Mondex Smart Card

19 May 2015 | Author: | Comments Off on Mondex Smart Card

Mondex Smart Card

is a specific smart card was developed by England#8217;s National Bank in 1990. Its design was to serve as electronic cash or a electronic wallet. Any amount of can be transferred to the Mondex smart

MasterCard international bought interest in the resulting firm, International, in 1997 joining companies as ATT and Wells Fargo in the of this advanced technology.

The of a Mondex smart card end users to transfer funds onto the card and then the Mondex smart card to purchases up to the total cash held on the card. Mondex cards provide an electronic system using all the capabilities with smart card

The Mondex smart card can be a alternative to cash.

Although the was five years old at the time, the smart card was actually in 1995 #8211; two years MasterCard assumed control of the

The banks that currently the Mondex smart card National Bank of Canada, Canada Trust, Bank of Le Mouvement des caisses Desjardins, and Dominion Bank. With so respected lending institutions on the idea, the Mondex smart is worth a closer look.

The Mondex smart card has the to make card-to-card transfers is not possible with standard or debit cards. When you use a card to make a purchase, is required between the bank and card. However, Mondex contain an embedded microprocessor, sophisticated encryption methods and hardware designed to protect from hackers.

The ability of the Mondex smart to do offline transactions means are less dependent on expensive infrastructure, reducing transaction Offline transactions may seem however they actually are in the digital memory of the card#8217;s and remain retrievable the next the card is used at an ATM, or as as the retailer uploads transaction to the bank computer.

A significant with Mondex is that aren#8217;t truly anonymous. pre-paid phone cards, are also based on smart technology, you can#8217;t purchase a card without revealing identity. Each card has a identification number through owners can easily be identified. smart cards have not as successful as originally predicted.

Customers have not been satisfied with the card and its Unlike a credit or debit your money may be lost if you should lose a Mondex card. Losing a Mondex is just like losing a full of cash.

With a card you#8217;re protected any loss exceeding $50 dollars. protection is not currently available a Mondex smart card.

According to the Mondex smart system, it is fully auditable. is a log of the time, date, amount, and of each transaction which the privacy of users. Technically, Mondex can#8217;t claim to be a auditable system. After a of transactions, overflow can occur as a of limited memory in the Mondex This means that data may be lost before is able to retrieve it.

Critics say loss of data is a critical flaw making it difficult for to reliably detect fraud.

While Mondex smart are not a hundred percent secure do possess the ability to tolerate fraud loss.

Mondex their electronic payment is secure. They are convinced critics who have voice over security issues are and misinformed. Perhaps the use of a Mondex card depends on a personal of trust.

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