Banks give up on Monéo system

Card system called Monéo, designed for small payments in local shops, is being sold off

A BANK card system called Monéo, designed for small payments in local shops, is being sold off to a private investment fund.

The scheme, launched in 1999, is jointly owned by a group of large high-street banks and public transport giants.

It was designed as an “electronic purse”, but never really took off, because of the increasing popularity or ordinary debit cards.