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New Trends in the Digital Money System "Mondex"

Kotaro Yamashita, New Financial Systems, Services & Products Division, Hitachi, Ltd.
Akira Muramatsu, New Financial Systems, Services & Products Division, Hitachi, Ltd.
Tsutomu Tashiro, Systems Development Laboratory, Hitachi, Ltd.

ABSTRACT

The electronic money system Mondex1) is unfolding on a world-wide scale. The first step in the globalization of Mondex was the creation of Mondex International Ltd., an organization set up with the cumulative knowledge and resources of some of the world's leading banking establishments. Following this, came trials and roll outs in U.K., Canada, Hong Kong, and other locations world wide. In February of this year, MasterCard International Inc. acquired Mondex International Ltd. This move opened up the possibility that all the financial establishments and retailers which currently accept MasterCard will accept Mondex as well.

The rapid progress in smart card technology should prove beneficial to Mondex. Today's chips are able to process encryption codes faster than ever before and can handle multiple applications. This means that a single card can handle not only Mondex, but credit and other applications as well. Trials using Mondex over the Internet are also planned. Hitachi is actively involved in the development of these new technologies.

1) Registered trademark of Mondex International Ltd.


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