Banks around the world have started field tests of plastic money cards that could ultimately replace coins and paper money. The first transaction came in July in Swindon, England, west of London. There, newspaper vendow Don Stanley sold a copy of the local paper for 28 pence, which was deducted from consumer Birdget Marshall's money card.
Unlike credit cards of debit cards, which must have transactions processed at a central location, the Mondex money card is like an "electronic wallet." It can be charged up with fresh deposits by telephone or at a bank automatic teller machine, and its funds can be transferred instantly to any merchant who has a Mondex machine.
In 1996, the field tests will be extended to Canada and Hong Kong.