Mondex, the smart card-based alternative to cash and coins, has been declared a "Millennium Product" by British Prime Minister Tony Blair.
Products receive the designation if they meet certain criteria of the Design Council, a government-sponsored entity that funds and promotes British technology.
The electronic cash system was developed by National Westminster Bank of London and its current corporate entity, Mondex International, is majority- owned by MasterCard International.
The company has shipped more than a million smart cards to various pilots and implementations around the world. "By the end of this year we hope to produce five million," said Lisbeth Woolley, a Mondex spokeswoman.
"I am thrilled that Mondex will now contribute toward the millennium celebrations, and I am looking forward to seeing Mondex as a key part of retail banking," said Tim Jones, head of retail banking at Natwest and co- inventor of Mondex.