1. Introduction :
When a monetary transaction takes place between a seller and a consumer, it typically takes one of three forms which are cash, cheque or credit card. When a consumer wishes to make small purchases, such as less than 4 or 5 dollars, a seller will not usually agree to the transaction if a credit card is presented, or a cheque from unknown customer is offered. However, there are many times when customer don’t have small coins and would prefer to pay with a credit card or a cheque. In that situation electronic cash offers a solution to this problem. In the world there are few vendors attempting to become the standard for electronic cash; the largest one is Mondex , which is a subsidiary of Visa and Master International.
What is Mondex
Mondex is a store of monetary value, which uses electronic smart cards that is loaded with money from an account through ATM, specially designed home or public telephones. It plays like an electronic wallet.
Mondex in Canada
Mondex Canada was formed by Royal Bank and CIBC as a licensee of Mondex Canada in 1998 to supervise the development of Mondex in Canada. Then, by mid-1998 Mondex Canada members increased from two to ten financial institutions, including RBC, CIBC, Scotia bank, BOM, Dank, NBC, Hong Kong Bank of Canada, Canada Trust, Credit Union Central of Canada and Desjardins.
Richard Thomas was appointed as Mondex Canada’s Director of Marketing and Communications. He is an experienced on corporate marketing and communications and technology as well.
The objective of the strategic plan for the national roll-out of Mondex Canada is to set the direction of business and create its shape so that the product it provides meets the overall business objectives. ...