Emoney Handshake

A method to pay emoney in a handshake manner


Transaction example


Electronic money transfer systems (ETMSs) are a necessary step in the evolution of the payment system of the human civilization. But these systems must be able to work "outside" computers.

Not really witout the help of computers, but people must be able to pay with emoney when they go to a grocery store. This can be achived using mobile computers, like PDAs and phones. These mobile computers must be able to be loaded with a software which deals with the actual emoney transfer.

The mobile computers must be able to comunicate with one another without physical contact. This way, the computer of the merchant can communicate with the computer of the buyer. The buyers computer must also be able to communicate with the EMTS, through the Internet.

For this idea to become reality there is no need for an investment in hardware, only in software. The communication between the EMTS and mobile computers has to be encrypted (and signed) by the software which deals with the transaction; this has to be done to ensure nobody can eavesdrop on the communications, and also to sign a certain confirmation message which the EMTS sends to the merchant.

Let's say I buy something from a store. I and the merchant put close together our mobile computers. From my computer I choose a menu to initiate the transaction and type in the cost of the merchandise. My computer contacts the merchant's computer to obtain details about the transaction (like the currency and the price). Then, my computer contacts the EMTS and initiates the transfer of the money.

The merchant's computer waits for payment confirmation, which will come from the EMTS through my computer. When the confirmation is received, I take the merchandise and go on my way.

Transaction example

I go into a grocery and take a watermelon from the shelf. I go to the counter and put my mobile computer next to the mobile computer of the merchant. I click on a menu from my computer and it initiates the transaction:

  • "Type price:"

  • I type "5"

  • "Contacting merchant..."

  • "Got merchant info"

  • "Merchant currency: USD"

  • "Merchant account: 267341"

  • "Merchant name: Grocery X"

  • "Accept spend?"

  • I press "Enter"

  • "Merchant awaits confirmation..."

  • "Contacting EMT..."

  • "Spending 5 USD..."

  • "5 USD spent"

  • "Sending merchant confirmation"

  • "Merchant received confirmation"

  • "Transaction completed"

  • "Have a nice day!"

During this time, the merchant's phone displays:

  • "Speaking to buyer..."

  • "Got buyer info"

  • "Merchant currency: USD"

  • "Buyer account: 593024"

  • "Buyer name: John Doe"

  • "Info sent to buyer"

  • "Waiting confirmation..."

  • "5 USD received"

  • "Transaction completed"

  • "Have a nice day!"

I take the melon and I go on my way.

The merchant didn't do anything (he isn't even connected to the EMTS), and I only pressed on a few keys.

License | Contact