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.

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