Visa to push ‘smart cards’
Although it feels that credit card reforms in Australia could threaten investment in new technology, Visa International will assist member banks introduce smart cards to the Asia Pacific region and spend approximately $50 million over five years.
2004 is the compliance date Visa has set down for when all new debit and credit cards using chips must comply with its standard.
As well as migration from the black magnetic stripe credit cards to the new breed of chip credit cards which can store much more information, members will also be required to introduce technology to ensure against fraud in Internet purchases.
ANZ recently announced conversion of cards and merchant facilities to smart cards over the next few years with a $50 million investment.