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Date Posted: 10:33:08 02/11/03 Tue
Author: little less than 500,000 euros (US$494,000)this year on the bank’s 1.2 million Proton cardholders
Subject: Brussels-based KBC Bank At least one of Belgium’s Big Four banks

SMART E-PURSES ARE PROFITABLE
At least one of Belgium’s Big Four banks expects to turn a small profit this year with its Proton electronic purse scheme, perhaps the first time in history a bank-issued retail purse has ended the year in the black. The other three big banks likely will also end the year profitably with their purse cards, a bank executive says. Executives of Brussels-based KBC Bank tell Card Technology the bank will make a little less than 500,000 euros (US$494,000) this year on the bank’s 1.2 million Proton cardholders. Not only are cardholders finding more reasons to use their cards, they are also finding more places at which to use them. KBC earns its money from the e-purse on the 6- to 8-euros annual fee it charges cardholders as well as interest it makes on the float, that is, the unspent funds loaded onto cards.

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