• They offer increased convenience for consumers and have the potential to significantly reduce cash holding and management costs for retailers. The card contains a chip which can store an electronic cash balance and other information. Possible applications of this information storage facility include:
  • Electronic purse
  • Medical information (e.g. emergency data such as blood type, allergies, and medical history)
  • Loyalty programme information (e.g. reward point balance, customer privilege level)
  • Sporting information (e.g. golf handicap, most recent scores)
  • Subscription information (e.g. Sports club membership, public transport pass)
• Multos is a system which allows for several of these applications to be incorporated within a single smart card.

• Reloadable Stored Value Cards (SVCs): these cards can be loaded with electronic cash from a traditional bank account. There are two systems being trialed:
  • MasterCard and VISA will upload transactions to your bank account each day, maintaining a record of each expense.
  • Mondex (a consortia between MasterCard and major Australian banks) does not keep a record of transactions and allows for transfer of cash directly between two Mondex card holders.
    
• Disposable Stored Value Cards: cannot be reloaded with cash. Disposable SVCs are issued in several denominations for applications such as a holiday in a foreign country or for a special event. Product specific SVCs limit spending options, for example to telephones (the Telstra Smart Card) or public transport.

Several trials have been completed or are under way:

• Quicklink - Newcastle, NSW
• Mastercard - Canberra
• VISA - Gold Coast
• Transcard- Sydney