How does the Mondex Smartcard work?
The point of departure for Mondex electronic cash is called “Originator”, where an independent legal entity comes up with computer codes that represent an electronic value. A participating bank would then purchase a Mondex value from the originator and a float is created. Cardholders who wish to load electronic cash into their Mondex SmartCard can download a desired value from the participating bank. The value downloaded can then be used to make payments to merchants or any other Mondex SmartCard cardholder. During a trasaction, the information from the customers’ card is validated by the merchant’s chip. The merchant card is validated by the customers’ card as well. The merchant’s card requests a payment by transmitting a digital signature. Both cards, after authenticating each others messages, card will check the digital signature and if the signature is verified, the customers’ card sends an acknowledgement with a digital signature embedded. Once the transaction amount is deducted f
