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With the proliferation of the mobile Internet, E-commerce has become pervasive across all types of trading transactions. Vendors of Point of Sale (POS) machines, like vending machines, as well as brick-and-mortar merchants, are attempting to find ways to perform transactions digitally. The smart phone, amongst other things, is also finding itself to be a digital wallet (DW). A digital wallet (an application installed on a smart phone), similar to a physical wallet, holds (or keeps track of) your cash and other personal information. An individual sets up a Digital Wallet Account (DWA). The DWA stores your account balance, which can be traded for goods and services with participating merchants as well as be used to transfer funds between two peer DWs. In order to purchase goods or services from a merchant or point of sale machine like a vending machine, the smart device first identifies the merchant using a QR code through a camera. The buyer then enters the amount necessary for the purchase and initiates a â€•buyâ€– transaction with this vendor via the Digital Wallet App. A similar mechanism is used for implementation of the peer to peer transactions as well where one peer takes on the job of the seller and the other participating peer is the buyer and the transaction is facilitated using a QR-Code. The project is implemented using a website that provides access to the account data to the DWAs and maintain logs of all the transactions conducted on the database that stores the data for all the account holders. It is used to recharge the accounts held by the users. It also consists of a mobile application (Android) used to perform all the transactions remotely and emulate the function of a physical wallet, i.e. transferring funds as a cash transaction. In the future, this project can serve as the basis for a more highly functional digital wallet capable of providing services such as user identification, purchasing goods and services over a larger range of vendors and more secure transactions. A digital wallet will provide all the functionalities of a real wallet with the added advantage of being secure and more traceable, making accounting and tracking of finances easier.
Keywords: Mobile-Computing, Mobile-commerce, android, e-wallet, QR-code, micro-payment, real time, digital-currency, POS transaction, centralized payments
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