The Canadian pilot of the Mondex electronic cash system got off to a quick start.
Mondex Canada partners Royal Bank of Canada and Canadian Imperial Bank of Commerce said the they signed 5,000 cardholders in Guelph, population 90,000, since the test began Feb. 13. They said they had expected 10,000 cardholders within one year.
The Mondex cardholders have loaded $500,000 of electronic value onto their smart cards.
Other Mondex pilots are under way in Swindon, England, and Hong Kong, and at founding member Wells Fargo & Co.'s headquarters in San Francisco.