Because of these concerns, Mondex has been modified in the United States so that banks will be able to track card use. That will allow them to audit for fraud, if not recreate every transaction. Data from Mondex cards will be used for various product marketing.
"We believe there should be privacy, but there is a big difference between privacy and anonymity," Dudley Nigg, executive vice president of Wells Fargo, said.
So, how will the identity of the cardholder be tracked when they are transferred physically from one person to another? Presumably bank tracking will only work when the card is submitted to a "public" terminal. "Wallet" transfers won't be tracked immediately. Also, if an API is realeased, interesting possibilities are created. DCF