The invention addresses the particular problem in rural India where people are disadvantaged at vendor points due to lack of infrastructure for accepting payments via debit/credit cards as well as very limited ATMs for drawing cash when needed. The said invention (U-Wallet) is an innovative approach to payment systems in rural areas wherein a USB port attached to a cell phone is connected to the banking network and is used to make instant payments very securely. This easy and simple money transaction network is made secure through a double authentication system consisting of a client and server mutual authentication at the transport layer (client and server certificates) and end-to-end data encryption. This security is enhanced by the use of a PIN code / password.
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