E-Payment System to Reduce Use of Paper Money for Daily Transactions

This paper presents a framework of an E-payment system which can be used for daily petty cash transactions. The framework involves communication of encrypted messages through an insecure network using Advanced Encryption System (AES) with a timestamp key. To ensure the message authentication and integrity, the Hash-based Message Authentication Code (HMAC) is used. The associated key in HMAC is considered as a function of the phone Media Access Control (MAC) address as well as the user's biometric data for additional security. Timestamp key is updated each time a transaction takes place. Thus, the framework can be implemented to replace the use of paper money for daily transactions.