AI-Based Currency Exchange and Identification Model
Ben Haines, Mehdi Roopaei, Sydney Singer, Veronica Hausser · 2023
American tourism is a multi-million dollar market. In 2022 alone, 80.7 million Americans traveled outside the United States of America. Since most of the destinations where American tourists travel, such as Mexico, Europe, and Canada, do not use U.S. currency, American tourists are subject to unnecessary stress due to this economic difference. There is a need for an identification system to classify different types of currency to aid in the American tourist’s travel experience. The proposed AI method collaborates with an online currency exchange rate database to update the rate of exchange for each currency to the US dollar in real-time. We applied our proposed method on currencies from Canada and Mexico; however, it could be extended to other currencies as well. The proposed model is trained on captured images of currencies, and the accurateness for the Mexican and Canadian currency models are 79% and 81%, respectively.