In the new Mondex payment system, monetary value is stored in an Integrated Circuit Chip known as the electronic purse. Purses are held by all participants in the system - personal cardholders, retailers, service providers and banks.
For personal cardholders the purse will be a standard, plastic Integrated Circuit card. This can be loaded with electronic value via a Mondex telephone - bringing a new dimension in money management and electronic cash transactions - or in much the same way as cash is currently obtained, for example from a cash machine or bank branch