Summary: Read about Internet Payment Services here.
Ever since the dawn of e-commerce, Credit Cards have ruled the roost among Internet Payment methods, primarily because they were already in wide circulation and used extensively by the brick and mortar business. However, credit cards, while great for the day to day purchases in the physical world, came across one big problem in the virtual world.Credit cards have managed to take care of security through signatures and photocards. But in the virtual world, how is anyone supposed to check the signature or the facial features of someone logging in from half a world away? For more information read more...
Mondex electronic cash works in the same way as cash, which means merchants can transact using digital channels like the Internet, mobile phones and digital television with less risk of fraud.
Mondex operates on a smart card and is accessible to everyone, including the youth market and those without bank accounts.
The microchip contains a 'purse' in which Mondex value is held electronically. The purse is divided into five separate pockets, allowing up to five different currencies to be held on the card at any one time. The microchip also contains Mondex security programs that protect transactions between one Mondex card and another.
Compelling benefits to consumers and merchants transacting via the Internet, mobile phones and digital television can be seen in the following areas:
Mondex electronic cash works in the same way as cash, which means merchants can transact using digital channels like the Internet, mobile phones and digital television with less risk of fraud.
Mondex operates on a smart card and is accessible to everyone, including the youth market and those without bank accounts.
The microchip contains a 'purse' in which Mondex value is held electronically. The purse is divided into five separate pockets, allowing up to five different currencies to be held on the card at any one time. The microchip also contains Mondex security programs that protect transactions between one Mondex card and another.
Compelling benefits to consumers and merchants transacting via the Internet, mobile phones and digital television can be seen in the following areas:
MONDEX is a SmartCard-based electronic cash application, built for MULTOS card operating system chip cards. The MONDEX e-purse can be used in everyday cash transactions.
Because it's electronic, MONDEX is also useful over a standard phone line, digital TV, mobile phone or via the Internet The chip maintains the last 10 transactions and locks the application with a user-selected code. Private payments between individuals are also possible (provided the infrastructure is present), helping to eliminate the need to carry around sums of cash.
Mondex provides a direct electronic equivalent of cash, bringing compelling benefits to consumers and merchants transacting via the Internet, mobile phones and digital television. It is simple to use, replicating exactly the workings of physical cash online and is accessible to everyone, including the youth market and those without bank accounts. The e-cash facility enables instant transfer of value between merchants and customers (or between consumers) and doesn't require bank authorization. It also allows users to make secure online purchases without giving any personal details.
The Mondex card can be brought from franchisees and can be recharged through a phoneline. Once charged, the customer can use it to make purchases on the Internet. E-cash is particularly suited to micro payments for which credit cards are too expensive. Mondex does not require central clearing or authorization which enables a secure and confidential transfer of "money" to occur instantly - exactly like paying with cash.
Mondex enables merchants to target e-commerce markets that are not adequately serviced by traditional payment methods e.g. the youth market, small payment market (such as selling articles or songs individually), those concerned about credit card security etc.
Since Mondex allows the card to be recharged, there is no need to keep large amounts in the card, thus reducing risk. In addition, the buyer retains his anonymity, something that no credit card can assure.
