Mondex and VisaCash: A First (Failed) Attempt at an Electronic Purse

Bernardo Batiz-Lazo and Tony Moretta (tony@moretta.co.uk)
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Tony Moretta: Digital Jersey

Chapter 17 in The Book of Payments, 2016, pp 177-185 from Palgrave Macmillan

Abstract: 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.

Keywords: Mobile Payment; Debit Card; Retail Banking; American Express; Account Holder (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-60231-2_17

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

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