What is Mondex®?
Mondex, part of the MasterCard WorldWide suite of smart card products, enables cardholders to carry, store and spend cash value using a payment card. It is faster than handling conventional currency, and in many cases safer. It behaves exactly like cash, offering immediate transfer of value while requiring no signature, PIN or transaction authorization. The unique Mondex platform allows its use in multiple channels where cash cannot be used including:
* Mobile phones
* Interactive television
How it Works
Mondex stores value as electronic information on a microchip, rather than as physical notes and coins. Value is exchanged securely from the chip on the card to a chip in a terminal/card reader.
* Security - Above all, Mondex is a safe way to carry money. A lock function, available on the card with a Mondex device, enables the cardholder to prevent unauthorized access. The code is chosen by the cardholder, and it can be changed at any time.
* Convenience - Mondex offers cardholders a quick and easy method of payment. There is no need to fumble for change or search for a pen, no need to wait for authorization, no need even to go to a bank or ATM.
* Flexibility - Mondex cash can be used for purchases of any size, from a chocolate bar to a suit of clothes. Technically, there is no practical limit to the amount of cash which could be held in and transferred from a Mondex card, but there will be limits set within each country consistent with local regulation and market demand.
* Control - With Mondex, cardholders can only spend what is on their card, so there is no risk of going into debt. The 'purse' keeps an up-to-the-minute record of the amounts and places of expenditure.
What is Mondex®?