Mondex

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Mondex logo.svg

Mondex was a smart card electronic cash system, implemented as a stored-value card and owned by Mastercard.

Contents

Pioneered by two bankers from NatWest in 1990, it was spun-off to a separate consortium later on, then sold to Mastercard.

Mondex allowed users to use its electronic card as they would with cash, enabling peer-to-peer offline transfers between cards, which did not need any authorization, via Mondex ATMs, computer card readers, personal 'wallets' and specialized telephones. This offline nature of the system and other unique features made Mondex stand out from leading competitors at the time, such as Visa Cash, which was a closed system and was much closer in concept to a traditional payment cards' transactional operation. [1]

Mondex also allowed for a full-card locking mechanism, usage with multiple currencies within a single card, and a certain degree of user anonymity. Mondex cards were at some point common place in many universities at a certain point as they were mostly trialed there, and were also issued as dual-application cards - like combo credit cards, ID cards, and loyalty membership cards.

The system was introduced around the world in more than a dozen nations, with various differing implementations. Despite continuous investment from Mastercard, the Mondex scheme did not seem to catch on worldwide and the last place where it operated, Taiwan, had its cards disabled in 31 May 2008, being succeeded by a similar but more technologically advanced system, named Mastercard Cash, which utilized contactless operation, culminating in the TaiwanMoney Card.

The Mondex scheme was a forerunner in the cashless society that is common today via mobile payment, digital wallets, and contactless payment, and was far ahead of its time. [2]

History

The Mondex scheme was invented in 1990 by Tim Jones and Graham Higgins of NatWest in the United Kingdom. In March 1992 internal tests of the system, known at the time as 'Byte', started running at one of NatWest's major computer centres, Goodman's Fields in London. [3]

Until December 1993 development continued in secret, when the system was publicly unveiled with an announcement that the Midland Bank (which had recently been acquired by HSBC) had joined the scheme as a 50/50 investment partner.

Initial public trials of the payment system were carried out from July 1995 in Swindon, Wiltshire. The public phase had required the development and manufacture of numerous merchant devices and smart cards, with BT, NatWest and the Midland Bank sponsoring and installing retail terminals at the car parks, payphones, buses and at merchants in the town, and issuing Mondex cards to residents. Within the first five weeks of the trial, 1,900 terminals had reportedly been installed at 620 retailers, and 6,000 cardholders had signed up, with a target of 40,000 cardholders and 1,000 vendors being pursued during the course of the one year trial. By September 1995, all buses, car parks and payphones were meant to accept Mondex, and 20 cashpoints and 300 payphones were meant to support funds transfers using the system. [4]

In July 1996, NatWest and Midland Bank sold the intellectual property rights to develop the Mondex concept, technology, and brand to a new group called Mondex International, with 17 major banks joining the group as shareholders. [5] From that point on, Mondex International managed the Mondex brand, oversaw its franchisees and signed contracts with new ones around the globe. It also managed the Mondex technology and developed its software.

In November that same year, Mastercard acquired 51% ownership of Mondex International and fully endorsed the Mondex scheme, promptly abandoning its own electronic cash system which had been in development up until then. [6] [7] Mastercard then acquired full ownership of the company in June 2001. [8]

In 1996 Visa and Mastercard agreed to what was known as the Upper West Side trial. Visa deployed Visa Cash, their own electronic cash scheme, and Mastercard deployed Mondex to see if the people on Manhattan Island would embrace the concept and the technology as a means of replacing cash.

Mondex launched in a number of markets during the 1990s, expanding from the original trial in Swindon to Hong Kong, New York and Guelph, Canada. [9] It was also trialled on several British university campuses from the late 1990s, including the University of Edinburgh, University of Exeter (between 1997 and 2001), University of York, University of Nottingham, Aston University and Sheffield Hallam University.

Throughout the late 90s and early 2000s trials continued to be executed throughout the world, with varying degrees of customer adoption and popularity. At the end, even the more successful of these trials failed their purpose, as most of the countries which had Mondex pilots never saw a national implementation of the system - in many locations the scheme stayed in an experimental phase until the local Mondex franchisee shut its doors.

Operation

As a stored-value system, Mondex cards were designed as an electronic replacement for cash - they always held a certain value, allowing offline transactions to be possible without needing a line of credit or communication with the credit company, like with a traditional credit card. This way they were able to be offered to a sector that wasn't catered by traditional forms of electronic payment.

All value circulated between Mondex cards was issued by an 'originator' - in order to create Mondex value the originator (a part of the local Mondex franchise) would exchange cash with the Mondex partnering banks and provide them with an equal amount of Mondex electronic value, which could be later withdrawn by cardholders using the bank accounts associated to their cards.

Transfers, card top-up and payments

Mondex is an open-loop implementation of the electronic cash scheme - instead of transactions occurring only in one way, money can be transferred between any Mondex user.

A transfer of funds using the Mondex card (dubbed an 'electronic purse') operated through a Mondex-enabled device, and in principle occurred between 2 cards - whether it was 2 customers or a customer and a seller.

Both would insert their cards into a device which would facilitate the transfer of funds and record the transaction onto the card. The card's memory consisted of the last 10 transactions.

In order to top-up their cards, users could use an ATM, go to a bank branch, or visit several stores and businesses with compatible hardware. Mondex cards that were issued by banks allowed cardholders to transfer funds to and from their personal bank account, which was linked directly to their card.

Mondex cards could be used in any store or machine that supported it and had the necessary equipment. Depending on the country where the system was implemented, Mondex cards were accepted at a variety of businesses - supermarkets, department stores, public transport, taxis, car parks, vending machines, restaurants, cafés and many more. Some countries even allowed usage of the cards in lottery games.

International use

Mondex cards carried five 'electronic pockets', separate from one another, each containing money denominated in a different currency. This allowed transactions to be made using one of the 5 currencies loaded on the card. The currencies in the 'pockets' could be unloaded and replaced at any time.

Security features

Mondex cards included a locking mechanism - a PIN would be chosen and inserted to lock the card, and before operating the card again (to view the latest transactions or transfer funds) the cardholder had to insert his PIN and unlock it.

The Z notation was used to prove security properties about Mondex, allowing it to achieve ITSEC level E6, ITSEC's highest granted security-level classification. [10] [11]

Card types

In many countries the electronic purse was issued on a dual-application card, implementing two or more uses within a single card.

In some instances, the Mondex card was issued alongside a regular credit card, allowing transactions to be made either with money stored in the Mondex wallet or via the traditional credit card.

Other dual application uses included a user card in a private health service - holding personal health records and other details in cases of emergency; and a club membership card, containing special discounts and benefits. Mondex was also used in numerous locations as an Employee/Student ID, and as a mass-transit electronic ticket scheme (to be used for buying a ticket or storing a ticket bought in advance).

Equipment

A number of devices allowed operation of Mondex cards (transferring value, viewing card balance, locking/unlocking cards, et cetera), to be used for either personal or commercial use:

Locations

Notes: The community trial launch date denominates a public trial of the Mondex scheme in that country, not the internal company trials that began prior. The commercial and trial shutdown dates indicate the point where fund withdrawals from the cards were disabled.

Country nameInitial franchise partnersFranchise deal signing dateCommunity trial launch dateCommunity trial shutdown dateCommercial launch dateCommercial shutdown dateLaunched card types (not including Mondex purse)
Africa
Flag of Ghana.svg  Ghana Agricultural Development Bank and Ghana Commercial Bank November 1998 [12] April 2003 [13]
America
Flag of Canada (Pantone).svg  Canada Royal Bank of Canada and Canadian Imperial Bank of Commerce May 1995 [14] Guelph trial: February 1997 [15]

Sherbrooke trial: August 1999 [16]

Guelph trial: December 1998 [17]

Sherbrooke trial: October 2001 [18]

June 2002 [19] Combo student ID/library card
Flag of Chile.svg  Chile Banco de A.Edwards, Banco de Chile, Banco de Credito e Inversiones, Banco Santiago, Banco Sud Americano and Banco Santander October 1998 [20] No implementation is known to have been launched
Flag of Costa Rica.svg  Costa Rica CredomaticJune 1997 [21] June 1998Credit card
Flag of Mexico.svg  Mexico Banco Nacional de México, Bancomer and Banco InternacionalNovember 1999 [22] March 2001 [23]
Flag of the United States.svg  United States AT&T, Chase Manhattan, Dean Witter Discover, First Chicago NBD, Mastercard, Michigan National Bank and Wells Fargo Bank December 1996 [24] Upper West Side trial:

October 1997

Upper West Side trial:

December 1998 [25]

Full implementation never occurred
Flag of Uruguay.svg  Uruguay Banco de la Republica Oriental del Uruguay and Banco de MontevideoApril 1998 [26] No implementation is known to have been launched
Flag of Venezuela.svg  Venezuela Banco Mercantil, Banco Unión, Consorcio Credicard, InterBank and Banesco Banco Universal August 2000 [27] Combo student ID/access control [28]
Asia
Flag of Hong Kong.svg  Hong Kong Hongkong BankOctober 1994 [29] October 1996 [30] November 1997 [31] April 2002 [32] Student ID
Flag of Israel.svg  Israel Discount Investment Corporation and Paz Oil Company July 1997 [33] June 1998 [34] Student ID
Flag of Japan.svg  Japan Mastercard, Sanwa Bank and JCB February 1999 [35] Community trial doesn't seem to have occurred; Hitachi implemented an Employee ID trial in February 2000 [36] Employee ID
Flag of the Philippines.svg  Philippines NextStage and Mondex AsiaOctober 2000Shangri-La Plaza mall trial: March 2001 [37]

Governmental schools trial: July 2001 [38]

Q4 2002 [39] End of 2005 [40]
Flag of South Korea.svg  South Korea Mastercard Korea, Kookmin Bank, Korea Credit Communication, Amdahl Corporation, KDB Capital and TeraSource Venture CapitalJune 1999 [41] October 1999 [42] June 2000 [43] April 2005 [44] Combo transportation card/credit card, health service card, gift card, student ID, employee ID, loyalty card
Flag of the Republic of China.svg  Taiwan Acer and Mondex AsiaNovember 2001 [45] Community trial doesn't seem to have occurred; Acer implemented an internal employee cafeteria trial in November 1999 [46] June 2002 [47] [48] May 2008 [49] Credit card, lottery ticket card, student ID, loyalty card, taxi card, gift card
Europe
Flag of Ireland.svg  Ireland National Irish Bank (via parent National Australia Bank) and Ulster Bank April 1997 [50] June 2000 [51] Loyalty card
Flag of France.svg  France Crédit Mutuel October 1998 [52] October 1999 [53] Shutdown date unknown; Mondex France closed down in November 2002 [54]
Flag of Norway.svg  Norway Posten SDS August 1998 [55] June 2000 [56] May 2002 [57] Shutdown date unknown; Mondex Norway was merged with Buypass in 2008 [58] Combo lottery card/credit card/electronic ID, student ID, combo employee ID/access control
Flag of the United Kingdom.svg  United Kingdom National Westminster Bank and Midland BankDecember 1993NatWest internal employee trial: 1993

Swindon trial: July 1995

Swindon trial: July 1998 [59] Full implementation never occurredCombo student ID/library card/access control
Oceania
Flag of Australia (converted).svg  Australia National Australia Bank, Westpac, Commonwealth Bank and Australia & New Zealand Banking Group June 1996 [60] Community trial doesn't seem to have occurred; Westpac Banking Corporation launched an internal trial in August 1997 [61] Full implementation never occurred
Flag of New Zealand.svg  New Zealand ANZ Banking Group (New Zealand), Bank of New Zealand, Countrywide Banking Corporation, the National Bank of New Zealand, ASB Bank and Westpac [62] June 1996 [60] Community trial doesn't seem to have occurred; Westpac Banking Corporation launched an internal trial in October 1996 [61] Full implementation never occurred

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References

  1. ↑ "Mondex - Technically Focused Research Briefing" . Retrieved 23 September 2022.
  2. ↑ "The Mondex electronic money card hoped to make cash obsolete" . Retrieved 9 May 2023.
  3. ↑ "Mondex International: Reengineering MoneyII". Archived from the original on 12 November 2016. Retrieved 18 March 2015.
  4. ↑ "That will do nicely, sir...". Computer Shopper . June 1995. p. 448.
  5. ↑ Bray, Nicholas (19 July 1996). "NatWest Signs 16 Partners For Mondex Cash-Card Firm". Wall Street Journal . Retrieved 23 September 2022.
  6. ↑ "MasterCard Will Buy 51% Of Smart Card Firm Mondex". American Banker . 19 November 1996. Retrieved 23 September 2022.
  7. ↑ "Mondex USA Partners Look to Ambitious '97 Tests". American Banker. 9 December 1996. Retrieved 23 September 2022.
  8. ↑ "MasterCard to acquire full ownership stake in Mondex International". American Banker. 4 June 2001. Retrieved 23 September 2022.
  9. ↑ "Mondex pulls plug on Guelph pilot project". Globe & Mail . Toronto. 31 October 1998. Retrieved 28 January 2007.
  10. ↑ Susan Stepney, David Cooper, and Jim Woodcock, An Electronic Purse: Specification, Refinement, and Proof .Technical Monograph PRG-126, Programming Research Group, Oxford University, UK, 2000.
  11. ↑ Jim Woodcock, Susan Stepney, David Cooper, John Clark, and Jeremy Jacob, The certification of the Mondex electronic purse to ITSEC Level E6, Formal Aspects of Computing , Volume 20, Number 1, pages 5–19, January 2008.
  12. ↑ Mondex International (12 November 1998). "Ghana Commercial Bank Ltd brings Mondex to West Africa". Archived from the original on 13 March 2003.
  13. ↑ Agricultural Development Bank (24 April 2003). "Mondex Launched". Archived from the original on 10 December 2003.
  14. ↑ "An Electronic Payment System for Canada". New York Times . 15 May 1995.
  15. ↑ Mondex Canada (13 February 1997). "MONDEX ELECTRONIC CASH SYSTEM LAUNCHED IN CANADA". Archived from the original on 24 January 1998.
  16. ↑ Mondex Canada (26 August 1999). "Mondex™ e-cash Program Officially Launched in Sherbrooke Region". Archived from the original on 10 December 2000.
  17. ↑ Mondex Canada (30 October 1998). "Mondex Canada to Complete Guelph Electronic Cash Pilot". Archived from the original on 27 May 2000.
  18. ↑ Mondex Canada (19 April 2001). "Mondex Canada to Complete E-Cash Implementation in Sherbrooke Region". Archived from the original on 2 December 2001.
  19. ↑ Committee on Payment and Settlement Systems, Bank for International Settlements (April 2003). "Payment and settlement systems in selected countries" (PDF).
  20. ↑ CardFlash (16 October 1998). "Mondex Chile".
  21. ↑ Mondex International (4 June 1998). "Mondex Costa Rica". Archived from the original on 28 March 2003.
  22. ↑ Mondex International (24 November 1999). "Mondex Mexico". Archived from the original on 29 July 2001.
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  25. ↑ International Journal of Electronic Commerce (2001). "The New York City Smart Card Trial in Perspective: A Research Note". International Journal of Electronic Commerce. 5 (2): 119–131. JSTOR   27750974.
  26. ↑ Mondex International (30 April 1998). "Banco de la Republica Oriental del Uruguay and Banco de Montevideo bring Mondex to Uruguay". Archived from the original on 4 September 2002.
  27. ↑ MasterCard International (16 July 1999). "TOP FINANCIAL INSTITUTIONS TO LAUNCH MONDEX IN VENEZUELA". Archived from the original on 24 June 2002.
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  29. ↑ "HSBC signs up for NatWest smart card". The Independent . 21 October 1994.
  30. ↑ Customer and Merchant Acceptance of Electronic Cash: Evidence from Mondex in Hong Kong (1998). "HongkongBank, Hang Seng Bank Announce Roll Out of Mondex Across Hong Kong". JSTOR   27750864.
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  32. ↑ "Mondex card terminationa". Apple Daily . 31 January 2002.
  33. ↑ Discount Investment Corporation (21 July 1997). "Discount Investment Corporation and Paz Oil Win Mondex Israel Franchise". Archived from the original on 2 May 1999.
  34. ↑ "Mondex wil begin selling electronic wallets in Rehovot next week". Globes . 16 June 1998.
  35. ↑ Mondex Japan (15 February 1999). "MONDEX ELECTRONIC CASH COMES TO JAPAN". Archived from the original on 27 August 1999.
  36. ↑ CardFlash (9 February 2000). "Hitachi Employee ID Cards".
  37. ↑ NextStage Inc. (28 March 2001). "Mondex Card now at Shangri-La Plaza's Kimchi restaurant". Archived from the original on 26 July 2001.
  38. ↑ Mondex International (29 June 2001). "Mastercard pioneers Mondex smart card pilot in two Philippine schools". Archived from the original on 2 November 2005.
  39. ↑ NextStage Inc. (31 March 2003). "NextStage Inc. Quarterly Report" (PDF). Archived from the original (PDF) on 13 January 2004.
  40. ↑ NextStage Inc. (31 December 2006). "NextStage Inc. Yearly Report" (PDF).
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  42. ↑ "99 MasterCard Korea Annual Meeting held". KBanker. 18 October 1999.
  43. ↑ "'Use electronic money' .. Mondex Korea, commercialized at COEX Mall". Hankyung. 28 June 2000.
  44. ↑ Bank of Korea (2 February 2006). "Status of issuance and use of electronic money in Korea in 2005".
  45. ↑ Mondex International (23 November 2001). "Acer and MasterCard Plan Mondex Roll Out in Taiwan". Archived from the original on 5 April 2002.
  46. ↑ Mondex International (2 November 1999). "MasterCard International, The Acer Group and Fubon Commercial Bank today jointly announced the launch of the first Mondex smart card pilot in Taiwan". Archived from the original on 12 January 2002.
  47. ↑ Mondex Taiwan (2 May 2003). "Mondex reduces cash contact to prevent SARS". Archived from the original on 31 October 2003.
  48. ↑ Mondex Taiwan (11 June 2002). "Bank of Taipei "Crystal eCard" The first multi-functional chip credit card combined with Mondex electronic cash The cashless era is here!".
  49. ↑ "4 million Mondex cash cards are withdrawn". United Daily News. 7 May 2008. Archived from the original on 25 September 2022.
  50. ↑ "Banks in alliance to bring the Mondex system to Irish market". The Irish Times . 30 April 1997.
  51. ↑ Mondex Canada (2000). "Mondex - Europe". Archived from the original on 19 July 2001.
  52. ↑ Mondex International (9 October 1998). "Credit Mutuel to use Mondex to spearhead introduction of electronic "euro"". Archived from the original on 21 January 2002.
  53. ↑ "Crédit Mutuel's Mondex cards flood the Strasbourg conurbation". Les Echos. 14 October 1999.
  54. ↑ Crédit Mutuel (19 November 2002). "DECLARATION DE DISSOLUTION SANS LIQUIDATION DE LA SOCIETE MONDEX FRANCE".
  55. ↑ Mondex International (26 August 1998). "POSTEN SDS BUYS MONDEX FRANCHISE FOR NORWAY". Archived from the original on 27 August 2000.
  56. ↑ Mondex International (2 May 2000). "Mondex Cards Provide National Lottery Solution In Norway". Archived from the original on 20 October 2000.
  57. ↑ Norsk Tipping (21 May 2002). "Norsk Tipping launches games on the Internet".
  58. ↑ Posten Norge (2008). "Posten Norge - Annual Report 2008" (PDF).
  59. ↑ Committee on Payment and Settlement Systems, Bank for International Settlements (November 2003). "Survey of electronic money developments" (PDF).
  60. 1 2 Mondex International (1999). "Mondex History - 1996". Archived from the original on 18 February 1999.
  61. 1 2 Mondex International (1999). "Mondex - Australasia". Archived from the original on 19 April 2001.
  62. ↑ Business Wire (24 October 1996). "New Zealand's Westpac and Trust Bank starts first Mondex Trial in the Southern Hemisphere".
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