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

In: The Book of Payments

Author

Listed:
  • Bernardo Bátiz-Lazo

    (Bangor University)

  • Tony Moretta

    (Digital Jersey)

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.

Suggested Citation

  • Bernardo Bátiz-Lazo & Tony Moretta, 2016. "Mondex and VisaCash: A First (Failed) Attempt at an Electronic Purse," Palgrave Macmillan Books, in: Bernardo Batiz-Lazo & Leonidas Efthymiou (ed.), The Book of Payments, chapter 17, pages 177-185, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-60231-2_17
    DOI: 10.1057/978-1-137-60231-2_17
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