What if the pursuit of stored value cards turns out to be a complete and utter waste of time, energy and, ironically, money? Despite the Mondex hype, some analysts are questioning the logic and future of digitized dollars. "Stored value programs in

the U.S. are completely wrong, and banks and MasterCard and Visa are barking up the wrong tree with these systems," says Octavio Marenzi, principal of Needham, MA-based Meridien Research, Inc."If you look at European systems that have been in place, stored value has never been a successful application."

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