Although there are a number of (probably more than 30) types of electronic payment systems that have been invented, only Mondex can mimic the way we use cash today. It is the only "real" electronic money.

Mondex International has defined a system, Mondex, that will have its own central bank-- the originator; provide Smart Cards in which "money value" is embedded; realize an Open-type payment system which can be used either through phone, POS, Electronic Wallet, ATM, or PC; and be tradable among individuals with anonymity just like physical currency and coin. Compared with the other systems such as VISA Cash, CyberCoin, and e-cash, the vision of the Mondex method is far more aspiring and advanced. Although Mondex International still has several technical challenge ahead, it also has potential to succeed in the most promising infrastructure: The Internet. In terms of technology, the Mondex method can be regarded as the most promising technology.

Our team will continue our research on Mondex and for team project #2, will focus on the strategic aspect of Mondex International, as well as the social impact of the Mondex electronic payment system.

Technologies of electronic payment systems are still turbulent, and we do not know which will emerge as the standard. As we have seen in from the past in reviewing the competition for the VCR standard between SONY and Matsushita, and that of PC OS standard between Apple and Microsoft or Microsoft and IBM there will be severe competition among the key players before the emergence of the standard electronic payment system. In terms of technology, we see the superiority of Mondex, but as history illustrates technical superiority does not guarantee market success.

Mondex International is ambitious with its drive to establish one Mondex originator in each country, a strategic issue. We as a team assume that strategic challenge will be much greater than technical challenge for Mondex, and strategy will be the key to success in the market. Thus, we will study Mondexís strategy on becoming the standard.