, Brodia , Compaq, CyberCash , Discover, FSTC, IBM, MasterCard, Microsoft,

Novell,SETCo , Sun Microsystems, Trintech and Visa U.S.A.

 36

CHAPTER 8

STATISTICS

Fig 8.1 Statistics Chart

In statistics chart , the chart is plotted between number of downloads and month.

This chart is basically represented the demand of digital wallet software in the market or in

the life of human being .Through this chart we can see the fluctuations in demand of digital
 37

wallet software . During August 2009 , the number of downloads are three which became

equal to zero in September 2009 , and it remains constant during October to December.

In this year 2010 , the number of downloads of digital wallet were increasing during

January and February but suddenly it falls in March and April and remains constant during

May . Again , it increases during June 2010 but falls in July . This means that people are

trying to know all the features of digital wallet slowly.

 38

CHAPTER 9

IMPORTANCE

Digital Wallet work with raw files- The Digital Wallet supports Canon RAW format for

transferring the data from the compact flash card to the Digital Wallet. The files can then

be left on the Digital Wallet or can be transferred to the PC. In order to manipulate the

images the Canon proprietary software needs to be used, but pointed to the device that has

files stored on them.

Supporting Cash Transactions- From the consumer’s perspective, cash transactions have

many benefits-they are fast and easy to perform, they provide a built-in spending limit, and

they are anonymous. The anonymity factor is crucial for consumers who, for various

reasons, want certain transactions to remain anonymous while the spending limit is used,

for example, by parents to limit their children’s spending.

Supporting cash transactions require two key technology components:

1) a mechanism for placing cash in the digital wallet.

2) mechanisms for transferring that cash to a retailer or another digital wallet.

Ease E-Business- Many so-called computer standards are really far from standard. They

are vendor-driven initiatives. That's one situation the growth of the Internet has done little

to change.Those who shop on line are acutely aware of the absence of standard checkout

and payment processes. So consumers must adjust to the peculiarities of each on-line
 39

retailer's checkout process.That's hurting on-line retailers. It may be fun to pick products

on line, but consumers dread checking out.Industry analysts estimate two-thirds of on-line

purchases are abandoned during checkout as consumers tire of repeatedly submitting

billing and shipping information on cumbersome.

 40

CHAPTER 10

ADVANTAGES

For E-Commerce Sites- Upwards of 25% of online shoppers abandon their order due to

frustration in filling in forms. (Graphic Arts Monthly, 1999) The digital wallet combats

this problem by giving users the option to transfer their information securely and

accurately. This simplified approach to completing transactions results in better usability

and ultimately more utility for the customer.

Access Your Data Anywhere with eWallet-

• Sync your info where you want - to any PC, iPhone, Windows Mobile or

BlackBerry device, a netbook, your server at work - there is no limit.

• Sync securely to remote locations using SFTP and other remote syncing options.

• Create and synchronize as many wallets as you want and eWallet will keep them all

up to date

• Share wallets with family members or coworkers on a network.

Digital Wallet allows easy money transactions in real-time- Swedish designer Fredrik

Palmblad has come up with a digital device dubbed the “Digital Wallet” that holds money

itself, ensuring safe and quick money transaction anytime, anywhere. The users need to

connect two devices to transfer the digital money from one account to another.
 41

Fig 10.1 E-Wallet

As soon as you place your thumb on top of the outer ring, the device selects the

amount to transfer it to the other device by simply pressing the screen. The LED-stripe

lights up the amount to confirm the successful transfer. The Digital Wallet provides a

secure and simple way to accomplish personal transactions in real-time.

E-wallet shortens and simplifies the process of repeatedly filling out detailed

information, in a safe environment. Customers not only save time but also have control of

personal data by being able to drag the proper card from the E-wallet pop-up screen.

eWallet even stores the security verification questions that you need to know.

New IBM consumer wallet for web shoppers- The IBM Consumer Wallet allows Web

shoppers to enter their credit card information once and store it securely in an icon or
 42

"wallet" -- for all future shopping. With the 'one-click' purchasing feature, digital wallets

eliminate the need for repeated entering of such information, decreasing the likelihood of

abandoned shopping carts by frustrated shoppers.

Biometric Wallet For Added Security- Wallets actually store some of users’ most

valuable and personal belongings. Losing the wallet may cause great inconvenience as

credit cards need to be cancelled and identity cards reported missing. Aegis Innovations

has come up with a wallet designed with biometrics features to keep users’ money and

credit cards safe.

Fig 10.2 Biometric Wallet

CHAPTER 11

DISADVANTAGES

 Users must download the wallet form and software, after the download is complete,
 43

the wallet is installed as a plug-in or ActiveX control which is within a browser

that must also be install browser.

 Digital wallets and peer-to-peer (P-to-P) payment systems have failed to attract

meaningful adoption for business-toconsumer (B-to-C) transactions. However, P-

to-P payments have become common for consumer auctions, renewing hope that

other payment-related offerings might yet succeed.

CHAPTER 12

APPLICATIONS

Digital wallet applications support secure P2P mobile cash transactions and

alleviate point-of-sale confusion for consumers using multiple payment, discount, and

loyalty cards.

Graphics Features-

• On touchscreen devices and Windows PCs, you can add custom icons and card

backgrounds to any card.

• On non-touchscreen devices you can see, but not change, icons and card
 44

backgrounds you've associated with your cards; you'll add or change them on the

Windows PC and then synchronize the changes to your device.

• Customize your cards by making your own icons, logos and card backgrounds, or

downloading some that we've provided.

It automatically suck all photo’s to the hard disk.

 45

CHAPTER 13

CO-OPERATING COMPANIES

There are so many companies like-

i. America Online

ii. American Express

iii. Compaq

iv. Cyber Cash

v. IBM

vi. Master Card

vii. Microsoft

viii. Sun Microsystems

ix. Visa USA.

 46

CHAPTER 14

FUTURE CHALLENGES

Key Challenges- There are three key challenges that must be overcome first that are-

1-Mass Market Appeal: Ensuring a mass market appeal for the digital wallet is

important to leverage scale economies and the network externality effect1. One way to

increase the mass market appeal is to make the digital wallet usable for all day-to-day

transactions. Hence it is important to support both point of sale transactions and peer-

to-peer transactions between individuals. Both of these require support from financial

institutions, retailers and government bodies : coordinating .Utility of the digital wallet

is influenced by one’s social network. If a majority of the participants in a person’s

network are not digital wallet ready, then one has to still use cash for monetary

exchange these stake holders is a real challenge. It should be noted that the Korean and

Japanese methods to increase mass market appeal may not work in Singapore due to

differences in industrial organization and cultural preferences.

2-Stake Holder Dynamics: Any successful digital wallet deployment will need the

Cooperation of multiple stake holders such as banks, retailers, regulatory bodies, and

consumer. This is a challenge because satisfying the business and strategic goals of

multiple stake holders is difficult.For example, bank A may choose not to be a part of a

consortium where competing banks play a leading role. In addition some stake holders may

have already invested in alternative technologies and may not be in a position to make

further investments.Achieving buy-in from all stake holders may require the support of the
 47

government and regulatory bodies. Fortunately the Singaporean government is receptive

towards digital wallet-type integration efforts.

3-Compelling user experience: The third challenge is designing a digital wallet that

consumers want to use. This requires a usable interface, and support for all financial

transactions that a user may want to perform. We plan to reuse some of the user interfaces

and design principles developed in Japan and South Korea. However there are many

important features that still need to be created. These include comprehensive backup and

restore solutions, integration of a large number of monetary and identification implements,

and support for peer-to-peer cash transactions. For example, this is the most common

payment mode when paying for taxi rides and when paying for food and drink. As such,

consumers would resist using a digital wallet if they still had to carry a conventional wallet

for cash transactions.

America Online Planning to Unveil Digital Wallet by Christmastime.-America Online

Inc. is a few weeks away from taking the wraps off of an electronic wallet that it hopes will

encourage its 13 million subscribers to do more virtual shopping.AOL has been aiming to

have the service out in time for the Christmas shopping season, and officials said last week

that they are intent on getting it right from the start, without glitches.

Microsoft try to create a wallet that will allow payment companies to plug in their payment

systems.

Apple Close to Adding Digital Wallet to iPhone - A new high-profile hire, rumors of

NFC-enabled iPhone testing and batch of mobile payment patents all add up to only one
 48

thing for fans of the Apple smartphone.

Fig 14.1 Digital Wallet Model

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CHAPTER 15

CONCLUSION

In today’s fast moving world where people live very stress full life ,this approach

and innovativeness in wallet making would provide some help to people while shopping

,traveling etc as it is very easy to use. It also have tracking device which would provide

safety to your cards and ultimately to money. So people should buy this wallet because of

the safety purpose, easy to use and good quality

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BIBLIOGRAPHY

o www.wikipedia.com

o www.webopedia.com

o www.internetnews.com

o www.yuvaengineers.com