Peter Gutmann writes:

The standardisation committee of the German banks have also produced an electronic wallet which should have 25 million (yes, 25M) users by January of next year. Again, this is a pure electronic wallet, with 2-key triple DES and 768-bit (to become 1024-bit) RSA encryption. [...] This looks like a very nice system, and unlike Mondex doesn't rely entirely on the hope that criminals can't get at the data on the card.

For 'security reasons', all transactions are logged in what is called 'shadow accounts'. Not what I would call a very nice system.