Claims:

1. A receptacle (100), comprising:
at least a first compartment (102) and a second compartment (104) configured to hold a currency unit;
a data capturing unit (302) configured to capture one or more images associated with at least a selected portion of the currency unit when the currency unit is placed in the second compartment (104);
a fastener (106) that automatically operates between an open state and a closed state based on a user input for opening and closing access to the first compartment (102); and
a processor (114) that is configured to identify a transaction type based on a state of the fastener and a presence of the currency unit in the second compartment (104).

2. The receptacle (100) as claimed in claim 1, wherein the data capturing unit (302) comprises one or more micro-cameras (304), an image acquisition device, a surface computing device, a ThinSight device, or combinations thereof.

3. The receptacle (100) as claimed in claim 2, wherein the processor (114) is configured to process the one or more parameters of the currency unit to identify a currency type, authenticity of the currency unit, and a denomination of the currency unit once the currency note is determined to be genuine.

4. The receptacle (100) as claimed in claim 1, further comprising:
a first sensor (110) configured to receive a first user input and generate a first signal for transmission to the processor (114) for automatically operating the fastener (106) to the open state for enabling access to the first compartment (102); and
a second sensor (112) configured to receive a second user input and generate a second signal for transmission to the processor (114) for automatically operating the fastener to the closed state for closing access to the first compartment (102).

5. The receptacle (100) as claimed in claim 4, wherein the first sensor (110) comprises a pulse sensor, and wherein the second sensor (112) comprises a Hall effect sensor (118).

6. The receptacle (100) as claimed in claim 4, wherein the fastener (106) comprises a plurality of magnetic teeth configured to change polarity based on a signal received from one or more of the processor (114) and the Hall Effect sensor (118).

7. The receptacle (100) as claimed in claim 4, wherein the Hall Effect sensor (118) is connected to the fastener (106) such that the Hall Effect sensor (118) generates a variable analogue position signal having a magnitude that varies based on a change in position of the fastener (106), and wherein the processor (114) is configured to track one or more of a horizontal and a longitudinal position of the fastener (106) based on a magnitude of the generated analogue position signal.

8. The receptacle (100) as claimed in claim 5, further comprising a magnetic element (120) disposed on the receptacle such that the second sensor (112) generates a signal for transmission to the processor (114) for operating the fastener (106) to the closed state when a distance between the second sensor (112) and the magnetic element (120) is less than a defined threshold.

9. The receptacle (100) as claimed in claim 1, wherein the user input comprises a swipe gesture, a touch gesture, a tap gesture, a hold gesture, or combinations thereof.

10. The receptacle (100) as claimed in claim 1, further comprising:
a location tagging system (128) that tags location data with a transaction record for a transaction, wherein the transaction record comprises the transaction type identified based on the state of the fastener and the presence of the currency unit in the second compartment (104); and
a database (115, 126) that stores digital account data comprising the transaction record tagged with the location data for each transaction.

11. The receptacle (100) as claimed in claim 1, further comprising a communications unit (130) for wirelessly transmitting transaction data for a selected time period to a portable electronic device (133).

12. The receptacle (100) as claimed in claim 1, further comprising a portable power storage unit (132) configured to supply power to at least one of the processor (114) and the data capturing unit (302), and wherein the power storage unit (132) is configured to recharge using ambient heat, vibrations, or a combination thereof.

13. The receptacle (100) as claimed in claim 1, further comprising one or more indicators (122) for indicating the open state of the fastener (106), and result of verifying the authenticity of the currency unit.

14. The receptacle (100) as claimed in claim 13, wherein the one or more indicators (122) comprise one or more light emitting diodes.

15. The receptacle (100) as claimed in claim 1, further comprising a display device (116) disposed at a desired location on the receptacle (100) and configured to receive user input, output information corresponding to the currency unit, or a combination thereof, wherein the display device (116) is communicatively coupled to at least one of the processor (114) and the data capturing unit (302).

16. The receptacle (100) as claimed in claim 1 comprising a wallet.

17. A method for expense tracking, comprising:
capturing one or more images associated with at least a selected portion of a currency unit when the currency unit is placed in a second compartment (104) of a receptacle (100);
automatically operating a fastener (106), associated with a first compartment (102) in the receptacle (100), between an open state and a closed state upon receiving a user input for opening and closing access to the first compartment (102);
processing the one or more images to determine one or more parameters of the currency unit indicative of a currency type, authenticity of the currency unit, and a denomination of the currency unit once the currency unit is determined to be genuine; and
recording a transaction type associated with the currency unit based on a state of the fastener and a presence of the currency unit in the second compartment (104) once the currency unit is determined to be genuine.

18. The method as claimed in claim 17, wherein automatically operating the fastener (106) comprises:
automatically operating the fastener (106) to the open state for enabling access to the first compartment (102) upon receiving a single from a processor (114) in the receptacle (100) upon receiving a first user input; and
automatically operating the fastener (106) to the closed state for closing access to the first compartment (102) upon receiving a second user input.

19. The method as claimed in claim 17, further comprising indicating one or more of the open state of the fastener (106), and result of verifying the authenticity of the currency unit using one or more indicators (122) disposed on the receptacle (100).

20. The method as claimed in claim 17, further comprising:
tagging location data with a transaction record for a transaction, wherein the transaction record comprises the transaction type identified based on the state of the fastener (106) and the presence of the currency unit in the second compartment (104);
storing the transaction record tagged with the location data for each transaction in a digital account data; and
wirelessly transmitting the transaction data for a selected time period to a portable electronic device (133).

, Description:TECHNICAL FIELD

[0001] The present disclosure generally relates to receptacles for holding items. More particularly, the present disclosure relates to a smart receptacle such as a wallet or a purse with cash and expense management features.

BACKGROUND

[0002] Cash-based transactions are widely used despite the increasing popularity of electronic transactions. There are several reasons for making transactions using physical cash such as bank notes. For example, not everyone may have access to credit/debit cards and there would be some situations where either customers or vendors prefer cash transactions. Cash-based transactions, thus, are here to stay.
[0003] However, cash-based transactions may be impeded by counterfeiting and other issues. Counterfeit bank notes, in particular, are a menace and it is increasingly becoming difficult to differentiate between genuine and counterfeit notes. While there are currency scanning machines in banks and point-of-sale locations to determine authenticity of the bank notes, such machines are not portable and not practical for individuals. Also, it is difficult to keep a track of spending when using physical cash. Bank notes of varying denominations are exchanged and keeping a track of the expenses is a cumbersome task.
[0004] It would therefore be desirable to provide a system for secure, smart, and efficient management of physical cash.

SUMMARY

[0005] It is therefore an object of the present disclosure to provide a smart receptacle to efficiently manage physical currency transactions.
[0006] Another object of the present disclosure is to provide counterfeit note detecting capability for the smart receptacle.
[0007] Yet another object of the present disclosure is to automatically track and update transaction data.
[0008] Yet another object of the present disclosure is to provide smart opening and closing mechanism for the smart receptacle.
[0009] According to one aspect, a receptacle is presented. The receptacle includes at least a first compartment and a second compartment configured to hold a currency unit. The receptacle also includes a data capturing unit configured to capture one or more images associated with at least a selected portion of the currency unit when the currency unit is placed in the second compartment. The receptacle further includes a fastener that automatically operates between an open state and a closed state based on a user input for opening and closing access to the first compartment. The receptacle also includes a processor that is configured to identify a transaction type based on a state of the fastener and a presence of the currency unit in the second compartment. The receptacle includes a wallet.
[0010] According to one aspect, the data capturing unit includes one or more micro-cameras, an image acquisition device, a surface computing device, a ThinSight device, or combinations thereof.
[0011] According to one aspect, the processor is configured to process the one or more parameters of the currency unit to identify a currency type, authenticity of the currency unit, and a denomination of the currency unit once the currency note is determined to be genuine.
[0012] According to one aspect, the receptacle further includes a first sensor configured to receive a first user input and generate a first signal for transmission to the processor for automatically operating the fastener to the open state for enabling access to the first compartment. The receptacle also includes a second sensor configured to receive a second user input and generate a second signal for transmission to the processor for automatically operating the fastener to the closed state for closing access to the first compartment. The user input includes a swipe gesture, a touch gesture, a tap gesture, a hold gesture, or combinations thereof. The first sensor includes a pulse sensor, and wherein the second sensor comprises a Hall effect sensor. The receptacle further includes a magnetic element disposed on the receptacle such that the second sensor generates a signal for transmission to the processor for operating the fastener to the closed state when a distance between the second sensor and the magnetic element is less than a defined threshold.
[0013] According to one aspect, the receptacle also includes a location tagging system that tags location data with a transaction record for a transaction, wherein the transaction record comprises the transaction type identified based on the state of the fastener and the presence of the currency note in the second compartment. The receptacle further includes a database that stores digital account data comprising the transaction record tagged with the location data for each transaction.
[0014] According to one aspect, the receptacle also includes a communications unit for wirelessly transmitting transaction data for a selected time period to a portable electronic device.
[0015] According to one aspect, the receptacle further includes a portable power storage unit configured to supply power to at least one of the processor and the data capturing unit, and wherein the power storage unit is configured to recharge using ambient heat, vibrations, or a combination thereof.
[0016] According to one aspect, the receptacle also includes one or more indicators for indicating the open state of the fastener and result of verifying the authenticity of the currency unit. The one or more indicators includes one or more light emitting diodes.
[0017] According to one aspect, the receptacle further includes a display device disposed at a desired location on the receptacle and configured to receive user input, output information corresponding to the currency unit, or a combination thereof, wherein the display device is communicatively coupled to at least one of the processor and the data capturing unit.
[0018] According to one aspect, a method for expense tracking is presented. The method includes capturing one or more images associated with at least a selected portion of a currency unit when the currency unit is placed in a second compartment of a receptacle. The method further includes automatically operating a fastener, associated with a first compartment in the receptacle, between an open state and a closed state upon receiving a user input for opening and closing access to the first compartment. The method also includes processing the one or more images to determine one or more parameters of the currency unit indicative of a currency type, authenticity of the currency unit, and a denomination of the currency unit once the currency unit is determined to be genuine. Additionally, the method includes recording a transaction type associated with the currency unit based on a state of the fastener and a presence of the currency unit in the second compartment once the currency unit is determined to be genuine.
[0019] According to one aspect, automatically operating the fastener comprises automatically operating the fastener to the open state for enabling access to the first compartment upon receiving a single from a processor in the receptacle upon receiving a first user input at a first sensor in the receptacle. Further, automatically operating the fastener comprises automatically operating the fastener to the closed state for closing access to the first compartment upon receiving a second user input at a second sensor in the receptacle.
[0020] According to one aspect, the method includes indicating one or more of the open state of the fastener (106), and result of verifying the authenticity of the currency unit using one or more indicators disposed on the receptacle.
[0021] According to one aspect, the method includes tagging location data with a transaction record for a transaction, wherein the transaction record comprises the transaction type identified based on the state of the fastener and the presence of the currency unit in the second compartment. The method further includes storing the transaction record tagged with the location data for each transaction in a digital account data. The method also includes wirelessly transmitting the transaction data for a selected time period to a portable electronic device.

BRIEF DESCRIPTION OF THE DRAWINGS

[0022] The disclosed subject matter of the present application will now be described in more detail with reference to example embodiments and accompanying drawings.
[0023] FIG. 1 illustrates a block diagram of a smart receptacle, according to one embodiment of the present disclosure.
[0024] FIG. 2 illustrates a block diagram of the smart receptacle of FIG. 1 depicting an associated auto-zip feature, according to one embodiment of the present disclosure.
[0025] FIG. 3 illustrates a block diagram of an internal layout of a second compartment of the smart receptacle of FIG. 1, according to one embodiment of the present disclosure.
[0026] FIG. 4 illustrates a flow diagram of a method for determining authenticity of currency, according to one embodiment of the present disclosure.
[0027] FIGS. 5A and 5B illustrate a flow diagram of a method for expense tracking, according to an embodiment of the present disclosure.

DETAILED DESCRIPTION

[0028] Various embodiments are explained in detail below with reference to the various figures. Embodiments are described to illustrate the disclosed subject matter, not to limit its scope, which is defined by the claims. Those of ordinary skill in the art will recognize a number of equivalent variations of the various features provided in the description that follows. The smart receptacle described herein includes a first compartment, a second compartment, a fastener and a cash management system. The first compartment is used to carry currency notes and the second compartment includes a data capturing unit for capturing currency data associated with a currency note when the currency note is placed in the second compartment. The fastener automatically operates between an open state and a closed state for providing access to the first compartment based on a user input. The cash management system identifies a transaction type based on a state of the fastener and a presence of the currency note in the second compartment. The smart receptacle can be used to determine authenticity of currency units and to efficiently track cash transactions.
[0029] The smart receptacle described herein may be fabricated in several shapes and sizes. As one example embodiment, the smart receptacle can take the shape of a wallet (100) as shown in FIG. 1. The wallet (100) includes a first compartment (102), a second compartment (104), and a fastener (106) for the first compartment (102). In one embodiment, the first compartment (102) may be used to store currency notes (108), coins, debit cards, credit cards, and other suitable items. Currency notes and coins may be of various denominations and types. For example, a currency denomination may be “(100),” and a currency type may be a Dollar, Euro, Yen, Rupee, etc.
[0030] In one embodiment, access to the first compartment (102) is enabled when the fastener (106) is in an open state and access to the first compartment (102) is disabled when the fastener (106) is closed. In one embodiment, opening and closing of the fastener (106) may be achieved automatically based on user gestures. In another embodiment, however, a user may manually open or close fastener (106). In one example, the fastener (106) may be a magnetic zipper that has an open state and a closed state. Specifically, the magnetic zipper may have interlocking magnetic teeth, which have a capability of changing their magnetic polarity. The terms “fastener,” “zip,” and “zipper” are used interchangeably in the following description.
[0031] The wallet (100) further includes a first sensor (110), a second sensor (112), and a processor (114) to determine authenticity of currency units and/or keeping track of expenses. To that end, the processor (114) may be a snapdragon processor or any other suitable processing device. The processor (114) may include its own memory such as a micro-flash memory (115). In one embodiment, the processor (114) is configured to track every closing or opening of the first compartment (102) and the second compartment (104) of the wallet (100). The processor (114) may be further configured to provide a control signal to automatically open and/or close the fastener (106) based on user input.
[0032] In one example, when a first user input such as a touch input or a designated hand gesture is received by the first sensor (110), the first sensor (110) communicates with the processor (114) to open the fastener (106) in response to the first user input. Likewise, when a second user input is received by the second sensor (112), the second sensor (112) communicates with the processor (114), which is then configured to close the fastener (106). In yet another embodiment, when the processor (114) detects user action, such as the touch input, the processor (114) enables the fastener (106) to be either zipped or unzipped. The fastener (106), for example, may be moved from left to right direction to close (zip) and it and may be moved from right to left direction to open (un-zip) the wallet following detection of a first and a second touch input. In one example, there can be two first sensors (110), one at each end of the fastener (106). However, alternative embodiments of the wallet (100) may use any number of sensors for fastening and unfastening operations.
[0033] In one embodiment, the wallet (100) includes a flexible, touch-enabled display (116). The touch enabled display (116) may be located in the first compartment (102) the second compartment (104), or any other surface of the wallet (100). The touch enabled display (116) provides an interface through which hand gesture (swipe or touch) is received and processed by the processor (114). The touch enabled display (116) may have display options such that it can either display menu options or instructions that are readable by a user. The user may select a suitable option and/or input an amount that is added or removed from the touch enabled display (116) of the wallet (100). Additionally, the user may input other information related to a transaction such as time, location, name of funds receiver or provider, and/or an expense classification such as official, personal, transportation, grocery, etc. through the touch-enabled display (116). In one embodiment, when a user either manually moves the fastener (106) or swipes on the touch-enabled display (116), of the wallet (100), the processor (114) is configure to enable the open or closed state of the fastener (106).
[0034] FIG. 2 depicts and embodiment of the wallet (100) having an automatic opening or closing mechanism for the fastener. In one embodiment, in response to a first user input received by the first sensor (110), a first signal 202 is sent to the processor (114). Examples of the first user input include a swipe gesture, a touch gesture, a tap gesture, or a hold gesture. In certain embodiments, if the user swipes on the first sensor (110), the first signal 202 is sent to the processor (114). The processor (114) then automatically operates the zip (106) to open. The zip (106) is unzipped, thereby providing access to the first compartment (102). In one embodiment, a pulse sensor can be used as the first sensor (110). A pulse sensor reads heart rate/pulse of a user when a finger is placed on it. Therefore, when the user places a finger on the pulse sensor, a pulse is recognized and the first signal 202 is sent to the processor (114).
[0035] In one embodiment, the second sensor (112) includes a Hall Effect sensor (118) and a magnet (120). The Hall Effect sensor (118) may be disposed at a first end of the wallet (100) shown in FIG. 2 and the magnet (120) may be disposed at a second end opposite to the first end of the wallet (100) shown in FIG. 2. The Hall Effect sensor (118) is a transducer that varies its output voltage in response to a magnetic field. When the first compartment (102) of the wallet (100) is in open position, that is the fastener (106) having magnetic teeth is in open position, the Hall Effect sensor (118) and the magnet (120) are not in contact. When the first compartment (102) of the wallet (100) is in closed position, the Hall Effect sensor (118) and the magnet (120) are in contact with one another. When a second user input for folding the wallet is received by the second sensor (112), the processor (114) causes a voltage variation in the Hall Effect sensor (118) such that the magnet (120) in contact with the Hall Effect sensor (118) is configured to move away. Additionally, magnetic polarity of the magnetic teeth of the fastener (106) may change based on one or more signals received from the processor (114) and/or the Hall Effect sensor (118). Consequently, a magnetic effect between the Hall Effect sensor (118) and the magnet (120) is reduced, which in turn, causes the zip (106) to open.
[0036] Likewise, a voltage between the Hall Effect sensor (118) and the magnet (120) increases upon folding the wallet (100) as the Hall Effect sensor (118) comes in contact with the magnet (120), which in turn, reverses the polarity of the magnetic teeth, thereby causing the fastener (106) to move in a direction to close the zip. Therefore, as soon as the wallet (100) is folded, access to the first compartment (102) is closed. In certain embodiments, the Hall Effect sensor (118) is connected to the fastener (106) such that the Hall Effect sensor (118) generates a variable analogue position signal having a magnitude that varies progressively based on a position of fastener (106). The processor (114) may track a horizontal/longitudinal position of the zip fastener (106) based on a magnitude of the generated signal for automatically opening or closing the fastener (106).
[0037] Referring back to FIG. 1, the second compartment (104) is used to capture currency data associated with the currency note (108) when it is placed in the second compartment (104). The currency data can be data determined by scanning the currency note (108). For example, in one embodiment, a data capturing unit in the second compartment may be configured to capture the currency data, as described in detail with reference to FIG. 3.
[0038] Referring to FIG. 3, a data capturing unit (302) for use in the second compartment (104) is described. The data capturing unit (302) scans/captures image of the currency note when the currency note is placed in the second compartment (104). In one embodiment, the data capturing unit (302) includes an array of micro-cameras (304) that are arranged to take snapshots of multiple areas of the currency note. The array of micro-cameras (304) can be arranged on an inner surface (306) of the second compartment (104). In one embodiment, the second compartment (104) may include another array of micro-cameras (304) on an opposing inner surface of the second compartment (104) so that both sides of the currency note may be captured simultaneously. In one embodiment, the dimensions of each of the micro-cameras (304) is in the range of millimetres and a plurality of them are integrated on to a substrate that can form the inner surface (306) of the second compartment (104). In one example, an ultra-thin semantic guided cooperative micro-camera array may be used in the data capturing unit (302). In another example, a ThinSight or a Microsoft surface computing device may be used in the data capturing unit (302). The micro-cameras (304) in the data capturing unit (302) are connected to the processor (114) (FIG. 1) and the snapshots are sent to the processor (114) of FIG. 1 for further processing.
[0039] Referring back to FIG. 1, the processor (114) takes snapshots of the currency note (108) as input and generates an image of the currency note (108) using image reconstruction algorithms. The processor (114) then compares the generated image to reference images of genuine currency notes stored in an associated database (126), for example, using one or more pattern matching algorithms. In one embodiment, designated parameters of the generated image are compared with designated parameters of the reference images to determine authenticity of the currency note (108). The designated parameters can be predefined based on security features mandated by a Central Bank. For example, there may be a particular intricate design in one area of the currency note. The intricate design as captured in the snapshots is compared with designated intricate design parameters. Based on the comparison, the processor (114) determines whether the currency note (108) is genuine or not. The processor (114) may also identify currency type and an associated denomination value of the currency note (108). In certain embodiments, the type and denomination of the currency note (108) may be determined prior to, post, or in parallel with determining an authenticity of the currency note (108).
[0040] The wallet (100) also includes indicator means such as, for example, an LED border (122) including multiple LEDs to provide visual indication of the authenticity of the currency note (108). When the currency note (108) is determined to be genuine by the processor (114), the LED border (122), for example, displays green colour indicating that it is not a counterfeit. If the currency note (108) is not genuine, the LED border (122) may display red colour. If the currency note (108) is determined to be another kind of document or any other material, then the LED border (122) may display yellow colour. Based on the colour of the LED border (122), a user can just swipe on the zip (106) to open the first compartment (102) and store the currency note (108) if it is genuine or return the currency note (108) back to the lender if it is a counterfeit. In addition to green, red, and yellow indicators, the LED border (122) may display a blue colour indicating an open state of the zip (106). The user can fold the wallet (100), which closes the zip (106) (as described with reference to second sensor). The blue LED border (122) is then turned off following the zipping operation.
[0041] In certain embodiments, the wallet (100) includes a cash management system (124) that is implemented using the processor (114) and an associated database (126), for example, stored in a micro-flash memory, or any other portable memory device. The database (126) may be either integrated or may be communicatively coupled to the processor (114), for example, via a data bus. The processor (114) identifies a transaction type based on a state of the fastener (106) and a presence of the currency note (108) in the second compartment (104). The transaction type may be determined to be a credit transaction or a debit transaction based on a determination that a currency unit is placed in or is removed from the second compartment (104), respectively. In one embodiment, the wallet (100) may also include a location tagging system (128) such as a GPS that tags location data for each transaction. In one example, wallet (100) is connected to smartphone app so can it use GPS of the smartphone when the smartphone is in proximity of the wallet. In another example, wallet (100) could have its own location tracking system such as a GPS system, which provides location data. The database (126) stores the transaction record and updates a person’s digital account data for each transaction with the location data.
[0042] When the fastener (106) is in the open state and the currency note (108) is placed in the second compartment (104), it can be assumed that a user removed the note from the first compartment (102) to use the currency note (108) for buying something. The processor (114), therefore, deducts an amount from the person’s digital account data. The deducted amount is determined from a denomination value obtained by scanning the currency note (108) when it is removed from the second compartment.
[0043] When the fastener (106) is in the closed state and the currency note (108) is placed in the second compartment (104), it can be assumed that a user wants to determine authenticity first, and later wants to store in the first compartment (102). The processor (114) determines authenticity of the currency note (108) in near real-time (for example, within a second) based on an image of the currency note (108) acquired by the data capturing unit. The processor (114) then updates the person’s digital account data by adding an amount based on a denomination value determined by scanning the currency note (108). In one embodiment, a user can manually add or deduct an amount corresponding to the determined denomination and currency type from the digital account data via the touch-enabled display (116).
[0044] The wallet (100) also includes a communications unit (130) and a power storage unit (132) such as a battery. The communications unit (130), such as a Bluetooth device, wirelessly transmits transaction data corresponding to a period of time, e.g., a week’s or month’s data, to a user device (133) such as a smart phone, laptop, or tablet computer. Expense reports can be generated and viewed using the user device (133) via an associated expense tracking application (134). Information about the transaction and where the transactions have been made can be checked using the application (134). In certain embodiments, the wallet (100) communicates the transaction information to the user device (133) in near real-time, at selected intervals, and/or during a user-initiated wallet (100) and user device synchronization. The power storage unit (132) can be charged using heat from human body.
[0045] FIG. 4 illustrates an embodiment of a method (400) for detecting authenticity of one or more selected currency units. The number and sequence of steps are disclosed as per one embodiment. In other embodiments, a fewer or greater number of steps may be used. Moreover, an order of the steps may be changed within the scope of this disclosure. The steps may be performed by hardware, software, or a combination thereof. Additionally, the steps may be performed using a distributed computing environment where optimization functions are performed by remote processing devices that are linked through a wired and/or wireless communication network. In the distributed computing environment, the computer executable instructions may be located in both local and remote computer storage media, including memory storage devices. For clarity, the method is described with reference to elements of FIGS. 1-3.
[0046] At step (402), a determination of whether a currency note (108) is to be scanned is made by a user. If the user decides to scan, then the method moves to step (404), else the method ends at (406). At step (404), the currency note is inserted into the second compartment (104) of the wallet (100). The data capturing unit (302) in the second compartment (104) captures one or more snapshots of the currency note (108) at step (408). The snapshots are processed by the processor (114). At step, (410) a determination is made by the processor (114) whether the inserted note is a currency note or another kind of paper or any other material using image processing algorithms that match detected characteristics of the inserted note with stored characteristics. If the inserted note is not a currency note, then a yellow LED indicator is displayed at step (412). If the inserted note is a currency note, then authenticity is verified at step (414) by the processor (114). At step (416), a determination of whether the currency note is counterfeit or not is made. As explained previously, the snapshots are compared with designated parameters to define authenticity. If the currency note is determined to be genuine, then a green LED indicator is displayed at step (418). If the currency note is determined to be counterfeit, then a red LED indicator is displayed at step (420). The user may return the counterfeit currency note to the lender at step (422). Alternatively, user may take any action as prescribed under law to report the counterfeit currency note to a designated authority.
[0047] Further, FIGS. 5A and 5B illustrate an embodiment of a method (500) for expense tracking using the wallet (100) of FIG. 1. Referring to FIG. 5A, at step (502), a currency note (108) is inserted into the second compartment (104) of the wallet (100). The data capturing unit (302) in the second compartment (104) captures one or more snapshots of the currency note (108) at step (504). At step, (506) a determination is made by a processor (114) whether the inserted note is a currency note or another type of paper or any other material, as described with reference to step (414) of FIG. 4. If the inserted note is determined as not being a currency note, then a yellow LED indicator is displayed at step (508). If the inserted note is a currency note, then a determination of whether the first compartment is in the open state is made at step (510) based on whether the fastener (106) is closed or open. If the first compartment (102) is determined to be in the closed state, then the method moves to “A” and is described with reference to FIG. 5B. However, if the first compartment (102) is determined to be in the open state, a debit transaction is identified. Accordingly, a denomination of the currency note is determined at step (512) by scanning the currency note (108) and applying suitable image processing algorithms to identify characteristics of the currency note that indicate a corresponding denomination. The identified amount is then deducted from a person’s digital account data. At step (514), an internal database is updated with the deducted amount. Additionally, geo-tag information such as location where the current transaction took place may also be updated in the database at step (514). At step (516), blue LED indicator is displayed to indicate that the first compartment (102) is in the open state. The blue LED indicator is turned off at step (518) when the user folds the wallet (100), which closes the zip.
[0048] Referring to FIG. 5B, if the first compartment (102) is determined to be in the closed state at step (510) of FIG. 5A, a credit transaction is indicated where it is assumed that a user received the currency note from a lender. Authenticity of the currency note is determined at step (520) by the processor. At step (522), a determination of whether the currency note (108) is counterfeit or not is made. As explained previously, the snapshots are compared with designated parameters to define authenticity. If the currency note (108) is a counterfeit, then a red LED indicator is displayed at step (524). The counterfeit currency note can be returned to the lender at step (526).
[0049] If the currency note (108) is determined to be genuine, a denomination of the currency note is identified at step (528). The identified amount added to a person’s digital account data. At step (530), the internal database is updated with the additional amount. Geo-tag information such as location where the credit transaction took place may also be updated in the database at 530. Additionally, a green LED indicator is displayed to indicate the authenticity of the currency note at step (532). At step (534), the user swipes on the first sensor to open the zip on the first compartment. At step (536), the user inserts the currency note in the first compartment and the zip closes after the user swipes on the first sensor. Alternatively, the user may simply fold the wallet (100), which automatically closes the zip.
[0050] It will be appreciated that several of the above-disclosed and other features and functions, or alternatives thereof, may be desirably combined into many other different systems or applications. Various presently unforeseen or unanticipated alternatives, modifications, variations, or improvements therein may subsequently be made by those skilled in the art, which are also intended to be encompassed by the following claims.