The use of smart cards as e-wallets is a high hope that smart cards are widely placed. Some people also call the e-wallet a stored value card or prepaid card. It is easy to use, no need to carry cash and change, and is usually used for small consumption, such as fast food restaurants, gas stations, public transportation (metro, light rail, bus), parking Cars, roads, and unattended environments such as vending machines, public phones, and more. In terms of use, the electronic wallet is faster and more convenient than a credit card, and generally does not require a signature or a personal password (PIN).
The use of secure smart card technology to replace the already widely used cash can reduce the cash flow in society and the civilization of modern society. In a typical e-wallet project, the operators that issue e-wallets (mostly banks) are responsible for providing e-wallets to cardholders, maintaining the e-wallet system, clearing funds, and transferring funds to the bank account of the retailer. To complete a complete payment. For each transaction, the retailer also needs to pay a certain percentage of the fee to the e-wallet operator. But the reality is that although the concept of e-wallet has been proposed for a long time, and many e-wallet projects are put into operation, or in the experimental stage, from a global perspective, the e-wallet market is far from taking off. The combination of electronic tickets and remote payment will be the main development direction of e-wallets, which has become the consensus of most people. France has always been the trend of leading smart cards. Although it is not as good as Germany, the Netherlands and other countries in terms of e-wallet, its recent actions demonstrate its determination and rationality in developing e-wallets. Let's briefly describe the benefits that e-wallets can bring to the parties involved in the project.
Analysis of the interest relationship of e-wallet project
A successful e-wallet project can benefit all parties involved in the project. Among them, the e-wallet operator is the most profitable, and the cardholder first gives a certain amount of money to the operator of the e-wallet in a prepaid manner. This amount is accumulated in a large amount; the cardholder uses the e-wallet in retail After the retailer consumes, the operator needs to allocate the corresponding amount to the retailer; and, after the cardholder uses the e-wallet to consume a certain amount of money, in order to continue using it, the deposit will be saved in the electronic wallet, so it can be said that There is always a huge amount of deposit funds in the operator. As for the operation of commercial funds to invest, or to carry out some infrastructure construction, it is entirely up to the operators to consider what way to maximize their own interests.
Retailers can free themselves from cumbersome cash handling, reduce the risk of stolen robbery, improve efficiency, and maintain customer database and cargo database in a timely and accurate manner to increase turnover. For users of e-wallets, shopping is more convenient, no need to change, and avoid the hidden dangers of carrying cash. For the whole society, the overall efficiency is improved, and the overall image of the society or the city is improved, even in terms of reducing the crime rate and avoiding cross-infection of bacteria in the process of cash flow.
real situation
Although e-wallet has so many benefits, a good concept does not mean that it can be successful in the market. As an application of smart card, e-wallet has been widely concerned in the industry, and people have placed great hope on it, but From a global perspective, the use of smart card forms of e-wallet applications is not very satisfactory. There are many e-wallet projects in operation around the world today, but in terms of the number of card holders of e-wallet cards, or from the frequency and amount of cardholders using e-wallets for transactions, most of these e-wallet items are not very success.
The eligibility of the e-wallet project is first and foremost a prerequisite if it must be widely used. The e-wallet must give consumers a reason to use it better than cash. After all, people are too familiar with banknotes and coins. Banknotes and coins can be accepted everywhere. But for a complete e-wallet project, it is not enough to promote the e-wallet smart card to consumers. It must also be supported by most retailers and install a POS machine to accept the e-wallet. This involves the construction of the entire relevant financial infrastructure, and only when the e-wallet can be used almost anywhere, will more consumers be willing to use it. At another level, e-wallets should have the most important characteristic of cash – free circulation. But this is not so simple when it comes to the e-wallet. This article will be covered when discussing the Mondex e-wallet.
The world's mainstream open e-wallet
Here are some of the mainstream open universal e-wallet standards in the world today. There are three major open e-wallet standards in the world that compete with each other: Visa Cash? Smoked Proton and Mondex. They are described in detail below.
First, Mondex
Mondex is a flexible electronic cash that makes it easy to transfer funds between a Mondex Wallet Card and another Mondex Wallet Card. Another feature of Mondex is that its transactions are not tracked, which is the most controversial part of Mondex's electronic cash. It has been said that since banks are unable to track every transaction, this creates conditions for illegal funds transfer by offenders; and because there is no bank audit trail, this puts a much higher demand on the security of the technical category. . However, some people say that this is precisely the most flexible and superior place for Mondex. It is precisely because Mon-dex electronic cash can facilitate the transfer of funds between cards and cards without tracking. Mondex is the real electronic cash, and can guarantee Cardholders' privacy, it is conceivable that cardholders sometimes do not want their behavior to be recorded by the computer of a certain bank when they use the e-wallet to make online purchases.
We can see the use of Mondex e-wallets in the following countries: UK, France, Norway, Australia, New Zealand, Costa Rica, Hong Kong, Philippines, Israel, Canada, USA, etc. From the global and Mondex development history, the development of Mondex is now at a low tide. Mondex recently closed its office in San Francisco, USA, and handed over its technical, management, and licensing functions to MasterCard International in New York. The e-wallet trial conducted by Mondex and Visa in New York ended in failure. The only positive conclusion is that it proves that Mondex and Visa Cash can coexist.
Mondex has signed licensing agreements with France, Ireland, Norway and the United Kingdom in Europe and is still in talks with other European countries. KeyCorp and Comerica, the two major financial institutions in the United States, purchased the Mondex license in May 1999 to test and promote the Mondex e-wallet in the United States. In addition, Mondex International has obtained a US patent for its non-contact Modex smart card application in the highway toll collection system. Ghana Commercial Bank purchased the Mondex e-wallet license in November 1998. It is also negotiating with other banks in Ghana and West African countries to establish a public e-wallet technology infrastructure in the economic communities of West African countries. Currently Mondex's largest market should be in the Asia Pacific region, Australia, Hong Kong, Macau, Taiwan, Japan, India, Indonesia, Mauritius, New Zealand, the Philippines, Singapore, Sri Lanka, Thailand, Vietnam have been licensed.
Hong Kong has issued 180,000 Mondex e-wallet cards that can be recharged on more than 700 ATMs, with more than 7,000 merchants accepting Mondex. Now MasterCard/Mondex International plans to offer Mondex e-wallets based on the Multos platform to accommodate more applications on a single card.
Japan's Sanwa Bank and JCB credit card organizations were authorized by Mondex in 1999, and they also plan to offer Mondex electronic cash based on the Multos platform. Sanwa Bank is one of the ten largest banks in the world, and JCB has nearly 40 million cardholders in Japan. Mondex is also in talks with other major Japanese financial institutions, such as Asahi Bank and Sakura Bank, as well as some credit card companies, and plans to implement the Mondex e-wallet throughout Japan.
Mondex's recent progress in Korea is also very eye-catching. Its Korean organization was established in June 1999. According to Mondex International, some large Korean companies have expressed strong interest in developing the Mondex electronic cash project. Among them, Korea Telecom's Korea Telecom will transform existing communications facilities to make it compatible with the Mondex e-wallet, which involves the transformation of 1 million public phones. Korea Telecom has established a strategic alliance with Mondex's offices in Korea, Korean banks and credit card organizations, and some venture capital institutions to implement the program. In addition, South Korea's Kookmin Bank has issued 20,000 Multos-based Mondex e-wallets, which can be used at COEX, a major conference center in Seoul. Mondex also plans to promote Mondex e-wallet in the online payment field: In order to encourage more people to use Mondex e-wallet for online shopping, Mondex plans to distribute 200,000 smart card readers connected to PCs in Korea for free.
Second, Proton
Proton e-wallets are used in the following countries: the Netherlands, Belgium, Sweden, Switzerland, Australia, Malaysia, the Philippines, Brazil, Chile, Mexico, the United States, etc. Proton was originally developed by Banksys (Brazil's national payment system operator) in Belgium. The biggest difference between it and Mondex e-wallet is that every transaction can be tracked and audited. There are already 40 million Proton e-wallets in circulation. In Europe, Proton is currently the most widely used e-wallet.
Proton Electronic Wallet is responsible for its development by Proton World. In January 1999, Proton World signed agreements with major POS suppliers such as Verifone, AZ, Schlumberger, etc. to integrate Proton technology into these POS products that represent more than 50% of the global POS market share. In response to the booming e-commerce, Proton World announced at the end of 1998 that Proton-based e-wallets can achieve secure funding through the Internet. A smart card reader with integrated Proton technology connected to a PC provides PIN code verification and transaction amount confirmation. The PIN code entered by the user through the PIN code attached to the card reader will be directly verified with the PIN code stored on the smart card. The PIN code will not be transmitted on the network and will not be read by the PC. Users can undoubtedly enhance their confidence in online shopping. Proton World is also very concerned about the mobile e-commerce market. In May 1999, it cooperated with Gemplus in Belgium to conduct a trial of the Proton e-wallet through a Belgian wireless communication network using a dual-slot mobile phone. Proton World also signed a partnership agreement with Sun to provide its users with Proton e-wallets for multi-application smart card platforms based on Java Card technology.
In the face of the trend of e-wallet interoperability, Proton World is gradually getting closer to the CEPS led by Visa. (For a description of the CEPS standard, see below.) In 1999 it signed an agreement with Europay International to design and enhance interoperability between e-wallet schemes in different countries, according to which they will Jointly develop and test a new Proton-based e-wallet application that will be compatible with CEPS and will be offered to Europay's member banks under the brand name of Clip.
Third, Visa Cash
Visa Cash e-wallets are used in the following countries: Argentina, Australia, Brazil, Canada, Colombia, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Mexico, Norway, Puerto Rico, Russia, Spain, Taiwan, the United Kingdom, and the United States. Visa Cash Wallet Cards are available in three ways: a one-time Visa Cash Wallet Card, a rechargeable dedicated Visa Cash Wallet Card, or a form of an e-wallet application that coexists on the same bank card with other applications.
Visa Cash also attaches great importance to mobile e-commerce applications. In 1999, it also conducted a trial to recharge Visa Cash e-wallet through the GSM network in Leeds, UK. Visa Cash is also used in government smart card projects in the United States, and Visa Cash is an application in the multi-application dual-interface smart card project organized by GSA of the US General Affairs Administration.
Spain's Madrid and Barcelona are experimenting with Visa Cash for public transport electronic tickets. The trial in Spain is the first time Visa Cash has been applied in a contactless way. Visa Cash e-wallet has been used in many applications in Spain, such as Stop, call, etc. This expansion of the electronic ticket field has greatly expanded the application of e-wallet in Spain. Spain, which has 50 million e-wallet cards, is one of the few successful e-wallet applications in the world.
The use of secure smart card technology to replace the already widely used cash can reduce the cash flow in society and the civilization of modern society. In a typical e-wallet project, the operators that issue e-wallets (mostly banks) are responsible for providing e-wallets to cardholders, maintaining the e-wallet system, clearing funds, and transferring funds to the bank account of the retailer. To complete a complete payment. For each transaction, the retailer also needs to pay a certain percentage of the fee to the e-wallet operator. But the reality is that although the concept of e-wallet has been proposed for a long time, and many e-wallet projects are put into operation, or in the experimental stage, from a global perspective, the e-wallet market is far from taking off. The combination of electronic tickets and remote payment will be the main development direction of e-wallets, which has become the consensus of most people. France has always been the trend of leading smart cards. Although it is not as good as Germany, the Netherlands and other countries in terms of e-wallet, its recent actions demonstrate its determination and rationality in developing e-wallets. Let's briefly describe the benefits that e-wallets can bring to the parties involved in the project.
Analysis of the interest relationship of e-wallet project
A successful e-wallet project can benefit all parties involved in the project. Among them, the e-wallet operator is the most profitable, and the cardholder first gives a certain amount of money to the operator of the e-wallet in a prepaid manner. This amount is accumulated in a large amount; the cardholder uses the e-wallet in retail After the retailer consumes, the operator needs to allocate the corresponding amount to the retailer; and, after the cardholder uses the e-wallet to consume a certain amount of money, in order to continue using it, the deposit will be saved in the electronic wallet, so it can be said that There is always a huge amount of deposit funds in the operator. As for the operation of commercial funds to invest, or to carry out some infrastructure construction, it is entirely up to the operators to consider what way to maximize their own interests.
Retailers can free themselves from cumbersome cash handling, reduce the risk of stolen robbery, improve efficiency, and maintain customer database and cargo database in a timely and accurate manner to increase turnover. For users of e-wallets, shopping is more convenient, no need to change, and avoid the hidden dangers of carrying cash. For the whole society, the overall efficiency is improved, and the overall image of the society or the city is improved, even in terms of reducing the crime rate and avoiding cross-infection of bacteria in the process of cash flow.
real situation
Although e-wallet has so many benefits, a good concept does not mean that it can be successful in the market. As an application of smart card, e-wallet has been widely concerned in the industry, and people have placed great hope on it, but From a global perspective, the use of smart card forms of e-wallet applications is not very satisfactory. There are many e-wallet projects in operation around the world today, but in terms of the number of card holders of e-wallet cards, or from the frequency and amount of cardholders using e-wallets for transactions, most of these e-wallet items are not very success.
The eligibility of the e-wallet project is first and foremost a prerequisite if it must be widely used. The e-wallet must give consumers a reason to use it better than cash. After all, people are too familiar with banknotes and coins. Banknotes and coins can be accepted everywhere. But for a complete e-wallet project, it is not enough to promote the e-wallet smart card to consumers. It must also be supported by most retailers and install a POS machine to accept the e-wallet. This involves the construction of the entire relevant financial infrastructure, and only when the e-wallet can be used almost anywhere, will more consumers be willing to use it. At another level, e-wallets should have the most important characteristic of cash – free circulation. But this is not so simple when it comes to the e-wallet. This article will be covered when discussing the Mondex e-wallet.
The world's mainstream open e-wallet
Here are some of the mainstream open universal e-wallet standards in the world today. There are three major open e-wallet standards in the world that compete with each other: Visa Cash? Smoked Proton and Mondex. They are described in detail below.
First, Mondex
Mondex is a flexible electronic cash that makes it easy to transfer funds between a Mondex Wallet Card and another Mondex Wallet Card. Another feature of Mondex is that its transactions are not tracked, which is the most controversial part of Mondex's electronic cash. It has been said that since banks are unable to track every transaction, this creates conditions for illegal funds transfer by offenders; and because there is no bank audit trail, this puts a much higher demand on the security of the technical category. . However, some people say that this is precisely the most flexible and superior place for Mondex. It is precisely because Mon-dex electronic cash can facilitate the transfer of funds between cards and cards without tracking. Mondex is the real electronic cash, and can guarantee Cardholders' privacy, it is conceivable that cardholders sometimes do not want their behavior to be recorded by the computer of a certain bank when they use the e-wallet to make online purchases.
We can see the use of Mondex e-wallets in the following countries: UK, France, Norway, Australia, New Zealand, Costa Rica, Hong Kong, Philippines, Israel, Canada, USA, etc. From the global and Mondex development history, the development of Mondex is now at a low tide. Mondex recently closed its office in San Francisco, USA, and handed over its technical, management, and licensing functions to MasterCard International in New York. The e-wallet trial conducted by Mondex and Visa in New York ended in failure. The only positive conclusion is that it proves that Mondex and Visa Cash can coexist.
Mondex has signed licensing agreements with France, Ireland, Norway and the United Kingdom in Europe and is still in talks with other European countries. KeyCorp and Comerica, the two major financial institutions in the United States, purchased the Mondex license in May 1999 to test and promote the Mondex e-wallet in the United States. In addition, Mondex International has obtained a US patent for its non-contact Modex smart card application in the highway toll collection system. Ghana Commercial Bank purchased the Mondex e-wallet license in November 1998. It is also negotiating with other banks in Ghana and West African countries to establish a public e-wallet technology infrastructure in the economic communities of West African countries. Currently Mondex's largest market should be in the Asia Pacific region, Australia, Hong Kong, Macau, Taiwan, Japan, India, Indonesia, Mauritius, New Zealand, the Philippines, Singapore, Sri Lanka, Thailand, Vietnam have been licensed.
Hong Kong has issued 180,000 Mondex e-wallet cards that can be recharged on more than 700 ATMs, with more than 7,000 merchants accepting Mondex. Now MasterCard/Mondex International plans to offer Mondex e-wallets based on the Multos platform to accommodate more applications on a single card.
Japan's Sanwa Bank and JCB credit card organizations were authorized by Mondex in 1999, and they also plan to offer Mondex electronic cash based on the Multos platform. Sanwa Bank is one of the ten largest banks in the world, and JCB has nearly 40 million cardholders in Japan. Mondex is also in talks with other major Japanese financial institutions, such as Asahi Bank and Sakura Bank, as well as some credit card companies, and plans to implement the Mondex e-wallet throughout Japan.
Mondex's recent progress in Korea is also very eye-catching. Its Korean organization was established in June 1999. According to Mondex International, some large Korean companies have expressed strong interest in developing the Mondex electronic cash project. Among them, Korea Telecom's Korea Telecom will transform existing communications facilities to make it compatible with the Mondex e-wallet, which involves the transformation of 1 million public phones. Korea Telecom has established a strategic alliance with Mondex's offices in Korea, Korean banks and credit card organizations, and some venture capital institutions to implement the program. In addition, South Korea's Kookmin Bank has issued 20,000 Multos-based Mondex e-wallets, which can be used at COEX, a major conference center in Seoul. Mondex also plans to promote Mondex e-wallet in the online payment field: In order to encourage more people to use Mondex e-wallet for online shopping, Mondex plans to distribute 200,000 smart card readers connected to PCs in Korea for free.
Second, Proton
Proton e-wallets are used in the following countries: the Netherlands, Belgium, Sweden, Switzerland, Australia, Malaysia, the Philippines, Brazil, Chile, Mexico, the United States, etc. Proton was originally developed by Banksys (Brazil's national payment system operator) in Belgium. The biggest difference between it and Mondex e-wallet is that every transaction can be tracked and audited. There are already 40 million Proton e-wallets in circulation. In Europe, Proton is currently the most widely used e-wallet.
Proton Electronic Wallet is responsible for its development by Proton World. In January 1999, Proton World signed agreements with major POS suppliers such as Verifone, AZ, Schlumberger, etc. to integrate Proton technology into these POS products that represent more than 50% of the global POS market share. In response to the booming e-commerce, Proton World announced at the end of 1998 that Proton-based e-wallets can achieve secure funding through the Internet. A smart card reader with integrated Proton technology connected to a PC provides PIN code verification and transaction amount confirmation. The PIN code entered by the user through the PIN code attached to the card reader will be directly verified with the PIN code stored on the smart card. The PIN code will not be transmitted on the network and will not be read by the PC. Users can undoubtedly enhance their confidence in online shopping. Proton World is also very concerned about the mobile e-commerce market. In May 1999, it cooperated with Gemplus in Belgium to conduct a trial of the Proton e-wallet through a Belgian wireless communication network using a dual-slot mobile phone. Proton World also signed a partnership agreement with Sun to provide its users with Proton e-wallets for multi-application smart card platforms based on Java Card technology.
In the face of the trend of e-wallet interoperability, Proton World is gradually getting closer to the CEPS led by Visa. (For a description of the CEPS standard, see below.) In 1999 it signed an agreement with Europay International to design and enhance interoperability between e-wallet schemes in different countries, according to which they will Jointly develop and test a new Proton-based e-wallet application that will be compatible with CEPS and will be offered to Europay's member banks under the brand name of Clip.
Third, Visa Cash
Visa Cash e-wallets are used in the following countries: Argentina, Australia, Brazil, Canada, Colombia, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Mexico, Norway, Puerto Rico, Russia, Spain, Taiwan, the United Kingdom, and the United States. Visa Cash Wallet Cards are available in three ways: a one-time Visa Cash Wallet Card, a rechargeable dedicated Visa Cash Wallet Card, or a form of an e-wallet application that coexists on the same bank card with other applications.
Visa Cash also attaches great importance to mobile e-commerce applications. In 1999, it also conducted a trial to recharge Visa Cash e-wallet through the GSM network in Leeds, UK. Visa Cash is also used in government smart card projects in the United States, and Visa Cash is an application in the multi-application dual-interface smart card project organized by GSA of the US General Affairs Administration.
Spain's Madrid and Barcelona are experimenting with Visa Cash for public transport electronic tickets. The trial in Spain is the first time Visa Cash has been applied in a contactless way. Visa Cash e-wallet has been used in many applications in Spain, such as Stop, call, etc. This expansion of the electronic ticket field has greatly expanded the application of e-wallet in Spain. Spain, which has 50 million e-wallet cards, is one of the few successful e-wallet applications in the world.
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