transactions, but these only cover part of the business protocol. Broader industry consortiums
such as Commerce Net and the WWW Consortium are now trying to set standards for other
payment methods - including the electronic purse. Mondex is another payment mechanism,
but on its own does not solve the whole problem. We are developing a set of ‘trading protocol’
for the Internet to wrap-around the payment itself. To gain acceptance for these protocols
requires a two pronged approach. First, we can leverage the commercial interests of our
customers to influence the evolving standards. Second, we can go to the equipment
manufacturers. Through education we shall convince them of the benefit of adopting our
protocols. To further encourage their adoption the protocols are ‘open’ in that multiple
payment methods can be supported, including SET as well as Mondex, and in theory other
electronic cash schemes also.