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Cash chip for bank card | |||||||||||||||||
Add a simple chip to an ATM or credit card that would contain cash. Vending machines, telephones, parking meters, fast food restaurants could all use the cash chip for payment. The cash chip provides added security in that it is not linked to any of your bank accounts. When the chip gets low on cash, your banks ATM can be used to transfer funds from an account(with your PIN) or you can insert cash.
doc13mil, Aug 04 2004
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Er, isn't the anonymous declining debit card already in production in much of the world? Even if not, it's certainly not a new idea.
In the Netherlands we call it 'chipknip', and it can even be used in places like parking meters and stores. The biggest pain is that normal ATMs dont have the facility to place cash on the chip, that requires a special machine that might be harder to find (depending on where you are).
In Canada, the government, banks, Mastercard, and retail locations have been working on a project called "Mondex". You can find a little more information about it here: https://mbe2stl101.mastercard.net/hsm2stl101/public/login/ebusiness/smart_cards/mondex/index.jsp
A couple of years ago, in Guelph, Ontario, a pilot program was initiated as residents were given Mondex money cards, and local businesses were outfitted with Mondex money readers.
While it hasn't gained wide spread acceptance, many micro-economies use this method. Examples include college meal plans, telphone pay cards, etc.