With these new electronic forms of money have come changes to the way we exchange, as well as changes to money itself. They are plastic cards with a micro chip attached. Mondex' is partly owned by Mastercard. The big four banks in Australia have purchased the franchise to offer the technology to consumers in Australia. The 'Mondex' system operates through the banking system.
Consumers purchase an amount of 'SV' with currency.
The consumer can then use this value to make purchases using either SVC or the e-wallet. Unlike credit or debit cards, 'Mondex' allows consumers to pay other consumers directly and have value transferred without a bank needing to mediate. E-cash exists in the virtual domain. You cannot touch it, it is simply an electronic string of numbers that exist on a computer. These identify the number of the 'note', the amount of value and a mechanism to confirm its validity.