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UNIT 2 Electronic cash


Before you read

Discuss these questions.

1. When you go shopping in your country, how do you pay for goods?

2. List all the payment options you can think of.

3. Which of these ways to pay is most secure from the point of view of avoiding loss or theft of your money?


Reading tasks


A. Identifying general content

Match the sub-headings (1-6) with paragraphs (a-f) in the text.

1. Mondex purse 2. Mondex point-of-sale device 3. Lock 4. Mondex balance reader 5. Mondex wallet 6. Mondex telephone


B. Understanding main points

Mark these statements true (T) or false (F) according to the information in the text. Find the part of the text that gives the correct information.

1. Mondex can be used to pay for goods and services.

2. Shopkeepers can be paid without delay.

3. You need to sign to authorise payment.

4. To check how much money is stored on your card you have to telephone your bank.

5. You can load money onto your card using a special telephone.

6. Money can be transferred in or out of your bank account 24 hours a day.

7. Mondex can only be used to pay money to businesses such as shops or service providers.

8. A disadvantage is that you cannot record the transactions you have made.

9. You can protect your money from thieves by using a 'lock code'.



Mondex is electronic cash, stored securely in a smart card. For consumers, Mondex offers all the convenience, control and flexibility of cash in the familiar form of a card.

Retailers will receive funds immediately without the need for authorisation or settlement when consumers pay for goods and services with a Mondex prepayment card. The receipt of value in a Mondex transaction is as immediate and certain as ordinary cash but Mondex value can be banked easily at any time of the day or night.

Mondex complements credit and debit cards, delivering new levels of efficiency, cost-savings and marketing opportunities for all retailers and service providers.

a) In the new Mondex payment system, monetary value is stored in an Integrated Circuit (IC) 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 IC 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 a bank branch.

b) To check how much money remains on their card, all cardholders will receive a Mondex balance reader a small lightweight device in the form of a key ring.

c) When paying for goods or services, the exact amount is simply transferred from the card to the retailer's purse in a Mondex point-of-sale (POS) device. No PIN, authorisation or signature is required just like cash.

d) Telephones will be especially adapted to enable cardholders to access their bank account at any time; to withdraw or pay-in value down the telephone line; order and pay immediately for goods and services from a retailer; send and receive money to or from friends and family. For a retailer, a Mondex telephone means that value can be deposited directly into their account at any time of the day and night.

e) The Mondex wallet will make person-to-person payments possible. Electronic cash can be transferred between any Mondex card and a separate purse held in the wallet. The wallet will also read the balance on the card and/or the wallet as well as maintain a log of the last ten transactions.

f) Mondex electronic purses contain a 4-digit 'lock code'. By pressing the lock key on devices such as a wallet or telephone, the cardholder's money is kept secure and their transactions private.


Vocabulary tasks


A. Word fields

Write these words and phrases in the appropriate columns.

retailer purse convenience make a payment bank withdraw deposit cost-savings service provider telephone POS device security reader flexibility transfer money


participants devices benefits transactions


B. Complete the sentence

Use an appropriate word or phrase from Exercise A to complete each sentence.

1. Electronic money provides more than cash because the lock function makes it difficult to steal.

2. The is used by the retailer to receive payment from customers.

3. A company that offers a service is called a .

4. When you pay money into your bank account, we say that you make a .

5. The Mondex system offers because it is easy to use. Also the wallet and reader are not heavy to carry.

6. Mondex is used to between personal cardholders as well as from consumers to retailers.


C. Complete the sentence

Use an appropriate word or phrase from the text to complete each sentence.

1. When you pay by credit card, you must sign the payment slip to a the payment.

2. The number 4791 consists of four d .

3. Once you have s your debts, you no longer owe money.

4. The b of my account was £100. I have now paid out £40, so £60 remains.


D. Word search

Find a word or phrase from the text that has a similar meaning.

1. amount of money (para 2) f

2. adds to (para 3) c

3. ATM (para 5) c m

4. not heavy (para 6) l

5. record (para 9) l


E. Collocations

Match these verbs and nouns as they occur in the text.

money goods or services your bank account the balance of your account
pay for access withdraw read deposit transfer check        


F. Linking

Match the first half of each sentence with the most appropriate second half.

1. Using the Mondex telephone you can withdraw money 2. Retailers can deposit money 3. Retailers can use the Mondex system to receive payment 4. The wallet can be used to transfer funds 5. Electronic cash is stored 6. You can send money over the telephone a) in the IC chip which is known as a purse. b) into their account at any time. c) to friends and family. d) from your account. e) from customers. f) between any two personal cardholders.


Over to you

1. Imagine you are a banking officer talking to a bank customer. Explain how Mondex works.

2. Either orally or in writing, describe the benefits of the Mondex system for

a) retailers b) consumers

3. Compare smart cards such as Mondex with

a) credit cards or debit cards b) cash

4. Describe a similar payment system which you are familiar with.


Date: 2014-12-21; view: 6754

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