SINGAPORE - MasterCard International said that a Korean credit card monoline, Kookmin Card Co. Ltd., will introduce the world's first smart card to have both Mondex Electronic Cash and MasterCard M/Chip functions.
The Kookmin Trade Pass cards will have credit and debit through M/Chip, which is MasterCard's credit/debit application for chip. They will also have the Mondex e-cash functions, which permits small-dollar purchases through value stored on the microprocessor chip. Cardholders will be able to choose the payment program they wish for specific financial transactions.
"This is another example of how MasterCard and a member financial institution are working together to offer superior programs to consumers," said Art Kranzley, senior vice president for global e-business at MasterCard. "The combination of MasterCard and Mondex capabilities on one card will provide Kookmin Trade Pass cardholders unsurpassed payment utility and value."
Radio frequency capabilities will enable consumers to use Kookmin the cards throughout Korea's bus and train transportation network.
They "successfully bridge real and virtual payment platforms, making it easier, safer, and more convenient to buy online," said Jeff Portelli, senior vice president, product delivery group for MasterCard's Asia-Pacific operation.
Kookmin began issuing the cards Tuesday to thousands of its employees and vendors. More than 1,500 merchants in Seoul have signed up to accept them, and cardholders can use them overseas.
The Kookmin Trade Pass cards will operate on the Multos smart card platform.