Is Mondex as anonymous as cash?
Mondex is private but does not try to offer total anonymity. It offers more privacy than credit and debit because each transaction is carried out directly between the two parties involved (chip-to-chip) without reporting the transaction to a central computer. The banks have no record of how individual cardholders are spending their electronic cash. There is a rolling audit of transactions that reside on each individual chip. For consumer cards, the chip stores details of the last 10 transactions and for Merchants, it’s the last 300. This information is not shared with any other third party unless consumers provide consent (either for research or future loyalty programs) ……….. CIBC can say this and is prepared to say this without Royal Bank The benefits of this rolling audit system is that it allows cardholders and merchants to reconcile transactions that are in dispute. This is something that is not possible with cash because cash is completely anonymous.
