~~? | Electronic cash __ ESE Discuss these questions 4 When you ga shapping in your country, how do yau pay for goods? 2 Listall 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? ES A Identifying general content Match the subheadings (1-6) with paragraphs (af) in the text on the opposite page. 41 Mondex purse a 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 T (true) or F (false) according to the information in the text, Find the part of the text that gives the correct information. 4. Mondex can be used to pay for gods and services. T 2 Shopkeepers can be pald without delay. 3 You need to sign to authorise paymern. 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 of 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’,___Electronic cash | 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 5 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 ean be banked easily at any time of the day or night. Mondex complements credit and debit cards, delivering new levels of efficiency, 10 cost-savings and marketing opportunities for all retailers and service providers. ln the new Mondex payment system, monetary value is stored in an Integrated Cireuit (IC) Chip known as the eleccronic purse. Purses are held by all participants in the system — personal cardholders, retailers, rervice providers and banks. 15 For personal cardholders the purse will be a standard, plastic IC card. This can be loaded with electronic value via e Mondex telephone — bringing a new dimension in money management and clectronie cash transactions ~ or in much the same way 3: cash is currently obtained, for ‘aample from a eash machine or a bank branch. b) 20 To check haw much money remains on their card, all cardhelders will receive a Mondex balance reader —2 small lightweight device in the form ofa key ring: as ‘When paying for goods or services the exact amoune is simply transferred from the card to the retailer's purse ine Mondex point-of-sale (POS) device. No PIN, authorisation or signature is 25 required —just tke cash, da. ein Telephones will be especially adapted to enable cardholders t© access their bank account at any time;to withdraw or paycin value down the telephone line; order and pay immediately for goods and services from a retallersend and receive money to or from frends and family For a retailer, 30 _aMondex telephone means that value can be dapositad directly Into thelr account at any cime of the day and night, e) sess ‘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 35 also read the balance on the card and/or the wallet as wall af maintain a log of the last con ‘transactions Monidex electronic purses contain a 4-cigt'lock code’. By pressing the lock Key on devices such as a wallec or telephone, the cardholder's money Is kept secure and their transactions priate[ Electronic cash Wrenner) _20] A Word fields Write these words and phrases in the appropriate columns, retailer purse convenience makeapayment bank withdraw deposit cost-savings service provider telephone POSdevice security reader flexibility transfer money participants devices benefits transactions convenienes. B Complete the sentence Use an appropriate word or phrase from Exercise A to complete each sentence. 1 Electronic money provides more ....92¢UCify..... than cash because the lock function makes it difficult to steal. The. osesses cesses. is used by the retailer to receive payment from customers. A company that offers a service is called a .. : When vou pay money into your bankaccount, we say thet ou make. The Mondex system offers ... because itis easy to use. Also the wallet and reader are not heavy to carry, Mondex is used to... retailers. wrwn a ..--. between personal cardholders as well as from consumers to C Complete the sentence Use an appropriate word or phrase from the text to complete each sentence. 4 When you pay by credit card, you must sign the payment slip to alltharise. 2 The number 4791 consists of four d.......... 3 Once you haves. .. Your debts, you no longer owe money. & The b. of my account wes £100. | have now paid out £40, so £60 remains. . the payment, D Word search Find a word or phrase from the text that has a similar meaning, 4 amount of money (para 2) funds. 2 adds to (para 3) Gi 3. ATM (para 5) ©. 4 not heavy (para 6) \ - 5 record (para)