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CodeCash: A novel system for mobile and electronic transactions

Author

Listed:
  • Chen, Zhuo Qi

    (Student, Academy of Science and Technology, USA)

Abstract

To combat the security risks associated with mobile and electronic payments, this paper proposes a novel system to perform electronic transactions and to appropriate the funds involved in them. This system, known as CodeCash, separates account funds into distinct, independent parts, with each of these represented by a cash sequence, or 20-digit distinct, randomly generated numerical series. Each associated with a value up to a specific amount determined by the bank, these cash sequences are given to the client to use as spendable funds, with their hashes being stored in the account and used for verification and value deduction during transactions. Utilising a non-device-verifiable password on each transaction, the CodeCash system offers a secure method of transaction and transfer that, even if disrupted or attacked, yields minimal gains to the attacker, with the total amount of losses from theft being limited to the total value of cash sequences stored digitally on the particular device. Furthermore, a method of storing cash sequences on offline hard drives is also introduced, with this method providing clients the option to shield funds from almost any known type of digital fraud.

Suggested Citation

  • Chen, Zhuo Qi, 2020. "CodeCash: A novel system for mobile and electronic transactions," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 14(3), pages 256-267, September.
    • Handle: RePEc:aza:jpss00:y:2020:v:14:i:3:p:256-267
    as

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    More about this item

    Keywords

    mobile payment; tokenisation; cash sequences; payment security; digital fraud;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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