1.1 Introduction
This Digital Cash Transaction System is the act of exchanging goods and services is an old and enduring venture. The fact that man cannot satisfy his own needs all by himself has necessitated the need trade. The advent of the paper cash system was a major breakthrough in the system exchange (trade) as paper cash possesses certain properties (homogeneity, portability malleability), is backed by the government and the central bank is a legal tender for exchange. The paper cash system indeed contributed enormously to the ease with which trade is being carried out. The landmark achievement however in the areas of electronics, computers and information technology coupled with the need to carryout transactions at a very fast rate has paved the way for the digital cash transaction system.
As a prelude to other parts of this study, this chapter will discuss the background upon which this study was initiated, the statement of problems that led to this study, the Aim and Objectives of the study. Others are Significance of the study, Scope of work, Limitations of the Study and Definition of technical terms.
1.2 Background of Study
The digital cash transaction system evolved after the paper cash. It involves the use of digital pin codes to represent paper cash with transactions carried out on this basis. More technically, digital cash transaction system is a payment or withdrawal message bearing a digital signature (pin code) and function are medium of exchange (trading). Trading has evolved from its primitive stages to a more advanced and sophisticated form. One of the primitive forms of trade is the trade by barter. The trade by barter preferred to some extent the necessary solution to the problem exchange; it however, has so many inadequacies attached. The problem of mutual coincidence of wants among others is a major setback to the development of the system.
Since the enthronement of democratic process in Nigeria in 27th of May 1999, there has been huge foreign investment in the economy. The rate at which financial transaction are carried out has increased significantly. Without a medium of doubt, the prevalent use of paper cash is gradually giving way to a new system of payment, which is digital cash transaction system.
An emerging generation of information technology (IT) survey, Nigerian are driving the for e-payment system which is becoming increasingly popular because of its convenience. Though, the growth trend is towards the offline digital cash (examples ATM, Master card, and Visa International) where cards (metal or plastic) are used for withdrawals on special machines made for the purpose. The online digital cash transaction system which involves the use of computers with connection lines is however on the increase as well.
However, because of the increasing trend of corruption in the country, lack of adequate security has been a major setback in the growth of the digital cash transaction system. It could be deduced from the above that the performance of the digital cash system will be a major determinant of economic growth in Nigeria, given the present trend worldwide. The study is of particular importance in the Nigeria Economy where lack of adequate security has impaired the steady growth of digital cash in the economy. It seeks to explore possible software design features as a basis for securing the digital cash system against illicit operations.
Essentially, digital cash mimics the functionality of paper cash. Paper currency and coins represent value because they are backed by a trusted third party, the government and the banking sector.
Digital cash transaction system also represents value because it is backed by a third party usually a bank that is willing to convert digital cash to physical cash. To a degree, the digital cash transaction system operates in the following manner. A user opens an account in a bank and is being given the digital cash transaction card. He or she is also given his or her pin code for the card that is confidential to that person. That is the pin should not be known to another person. The owner of a card can deposit money into his or her account by going to the bank. The transaction can be used to withdraw money outside to the bank, buy things from shopping malls or merchant sites and can also check his/her account balance in any of these places.
1.2 Statement of Problems
Money in all its various forms since its invention has always been faced with security problems. The digital cash transaction system though a cutting edge innovation as far as technology of money is concerned is not spared of this dilemma. Specific issues relating to the security of the system that needs to be addressed are;
- The extent to which the problem of security may impede the growth of the digital cash transaction system.
- The need to ensure adequate security in digital cash transaction system without unnecessary or excess expenditure on hardwares.
- The extent to which effective software design can tackle the problem of security in the digital transaction cash system.
- Producing the receipt printout for each transaction is costly for a business while keeping them only to find them faded, damaged or lost and therefore of no help is unfortunate to customers.
1.4 Aim and Objectives of Study
The aim of the study is to Design and Implement a Digital Cash Transaction System. In achieving this aim the following objectives were laid out as follows to design and develop an application software that will:
- Incorporate an effective security design into digital cash transaction system to prevent all forms of excess spending of available money in owner’s account i.e. spending above what you have in your account or withdrawing what you have in your account.
- Aid fast synchronization during verification of account which is necessary.
- Evolve a design that totally ensures customers anonymity without compromising security in digital cash transaction system.
1.5 Significance/Justification of Study
For there to be a computerized business operation, the business must be look upon in a new way of existence. Not only being concerned with customers, prices output and so forth one should also consider the fact that data forms, information flows procedures etc. it is momentous on the basic that computers are used as a co-existing element to information system. This application is effective and productive because it enhance to process amore better information system (Automated).
On this work, we shall basically look upon the possibility of making the outline orderly model of designing effect change. The process of changing system is systematic such that it is a repetition process. It is a fact to say that every system has what is called life cycle especially information system. By reviewing and modifying them, we say,
It is a system development cycle. The routine is always cyclical. It is on the system development that the familiar input processing output-feedback pattern of all system. The system development contains the output which consists of various organization information systems. The feedbacks components help evaluate the effectiveness of the systems terms of changing requirements.
1.6 Scope of Study
The scope of this project covers the online model of the digital cash transaction system. The online model of the digital cash transaction system incorporates the software, computer systems and connection or communication lines, machines. The design of software will be exploited to ensure adequate security in the digital cash transaction system.
1.7 Limitations of the Study
During the course of this study, many things militated against its completion, some of which are:
- Time Constraint: The time frame given to accomplish this project was very short due to school academic calendar and it was carried out under pressure which made the researcher not to implement some necessary features.
- Establishment Policies: Establishment policies posed a serious limitation as most staffs are not ready to release information needed for this project work. There were lots of information needed from the staffs of this institution to enhance the study which took them time to release or they did not release at all for security purposes, hence the scope was reduced.
- Research material: availability of research material is a major setback to the scope of the study.
- Frequent power failure: This made the researcher append more money on fuel to ensure sustainable power.
- Financial Constraint: Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet).
1.8 Definition of Terms
Acquiring Bank: This is a bank or financial institution that accepts payments for the product or services on behalf of a Merchant.
Computer: This is an electro-mechanical device that is capable of accepting data as inputs, stores it, processes the data and outputs it as result or information.
Credit Card: It is a payment mechanism that enables consumers to make their online purchase.
Data: Data are raw facts which undergo processing and become information. They are also the simplest unit of information that can stand on its own.
Digital Certificate: It is a certificate that enables a merchant to do on-line business and it is been issued by a corporate body.
Gateway: This is a device that connects two computer networks that cannot be connected in any other way.
Hypertext Documents: They are documents written with HTML, ASP, ASP..NET, PHP, JAVA SCRIPT PAGES (JSP), CODE FUSION, PROGRAMMING LANGUAGES.
Internet: It is an interaction of computer networks connecting other networks from computers, companies, houses etc.
ISP Internet Service Provider: This is a company(s) that provides internet access to homes or business users.
Merchant Account: It’s a contract under which an acquiring bank extends a line of credit to a merchant who wishes to accept payment card association brand
MS SQL: This is relational database server that is ideal for both small and large applications.
OnLine Supermarket: It is representation of material or real shop on the internet or on the web.
OnLine Shopping: This is the buying and selling of products through the internet or web.
Program: A program is a sequence of instructions written in a computer to execute a certain task and solve a problem. A program must possess clarity, be specific, effective and user friendly.
WWW (World Wide Web): It is a multimedia interface that connects us to resources such as documents, e-mails, chat, web sites that are available on the internet with the computer.
