Wells Fargo Bank began testing a Mondex smart card system this week, giving the highly touted "electronic alternative to cash" its first operating foothold in the United States.

Though modest in scale, the entry is a milestone for Mondex's developer, National Westminster Bank of London, which has viewed the United States as crucial to its plans for creating an international network.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.