Mondex and visacash: A first (failed) attempt at an electronic purse

Bernardo Bátiz-Lazo; Tony Moretta

doi:10.1057/978-1-137-60231-2_17

Mondex and visacash: A first (failed) attempt at an electronic purse

Bernardo Bátiz-Lazo, Tony Moretta^*

^*Corresponding author for this work

Research output: Chapter in Book/Report/Conference proceeding › Chapter › peer-review

2 Citations (Scopus)

Abstract

This chapter looks at the ephemeral life of the first electronic purses: Mondex (1991) and Visa Cash (1996). Launched at the dawn of the Internet era, both were technologically advanced and Mondex in particular invested heavily in security. But in spite of large, international players buying into the concept, both systems failed to develop widespread customer acceptance and therefore, enough business volume to become viable. Mondex, VisaCash and a long list of other e-cash and electronic purse schemes have demonstrated that convincing people to adopt high-tech alternatives to cash is extremely hard and can be very expensive. This chapter thus provides valuable lessons in what to avoid to those interested in electronic money.

Original language	English
Title of host publication	The Book of Payments
Subtitle of host publication	Historical and Contemporary Views on the Cashless Society
Editors	Bernardo Batiz-Lazo, Leonidas Efthymiou
Place of Publication	London
Publisher	Palgrave Macmillan
Pages	177-185
Number of pages	9
Edition	1
ISBN (Electronic)	9781137602312
ISBN (Print)	9781137602305, 9781349929320
DOIs	https://doi.org/10.1057/978-1-137-60231-2_17
Publication status	Published - 6 Dec 2016
Externally published	Yes

Keywords

Mobile Payment
Debit Card
Retail Banking
American Express
Account Holder

Access to Document

10.1057/978-1-137-60231-2_17

Cite this

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Mondex and visacash: A first (failed) attempt at an electronic purse. / Bátiz-Lazo, Bernardo; Moretta, Tony.
The Book of Payments: Historical and Contemporary Views on the Cashless Society. ed. / Bernardo Batiz-Lazo; Leonidas Efthymiou. 1. ed. London: Palgrave Macmillan, 2016. p. 177-185.

Research output: Chapter in Book/Report/Conference proceeding › Chapter › peer-review

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AB - This chapter looks at the ephemeral life of the first electronic purses: Mondex (1991) and Visa Cash (1996). Launched at the dawn of the Internet era, both were technologically advanced and Mondex in particular invested heavily in security. But in spite of large, international players buying into the concept, both systems failed to develop widespread customer acceptance and therefore, enough business volume to become viable. Mondex, VisaCash and a long list of other e-cash and electronic purse schemes have demonstrated that convincing people to adopt high-tech alternatives to cash is extremely hard and can be very expensive. This chapter thus provides valuable lessons in what to avoid to those interested in electronic money.

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KW - Debit Card

KW - Retail Banking

KW - American Express

KW - Account Holder

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Mondex and visacash: A first (failed) attempt at an electronic purse

Abstract

Keywords

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