Intellect Electronics, an Australian manufacturer of point of sale terminals, announced a distribution agreement with International Business Machines Corp.

IBM is to market Intellect's Microbank hand-held terminal for smart cards, and other point of sale equipment, to targeted global markets including North America.

Microbank enables users to transfer electronic money to a smart card through the telephone lines. It could be used for home shopping and deliveries.

The item could retail for as little as $100, said Geoff Gander, vice president of sales and marketing for Intellect's San Jose office.

MicroBank is aimed at consumers. Mr. Gander said banks and other marketers could give the terminals to customers and earn income on interchange fees. The companies will initially market the device in Asia, Europe, and the Middle East.

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