MasterCard International is to speed up the launch of electronic-purse
system Mondex in the UK, following its acquisition this week of 51% of
The reported pounds 100m deal will provide MasterCard with the
technology to take on the rival card system Visa Cash and spells the end
of MasterCard’s own MasterCard Cash system.
Eugene Lockhart, chief executive of MasterCard, said substantial
marketing resources would be committed to introducing the system to the
consumer and the Mondex name would become one of the firm’s sub-brands.
Mondex is not expected to be launched nationally in the UK until 1998
but any date will depend on negotiations with MasterCard’s member banks.
Mondex has tested the system in Swindon, where there have been 13,000
users for over a year.