For decades, Visa has known that the memory and computing power of the chip on a smart card could transform payments. Smart cards will become a bank in every consumer’s pocket. Every smart card will be individually tailored to suit every individual cardholder, and different members and markets will be able to choose the approach that best suits them.
Smart cards can:
Store secure encrypted confidential information Carry multiple applications Create opportunities for new sources of revenue Be used for secure electronic commerce over the Internet
Visa’s strategy focuses on:
Creating cost effective smart card products Developing global standards (EMV*, GlobalPlatform**) Improving the business case Establishing migration policies and incentives
*EMV – Europay, MasterCard, Visa Specifications (EMV)
Technical specifications developed jointly by Europay International, MasterCard International and Visa International outlining the interaction between chip cards and terminals/CADs to ensure global interoperability.
** GlobalPlatform
A cross-industry membership organization created to advance standards for multiple application smart card growth. A major goal of GlobalPlatform is the definition of specifications and infrastructure for multi-application smart cards, including cards, terminals and back-end host systems. The GlobalPlatform Specifications are based on the Open Platform Specifications, which were donated to the consortium by Visa.
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