JUST when the world had got used to the idea of electronic mail, e-cash came along. An electronic system where money is transfered directly from a one account to another almost instantly.

The leader in this field is Mondex Corporation of the US. Set up in December 1996, it is promoted by a clutch of companies like AT&T Universal Cards, Chase Manhattan, First Chicago, Master Card and Michigan National Bank.Visit its site at www.mondexusa.com to understand what e-cash is all about and how it will change the way we use money.

A typical subscriber to Mondex is given a card with a chip which records transactions. Like a credit card, it can be used at a retailer. The only difference is that instead of the retailer receiving a cheque for the amount after a few days, with an e-card the retailer receives the money in his account almost immediately.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.