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Imagine books the size of credit cards — to read them all you need to do is put the card in a portable book‐sized reader. This is the concept behind the Smart Book which has been developed and tested in Australia over the last few years. The companies behind the joint venture are James Hardie Industries Limited, one of the top fifty public companies in Australia, Weldon International, one of Australia's larger book publishers, and Megaword International Pty Limited, the originator of the product concept

Reviews the payment environment and “proliferation” of new payment services on the market. Highlights the cost reduction benefits to financial institutions of cash replacement. Defines the scope of digital money as encompassing both electronic purse money and software money. The fundamental differences in basic philosophy, design principles and technical choices of the variety of approaches to electronic cash are evaluated. Three key directions are identified to accelerate the take‐up of digital money. Urges that the regulatory regime necessary to ensure financial integrity of non‐bank issuers is developed without stifling innovation and competition or consumer confidence. EU commission directives and the findings of a multinational alliance of banking institutions are reviewed and recommendations given for new electronic purse products. Pinpoints several useful lessons which have been learnt from electronic purse experiences to date.

The international smart card market is discussed from the case study perspective of the smart card application Proton World. Outlines the foundation, alliance of shareholders and development of Proton World and summarises the initial success with five national roll‐out Proton‐based smart card schemes with technology that has the ability to deliver end‐to‐end security and full auditability. Several of the schemes use multi‐application cards and are able to operate in both the euros or the national currency. Identifies the requirement for fast transaction speeds as the critical factor in ensuring a high level of user satisfaction. Argues that thus far no single “killer” application has emerged and that slow deployment of payment terminals has limited e‐purse use preventing development as rapidly as anticipated. Recommendations for future development are outlined and the implementation of CEPS, as the common international standard for e‐purses is identified as the choice for Proton World.

Cashless payment systems are rapidly taking over from cash in corporate catering and vending. As major organizations like British Nuclear Fuels (BNFL) and Manchester Airport have discovered, the removal of on‐site cash handling systems can produce significant operational savings and better service efficiencies. Reviews the cashless payments market and the cost of cash management systems. Examines card applications solutions at BNFL and Manchester Airport and typical system functions. Reviews cashless system functions, card technologies and “contactless” smart card systems in loyalty schemes. Looks at system integration costs and multi‐application “one‐stop” card systems.

Discusses “smart cards” as electronic cash carriers. Examines technological innovations such as the Mondex “electronic purse” in the UK, where card values can be topped up by telephone. Forecasts that in the next few years, physical cash will be replaced as a main medium for transactions by “e‐cash,” which is cheaper to manufacture, more portable, and more versatile.

Crimes are committed for personal reasons or for profit. In any crime for a profit scenario the state has an interest in removing the profit from the criminal. Drug offences, other than simple possession, are the paradigm. People use drugs for a variety of reasons but, at least in the illicit drug trade, individuals sell drugs in order to make money. Traditionally, this was a cash‐based enterprise and, frequently, a misplaced investigative opportunity. A state can attack the criminal profit in order to attack the enterprise. When an illicit criminal activity is undertaken for cash prosecutors and investigators must look at this as an opportunity.

Reports on research into the payments markets of both Australia and the UK, in the context of the concept of relationship marketing. It compares the evolution of the various types of payment; cash, paper cheques, debit and credit cards and examines the linkages with relationship marketing from both a market‐based approach, to investigate whether data derived from consumer payments can form the basis of a relationship, and from a network‐based approach, to consider how new entrants to the payments market can establish relationships between organisations. Conclusions on this study are then followed by some thoughts on the directions for future research.

Studies adoptions of four different payment systems in ten countries during 1988‐96. Adoption curves are estimated from secondary data concerning ATMs and banker’s cards. Usage of a previously introduced payment system appeared to affect the adoption of a system innovation. Based on the shape of the adoption curves and the estimation of external and internal influences from the social system, it was concluded that the adoption process was almost exclusively driven by internal influences, i.e. social learning. Draws conclusions for the introduction of the smart card.

Over the last five years, a great deal of attention has been paid to the genesis of what have come to be termed local loyalty cards. Researches the development of the pioneering card – based in Leominster, Herefordshire. This programme of research has led to contacts with a large number of such schemes in Britain – totalling over 60. With the creation of a database of these cards it has now become possible to produce a typology of local loyalty cards. Examines the motivation to adopt and, ultimately, the process whereby individual localities came to select a particular system from the increasing range of available card systems. Also illustrates the remarkable diversity in the nature and scope of such card schemes.