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                                                                   EXHIBIT 4.3.1



                         REGISTRATION RIGHTS AGREEMENT


         This AGREEMENT (the "Agreement") is made as of March 25, 1992 by and
among E-Z SERVE CORPORATION, a Delaware Corporation (the "Company") and the
investors listed on Exhibit A hereto, (the "Investors").

         WHEREAS, contemporaneously with the execution and delivery of this
Agreement, the Company and the Investors have entered into a Series B
Convertible Preferred Stock Purchase Agreement dated the date hereof (the
"Purchase Agreement") in connection with the issuance and sale of certain
shares of Series B Convertible Preferred Stock of the Company (the "Shares");

         WHEREAS, each Share issued in accordance with the Purchase Agreement
is convertible into the number of shares of Common Stock, $.01 par value (the
"Common Stock"), of the Company as set forth in the Certificate of Designation
of the Company attached to the Purchase Agreement as Exhibit B; and

         WHEREAS, it is a condition to the purchase of the Shares pursuant to
the Purchase Agreement that the Company and the Investors enter into this
Agreement;

         NOW, THEREFORE, in consideration of the foregoing recitals and the
mutual covenants and agreements herein contained, the parties hereto agree as
follows:

1.       Registration Rights.


         1.1     Definitions.

                 (a)      The terms "register," "registered," and
         "registration" refer to a registration effected by preparing and
         filing a registration statement or similar document in compliance with
         the Securities Act of 1933, as amended (the "1933 Act"), and the
         automatic effectiveness or the declaration or ordering of
         effectiveness of such registration statement or document;

                 (b)      The term "Registrable Securities" means (1) the
         Common Stock issued or issuable the conversion of the Shares and (2)
         any Common Stock of the Company issued as (or issuable upon the
         conversion or exercise of any warrant, right, or other security which
         is issued as) a dividend or other distribution with respect to, or in
         exchange for or in replacement of, such securities described in (1) of
         this paragraph; provided, however, that any shares previously sold to
         the public pursuant to a registered public offering or pursuant
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         to an exemption from the registration requirements of the 1933 Act 
         shall cease to be Registrable Securities;

                 (c)      The number of shares of "Registrable Securities then
         outstanding" shall be determined by adding the number of shares of
         Common Stock outstanding which are, and the number of shares of Common
         Stock issuable pursuant to then exercisable or convertible securities
         which upon issuance would be, Registrable Securities;

                 (d)      The term "Holder" means any person owning or having
         the right to acquire Registrable Securities or any assignee thereof in
         accordance with Section 1.11 hereof;

                 (e)      The terms "Form S-3," "Form S-4" and "Form S-8"mean
         such respective forms under the 1933 Act as in effect on the date
         hereof or any successor registration forms to Form S-3, Form S-4 and
         Form S-8, respectively, under the 1933 Act subsequently adopted by the
         Securities and Exchange Commission ("SEC").

         1.2     Request for Registration.

                 (a)      If the Company shall receive at any time a written
         request from the Holders of at least 50% of the Registrable Securities
         then outstanding and entitled to registration rights under this
         Section 1 (the "Initiating Holders") that the Company effect the
         registration under the 1933 Act of the lesser of (i) 20% of the
         Registrable Securities then outstanding or (ii) the number of
         Registrable Securities whose aggregate offering price is expected to
         be at least $3,000,000, then the Company shall, within five days of
         the receipt thereof, give written notice of such request to all
         Holders and shall, subject to the limitations of this Section 1.2, use
         its best efforts to effect such a registration as soon as practicable
         and in any event to file within 120 days of the receipt of such
         request a registration statement under the 1933 Act covering all the
         Registrable Securities which the Holders shall in writing request
         (given within 20 days of receipt of the notice given by the Company
         pursuant to this Section 1.2(a)) to be included in such registration
         and to use its best efforts to have such registration statement become
         effective.

                 (b)      If the Initiating Holders intend to distribute the
         Registrable Securities covered by their request by means of an
         underwriting, they shall so advise the Company's part of their request
         made pursuant to this Section 1.2 and the Company shall include such
         information in the written notice referred to in subsection 1.2(a).
         In such event, the right of any Holder to include its Registrable
         Securities in such registration shall be conditioned upon such
         Holder's participation in such underwriting and the inclusion of such
         Holder's Registrable Securities in the underwriting (unless otherwise
         mutually agreed by a majority in interest of the Initiating Holders
         and such Holder) to the extent provided herein.  All Holders proposing
         to distribute their securities through such underwriting shall
         (together with the Company as provided in subsection 1.4(d)) enter
         into an underwriting agreement




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         in customary form with the underwriter or underwriters selected for
         such underwriting by a majority in interest of the Initiating Holders
         after consultation with the Company: provided, however, that the
         consent of the Company is not required.  Notwithstanding any other
         provision of this Section 1.2, if, in the case of a registration
         requested pursuant to Section 1.2(a), the underwriter advises the
         Initiating Holders in writing that marketing factors require a
         limitation of the number of shares to be underwritten, then the
         Initiating Holders shall so advise all Holders of Registrable
         Securities which would otherwise be underwritten pursuant hereto, and
         the number of Registrable Securities that may be included in the
         underwriting shall be allocated pro rata among all Holders thereof
         desiring to participate in such underwriting (according to the number
         of Registrable Securities then held by each Holder).  No Registrable
         Securities requested by a Holder to be included in a registration
         pursuant to Section 1.2(a) shall be excluded from the underwriting
         unless all securities other than Registrable Securities are first
         excluded.

                 (c)      The Company is obligated to effect only one
         registration pursuant to Section 1.2(a).

                 (d)      Notwithstanding the foregoing, (i) the Company shall
         not be obligated to effect the filing of a registration statement
         pursuant to this Section 1.2 during the six months following the
         effective date of a registration statement pertaining to the
         underwritten public offering of securities for the account of the
         Company, or (ii) if the Company shall furnish to Holders requesting a
         registration statement pursuant to this Section 1.2 a certificate
         signed by the President of the Company stating that in the good faith
         judgment of the Board of Directors of the Company, it would not be in
         the best interests of the Company and its stockholders generally for
         such registration statement to be filed, the Company shall have the
         right to defer such filing for a period of not more than 90 days after
         receipt of the request of the Initiating Holders; provided, however,
         that the Company may not utilize the right set forth in this
         subsection (d)(ii) more than once in any twelve-month period.

         1.3     Company Registration.  If (but without any obligation to do
so) the Company proposes to register(including for this purpose a registration
effected by the Company for stockholders other than the Holders) any of its
capital stock or other securities under the 1933 Act in connection with the
public offering of such securities solely for cash (other than a registration
on Form S-8 , or a registration on Form S-4 or any successor form), the Company
shall, at such time, promptly give each Holder written notice of such
registration.  Upon the written request of any Holder given within 20 days
after mailing of such notice by the Company the Company shall, subject to the
provisions of Section 1.7, use its best efforts to cause a registration
statement covering all of the Registrable Securities that each such Holder has
requested to be registered to become effective under the 1933 Act.  The Company
shall be under no obligation to complete any offering of its securities it
proposes to make and shall incur no liability to any Holder for its failure to
do so.





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         1.4     Obligations of the Company.  Whenever required under this
Section 1 to use its best efforts to effect the registration of any Registrable
Securities, the Company shall, as expeditiously as reasonably possible:
Prepare and file with the SEC a registration statement with respect to such
Registrable Securities and use its best efforts to cause such registration
statement to become effective, and, upon the request of the Holders of a
majority of the Registrable Securities registered thereunder, keep such
registration statement effective for up to 180 days or until the Holders have
informed the Company in writing that the distribution of their securities has
been completed; and shall:

                 (a)      Prepare and file with the SEC such amendments and
         supplements to such registration statement and the prospectus used in
         connection with such registration statement, and use its best efforts
         to cause each such amendment to become effective, as may be necessary
         to (comply with the provisions of the 1933 Act with respect to the
         disposition of all securities covered by such registration statement.

                 (b)      Furnish to the Holders such reasonable number of
         copies of a prospectus, including a preliminary prospectus, in
         conformity with the requirements of the 1933 Act, and such other
         documents as they may reasonably request in order to facilitate the
         disposition of Registrable Securities owned by them.

                 (c)      Use its best efforts to register or qualify the
         securities covered by such registration statement under such other
         securities or Blue Sky laws of such jurisdictions as shall be
         reasonably requested by the Molders, provided that the Company shall
         not be required in connection therewith or as a condition thereto to
         qualify to do business or to file a general consent to service of
         process in any such states or Jurisdiction.

                 (d)      In the event of any underwritten public offering,
         enter into and perform its obligations under an underwriting
         agreement, in usual and customary form, with the managing underwriter
         of such offering.  Each Holder participating in such underwriting
         shall also enter into and perform its obligations under such an
         agreement, including furnishing any opinion of counsel or entering
         into a lock-up agreement reasonably requested by the managing
         underwriter.

                 (e)      Notify each Holder of Registrable Securities covered
         by such registration statement, at any time when a prospectus relating
         thereto covered by such registration statement is required to be
         delivered under the 1933 Act, of the happening of any event as a
         result of which the prospectus included in such registration
         statement, as then in effect, includes an untrue statement of a
         material fact or omits to state a material fact required to be stated
         therein or necessary to make the statements therein not misleading in
         the light of the circumstances then existing and promptly file such
         amendments and supplements which may be required pursuant to
         subparagraph (b) of this Section 1.4 on account of such event and use
         its best efforts to cause each such amendment and supplement to become
         effective.





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                 (f)      Furnish, at the request of any Holder requesting
         registration of Registrable Securities pursuant to this Section 1, on
         the date that such Registrable Securities are delivered to the
         underwriters for sale in connection with a registration pursuant to
         this Section 1, if such securities are being sold through
         underwriters, or, if such securities are not being sold through
         underwriters on the date that the registration statement with respect
         to such securities becomes effective, (i) an opinion, dated such date,
         of the counsel representing the Company for the purposes of such
         registration, in form and substance as is customarily given by company
         counsel to the underwriters in an underwritten public offering,
         addressed to the underwriters, if any, and to the Holders requesting
         registration of Registrable Securities, if any, and (ii) a letter
         dated such date, from the independent certified public accountant of
         the Company, in form and substance as is customarily given by
         independent certified public accountants to underwriters in an
         underwritten public offering, addressed to the underwriters, if any,
         and to the Holders requesting registration of Registrable Securities.

                 (g)      Apply for listing and use its best efforts to list
         the Registrable Securities, if any, being registered on any national
         securities exchange on which a class of  the Company's equity
         securities is listed or, if the Company does not have a class of
         equity securities listed on a national securities exchange, apply for
         qualification and use its best efforts to qualify the Registrable
         Securities, if any, being registered for inclusion on the automated
         quotation system of the National Association of Securities Dealers,
         Inc.

         1.5     Furnish Information.  It shall be a condition precedent to the
obligations of the Company to take any action pursuant to this Section 1 in
respect of the Registrable Securities of any selling Holder that such selling
Holders, if any, shall furnish to the Company such information regarding
themselves, the Registrable Securities held by them, and the intended method of
disposition of such securities as shall be required to effect the registration
of their Registrable Securities.

         1.6     Expenses of Demand Registration.  All expenses other than
underwriting discounts and commissions relating to Registrable Securities
incurred in connection with each registration, filings or qualifications
pursuant to Section 1.2(a) and each registration in any six-month period,
filing or qualification pursuant to Section 1.10, including (without
limitation) all registration, filing and qualification fees, printing and
accounting fees, fees and disbursements of counsel for the Company, and the
reasonable fees and disbursements of one counsel for the selling Holders shall
be borne by the Company; provided, however, that the Company shall not be
required to pay for any expenses of any registration proceeding begun pursuant
to Section 1.2(a) if the registration request is subsequently withdrawn at any
time at the request of the Holders of a majority of the Registrable Securities
to be registered (in which case all participating Holders shall bear such
expenses), unless the Holders of a majority of the Registrable Securities agree
to forfeit their right to one demand registration pursuant to Section 1.2(a);
provided further, however, that if at the time of such withdrawal, the Holders
have learned of a material adverse change in the condition, business, or
prospects of the Company from that known to the Holders of a majority of the
Registrable Securities





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then outstanding at the time of their request that makes the proposed offering
unreasonable in the good faith judgment of a majority in interest of the
Holders of the Registrable Securities then the Holders shall not be required to
pay any of such expenses and the right to one demand registration pursuant to
Section 1.2(a) shall not be forfeited.  Underwriting discounts and commissions
relating to Registrable Securities will be borne and paid ratably by the
Holders of such Registrable Securities.

         1.7     Underwriting Requirements.  In connection with any offering
involving an underwriting of securities being issued by the Company, the
Company shall not be required under Section 1.3 to include any of the Holders'
securities in such underwriting unless they accept the terms of the
underwriting as agreed upon between the Company and the underwriters selected
by it, and then only in such quantity, if any, as will not, in the opinion of
the underwriters, jeopardize the success of the offering by the Company.  If
the managing underwriter for the offering shall advise the Company in writing
that the total amount of securities, including Registrable Securities,
requested by shareholders to be included in such offering exceeds the amount of
securities to be sold other than by the Company that can be successfully
offered, then the Company shall be required to include in the offering only
that number of such securities, including Registrable Securities, which the
managing underwriter believes will not jeopardize the success of the offering,
provided, however, that the number of Registrable Securities to be included in
the offering shall not be reduced unless the securities to be included in such
offering for the account of any person other than the Company are also reduced
on a pro rata basis; provided, however, that in no event shall the amount of
securities of the selling Holders included in the offering be reduced below 50%
(fifty percent) of the total amount of securities included in such offering.
For purposes of apportionment pursuant to this Section 1.7, for any selling
shareholder which is a Holder of Registrable Securities and which is a
partnership or a corporation, the partners, retired partners and shareholders
of such holder, or the estates and family members of such partners and retired
partners and any trusts for the benefit of any of the foregoing persons shall
collectively be deemed to be a 'selling shareholder', and any pro rata
reduction with respect to such 'selling shareholder' shall be based upon the
aggregate amount of shares carrying registration rights owned by all entities
and individuals included in such 'selling shareholder' as defined in this
sentence.

         1.8     Indemnification.  In the event any Registrable Securities are
included in a registration statement under this Section 1:

                 (a)      To the extent permitted by law, the Company will
         indemnify and hold harmless each Holder, the officers, directors,
         partners, agents and employees of each Holder, any underwriter (as
         defined in the 1933 Act) for such Holder and each person, if any, who
         controls such Holder or underwriter within the meaning of the 1933 Act
         or the Securities Exchange Act of 1934, as amended (the "1934 Act"),
         against any losses, claims, damages, or liabilities (joint or several)
         to which they may become subject under the 1933 Act, the 1934 Act or
         other federal or state law, insofar as such losses, claims, damages,
         or liabilities (or actions in respect thereof) arise out of or are
         based upon any of the following statements, omissions or violations (a
         "Violation"): (i) any untrue statement or alleged untrue statement





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         of a material fact contained in such registration statement, including
         any preliminary prospectus or final prospectus contained therein or
         any amendments or supplements thereto, (ii) the omission or alleged
         omission to state therein a material fact required to be stated
         therein or necessary to make the statements therein, in light of the
         circumstances in which they were made, not misleading, or (iii) any
         violation or alleged violation by the Company of the 1933 Act, the
         1934 Act, any state securities law or any rule or regulation
         promulgated under the 1933 Act, the 1934 Act or any state securities
         law.  The Company will reimburse each such Holder, officer, director,
         partner, agent, employee, underwriter or controlling person for any
         legal or other expenses reasonably incurred by them in connection with
         investigating or defending any such loss, claim, damage, liability, or
         action.  The indemnity agreement contained in this subsection 1.8(a)
         shall not apply to amounts paid in settlement of any loss, claim,
         damage, liability, or action if such settlement is effected without
         the consent of the Company (which consent shall not be unreasonably
         withheld), nor shall the Company be liable to a Holder in any such
         case for any such loss, claim, damage, liability, or action (i) to the
         extent that it arises out of or is based upon a Violation which occurs
         in reliance upon and in conformity with written information furnished
         expressly for use in connection with such registration by or on behalf
         of such Holder, underwriter or controlling person or (ii) in the case
         of a sale directly by a Holder of Registrable Securities (including a
         sale of such Registrable Securities through any underwriter retained
         by such Holder to engage in a distribution solely on behalf of such
         Holder), such untrue statement or alleged untrue statement or omission
         or alleged omission was contained in a preliminary prospectus and
         corrected in a final or amended prospectus, and such Holder failed to
         deliver a copy of the final or amended prospectus at or prior to the
         confirmation of the sale of the Registrable Securities to the person
         asserting any such loss, claim, damage or liability in any case where
         such delivery is required by the Securities Act.

                 (b)      To the extent permitted by law, each selling Holder
         will indemnify and hold harmless the Company, each of its directors,
         each of its officers who have signed the registration statement, each
         person, if any, who controls the Company within the meaning of the
         1933 Act, each agent and any underwriter for the Company, and any
         other Holder selling securities in such registration statement or any
         of its directors, officers, partners, agents or employees or any
         person who controls such Holder or underwriter, against any losses,
         claims, damages, or liabilities (joint or several) to which the
         Company or any such director, officer, controlling person, agent, or
         underwriter or controlling person, or other such Holder or director,
         officer or controlling person may become subject, under the 1933 Act,
         the 1934 Act or other federal or state law, insofar as such losses,
         claims, damages or liabilities (or actions in respect thereto) arise
         out of or are based upon any Violation, in each case to the extent
         (and only to the extent) that such Violation occurs in reliance upon
         and in conformity with written information furnished by or on behalf
         of such Holder expressly for use in connection with such registration;
         and each such Holder will reimburse any legal or other expenses
         reasonably incurred by the Company or any such director, officer,
         controlling person, agent or underwriter or controlling person, other
         Holder, officer, director, partner,





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         agent, employee, or controlling person in connection with
         investigating or defending any such loss, claim, damage, liability, or
         action; provided, however, that the liability of any Holder hereunder
         shall be limited to the amount of proceeds received by such Holder in
         the offering giving rise to the Violation; and provided further that
         the indemnity agreement contained in this subsection 1.8(b) shall not
         apply to amounts paid in settlement of any such loss, claim, damage,
         liability or action if such settlement is effected without the consent
         of the Holder, which consent shall not be unreasonably withheld nor,
         in the case of a sale directly by the Company of its securities
         (including a sale of such securities through any underwriter retained
         by the Company to engage in a distribution solely on behalf of the
         Company), shall the Molder be liable to the Company in any case in
         which such untrue statement or alleged untrue statement or omission or
         alleged omission was contained in a preliminary prospectus and
         corrected in a final or amended prospectus, and the Company failed to
         deliver a copy of the final or amended prospectus at or prior to the
         confirmation of the sale of the securities to the person asserting any
         such loss, claim, damage or liability in any case where such delivery
         is required by the 1933 Act.

                 (c)      Promptly after receipt by an indemnified party under
         this Section 1.8 of notice of the commencement of any action
         (including any governmental action), such indemnified party will, if a
         claim in respect thereof is to be made against any indemnifying party
         under this Section 1.8, deliver to the indemnifying party a written
         notice of the commencement thereof and the indemnifying party shall
         have the right to participate in, and, to the extent the indemnifying
         party so desires, jointly with any other indemnifying party similarly
         noticed, to assume and control the defense thereof with counsel
         mutually satisfactory to the parties; provided, however, that an
         indemnified party shall have the right to retain its own counsel, with
         the fees and expenses to be paid by the indemnifying party, if
         representation of such indemnified party by the counsel retained by
         the indemnifying party would be inappropriate due to actual or
         potential differing interests, as reasonably determined by either
         party, between such indemnified party and any other party represented
         by such counsel in such proceeding.  The failure to deliver written
         notice to the indemnifying party within a reasonable time of the
         commencement of any such action, if prejudicial to its ability to
         defend such action, shall relieve such indemnifying party of any
         liability to the indemnified party under this Section 1.8 to the
         extent of such prejudice, but the omission so to deliver written
         notice to the indemnifying party will not relieve it of any liability
         that it may have to any indemnified party otherwise than under this
         Section 1.8.

                 (d)      The obligations of the Company, the Molders under
         this Section 1.8 shall survive the conversion, if any, of the Shares
         and the completion of any offering of Registrable Securities in a
         registration statement whether under this Section 1 or otherwise.

         1.9     Reports Under Securities Exchange Act of 1934.  With a view to
making available to the Holders the benefits of Rule 144 and 144A promulgated
under the 1933 Act and any other rule or regulation of the SEC that may at any
time permit a Molder to sell securities of the Company to





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the public without registration, and with a view to making it possible for
Holders to register the Registrable Securities pursuant to a registration on
Form S-3, the Company agrees to:

                 (a)      use its best efforts to make and keep public
         information available, as those terms are understood and defined in
         Rule 144, at all times after 90 days after the effective date of the
         first registration statement filed by-the Company for the offering of
         its securities to the general public;

                 (b)      take such action, including the voluntary
         registration of its Common Stock under Section 12 of the 1934 Act, as
         is necessary to enable the Holders to utilize Form S-3 for the sale of
         their Registrable Securities;

                 (c)      use its best efforts to file with the SEC in a timely
         manner all reports and other documents required of the Company under
         the 1933 Act and the 1934 Act;

                 (d)      furnish to any Holder, so long as the Molder owns any
         Registrable Securities, forthwith upon request (i) a written statement
         by the Company as to its compliance with the reporting requirements of
         Rule 144, the 1933 Act and the 1934 Act (at any time after it has
         become subject to such reporting requirements), or as to its
         qualification as a registrant whose securities may be resold pursuant
         to Form S-3 (at any time it so qualifies), (ii) a copy of the most
         recent annual or quarterly report of the Company and such other
         reports and documents so filed by the Company, and (iii) such other
         information as may be reasonably requested in availing any Molder of
         any rule or regulation of the SEC which permits the selling of any
         such securities without registration or pursuant to such form; and

                 (e)      at all times during which the Company is neither
         subject to the reporting requirements of Section 13 or 15(d) of the
         1934 Act, nor exempt from reporting pursuant to Rule 12g3-2(b) under
         the 1934 Act, provide in written form, upon the written request of any
         Holder, or a prospective purchaser of securities of the Company from
         such Molder, all information required by  Rule 144A(d)(4)(i) of the
         General Regulations promulgated by the SEC under the 1933 Act ("144A
         Information"); the Company further agrees, upon written request, to
         cooperate with and assist any Holder or any member of the National
         Association of Securities Dealers, Inc. system for Private Offerings
         Resales and Trading through Automated Linkages ("PORTAL") in applying
         to designate and thereafter maintaining the eligibility of the
         Company's securities for trading through PORTAL. With respect to each
         Holder, the Company's obligations under this Section 1.10(e) shall at
         all times be contingent upon such Holder's obtaining from a
         prospective purchaser an agreement to take all reasonable precautions
         to safeguard the 144A Information from disclosure to anyone other than
         employees of the prospective purchaser who require access to the 144A
         Information for the sole purpose of evaluating its purchase of the
         Company's securities.





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         1.10    Form S-3 Registration.  In case the Company shall receive from
any Holder or Holders a written request or requests that the Company effect a
registration on Form S-3 (or on any successor form to Form S-3 regardless of
its designation) and any related qualification or compliance with respect to
all or a part of the Registrable Securities owned by such Holder or Holders,
the Company will:

                 (a)      promptly give written notice of the proposed
         registration, and any related qualification or compliance, to all
         other Holders; and

                 (b)      use its best efforts to effect, as soon as
         practicable, such registration, qualification or compliance as may be
         so requested and as would permit or facilitate the sale and
         distribution of all or such portion of such Holder's or Holders'
         Registrable Securities as are specified in such request, together with
         all or such portion of the Registrable Securities of any other Holder
         or Holders joining in such request as are specified in a written
         request given within 20 days after receipt of such written notice from
         the Company; provided, however, that the Company shall not be
         obligated to effect any such registration, qualification or
         compliance, pursuant to this Section 1.10 if:  (1) Form S-3 (or any
         successor form to Form S-3 regardless of its designation), is not
         available for such offering by the Holders: (2) the aggregate net
         offering price (after deduction of underwriting discounts and
         commissions) of the Registrable Securities specified in such request
         is not at least $500,000; (3) the Company has already affected one
         registration on Form S-3 within the previous six-month period
         (exclusive of registrations affected pursuant to Sections 1.2 or 1.3
         hereof).; or (4) the Company shall furnish to the Holders a
         certificate signed by the President of the Company stating that in the
         good faith judgment of the Board of Directors of the Company, it would
         not be in the best interests of the Company and its stockholders for
         such Form S-3 registration to be effected at such time, in which event
         the Company shall have the right to defer the filing of the Form S-3
         registration for a period of not more than 90 days after receipt of
         the request of the Holder or Holders under this Section 1.10,
         provided, however, that the Company shall not utilize this right more
         than once in any twelve-month period.

         1.11    Assignment of Registration Rights.  The rights to cause the
Company to register Registrable Securities pursuant to this Section 1 may be
assigned by any Holder to (i) a transferee of at least 500 shares of
Registrable Securities or some lesser number of Registrable Securities if such
lesser number represents all of the Registrable Securities issued to such
Holder, or (ii) to an affiliate, partner or stockholder of such Investor or
transferee or an account managed or advised by the manager or adviser of such
investor or transferee.

         1.12    Limitations on Subsequent Registration Rights.  From and after
the date of this Agreement, the Company shall not, without the prior written
consent of the Holders of a majority of the Registrable Securities then
outstanding, enter into any agreement with any holder or prospective holder of
any securities of the Company relating to registration rights unless such
agreement includes:  (a) to the extent the agreement would allow such holder or
prospective holder





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<PAGE>   11
to include such securities in any registration filed under Section 1.2 or 1.3
hereof, a provision that such holder or prospective holder may include such
securities in any such registration only to the extent that the inclusion of
its securities will not reduce the amount of the Registrable Securities of the
Holders which would otherwise be included; (b) to the extent the agreement
would allow such holder or prospective holder to include such securities in any
registration effected pursuant to Section 1.2 or 1.3 hereof, a provision that
the rights of such holder to participate in such registration shall permit
participation on no greater level than that of the Holders; and (C) no
provision which would allow such holder or prospective holder to make a demand
registration which could result in such registration statement being declared
effective prior to the earlier of the dates set forth in subsection 1.2(a) or
within six months after the effective date of any registration effected
pursuant to Section 1.

2.       Miscellaneous.

         2.1     Legend.  Each certificate representing Registrable Securities
shall state therein:

                 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT  TO THE
                 PROVISIONS OF A REGISTRATION RIGHTS AGREEMENT DATED AS OF
                 MARCH 25, 1992 BY AND AMONG THE CORPORATION AND THE INVESTORS
                 NAMED THEREIN, A COPY OF WHICH IS ON| FILE AT THE OFFICES OF
                 THE CORPORATION.

         2.2     Notices.  All notices, requests, consents and demands shall be
in writing and shall be personally delivered, mailed, postage prepaid,
telecopied or telegraphed, to the Company at:

                 E-Z Serve Corporation
                 10700 North Interstate 45
                 Suite 500
                 Houston, Texas  77037
                 Telecopy:  (713) 847-4739
                 Attn:  Neil H. McLaurin

with a copy to:

                 Bracewell & Patterson, L.L.P.
                 2900 South Tower
                 711 Louisiana Street, Suite 2900
                 Houston, Texas  77002
                 Telecopy:  (713) 221-1212
                 Attn:  John L. Keffer, Esq.





                                      -11-
<PAGE>   12
to each Investor at its address set out on Exhibit A hereto with a copy to:

                 Larry Jordan Rowe, Esq.
                 Ropes & Gray
                 One International Place
                 Boston, Massachusetts  02110
                 Telecopy:  (617) 951-7050

and a copy to:

                 Jeff Fromm, Esq.
                 Intercontinental Mining & Resources Limited
                 c/o Quadrant Management Inc.
                 127 East 73rd Street
                 New York, New York  10021
                 Telecopy:  (212) 439-9450

or such other address as may be furnished in writing to the other parties
hereto.  All such notices, requests, demands and other communication shall,
when mailed (registered or certified mail, return receipt requested, postage
prepaid), personally delivered, or telegraphed, be effective four days after
deposit in the mails, when personally delivered, or when delivered to the
telegraph company, respectively, addressed as aforesaid, unless otherwise
provided herein and, when telecopied, shall be effective upon actual receipt.

         2.3     Entire Agreement.  This Agreement constitutes the entire
agreement of the parties with respect to the matters contemplated herein.  This
Agreement supersedes any and all prior understandings or agreements as to the
subject matter of this Agreement.

         2.4     Amendments, Waivers and Consents.  Any provision in this
Agreement to the contrary notwithstanding, changes in or additions to this
Agreement may be made, and compliance with any covenant or provision herein set
forth may be omitted or waived, if the Company (i) shall obtain consent thereto
in writing from persons holding or having the right to acquire an aggregate of
at least sixty-six and two-thirds percent (66 2/3%) of the aggregate of the
Registrable Securities then outstanding and (ii) shall, in each such case,
deliver copies of such consent in writing to any Holders who did not execute
the same.

         2.5     Binding Effect; Assignment.  This Agreement shall be binding
upon and inure to the benefit of the personal representatives, successors and
assigns of the respective parties hereto.  The Company shall not have the right
to assign its obligations hereunder or any interest herein without obtaining
the prior written consent of the Holders in accordance with Section 2.4.





                                      -12-
<PAGE>   13
         2.6     General.  The headings contained in this Agreement are for
reference purposes only and shall not in any way affect the meaning or
interpretation of this Agreement.  In this Agreement the singular includes the
plural, the plural, the singular, the masculine gender includes the neuter,
masculine and feminine genders.  This Agreement shall be governed by and
construed under the laws of the State of Texas.

         2.7     Severability.  If any provisions of this Agreement shall be
found by any court of competent jurisdiction to be invalid or unenforceable,
the parties hereby waive such provision to the extent that it is found to be
invalid or unenforceable.  Such provision shall, to the maximum extent
allowable by law, be modified by such court so that it becomes enforceable,
and, as modified, shall be enforced as any other provision hereof, all the
other provisions hereof continuing in full force and effect.

         2.8     Counterparts.  This Agreement may be executed in counterparts,
all of which together shall constitute one and the same instrument.

         2.9     Specific Performance.  The Company recognizes that the rights
of the Holders under this Agreement are unique, and, accordingly, the Holders
shall, in addition to such other remedies as may be available to them at law or
in equity, have the right to enforce their rights hereunder by actions for
injunctive relief and specific performance to the extent permitted by law.
This Agreement is not intended to limit or abridge any rights of the Holders
which may exist apart from this Agreement.





                                      -13-
<PAGE>   14
         IN WITNESS WHEREOF, the parties have caused this Registration Rights
Agreement to be duly executed as of the date first above written.

                                        E-Z SERVE CORPORATION


                                        By:   /s/ John T. Miller
                                           -------------------------------------
                                           Name:  John T. Miller
                                           Title: Senior Vice President


                                        INVESTORS

                                        PHEMUS CORPORATION


                                        By:   /s/ Michael Eisenson
                                           -------------------------------------
                                        Title:    Authorized Signatory
                                              ----------------------------------


                                        By:   
                                           -------------------------------------
                                        Title:    Authorized Signatory
                                              ----------------------------------

                                        INTERCONTINENTAL MINING & RESOURCES
                                        LIMITED


                                        By:   /s/ Jeffrey A. Fromm
                                           -------------------------------------
                                        Name:     Jeffrey A. Fromm
                                             -----------------------------------
                                        Title:    Vice President
                                              ----------------------------------




                                      -14-
<PAGE>   15
                                   EXHIBIT A

INVESTORS

Phemus Corporation
600 Atlantic Avenue, 26th Floor
Boston, Massachusetts 02210
Telecopy:  (617) 523-1063
Attn:  Michael R. Eisenson

Intercontinental Mining & Resources Limited
c/o Quadrant Management, Inc.
127 East 73rd Street
New York, New York  10021
Telecopy:  (212) 439-9450
Attn:  Alan G. Quasha