Mondex (this was the name given to the service in Europe, the Visa Cash brand was deployed in the rest of the world, well refer to the underlying platform as Mondex from here for the sake of brevity as they were essentially the same) was designed as a cash replacement. A transition phase was envisaged whereby the public would migrate their physical cash by charging up their Mondex (or Visa Cash) cards either by feeding their existing notes and coins into automated deposit taking machines or directly at their banks where tellers would dispense Mondex recharges rather than cash. At the merchant, youd make your purchase in the same way that Chip and PIN debit or credit cards are used today you insert your card into a reader and it would have the balance on the card reduced. PIN verification was optional the trigger point for PIN entry could be set according to the transaction value. Eventually, so the scheme promoters hoped, Mondex would become universal and cash would disappear from circulation. Several large scale pilot schemes were started. A few years later, they were quietly wound down, in the face of public apathy. The reasons it failed, as per conventional financeindustry wisdom, dwelt less on the ho-hum public ambivalence andwere around the need for point-of-sale infrastructure installation and maintenance. Stored-value transactions need a different software stack than those generated by the conventional card schemes, such as VISA, MasterCard orAmEx so even if youve got EPoS devices in the store (merchant) already, they have to have additional code and physical properties in the card reader, and someone has to pay for the development and support of that. The existing card schemes wont because stored-value cards are a revenue stealer for them, so most likely youve got to have another device in your store.
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