AN ELECTRONIC REVOLUTION against coin and currency is about to begin in Swindon, a smallish community west of London. Swindon will be the test site next year for Mondex, a joint venture of National Westminster Bank and Midland Bank. "Storedvalue" cards will be given to 40,000 residents for use at more than 1,000 merchants.
Mondex is an electronic substitute for cash. It is not designed to replace debit or credit cards or checks and does not have their features.