Development of Visa Cash smartcard payment processing system for merchant electronic point of sales

Trialled in various locations worldwide (including Leeds, UK and Hong Kong, China), the system works via a ‘chip’ embedded in a bank card, and looks similar to the so-called ‘Chip and PIN’ cards issued, among other countries, in Europe. The card is ‘loaded’ with cash via specialised ATMs, and the cash can later be ‘spent’ by inserting the card into the retailer’s card-reader and pressing a button to confirm the amount. Neither PIN entry nor a signature is required, which makes for a speedy transaction for the card’s owner. Other competing cashless payment systems for micro-payments (small amounts) include Mondex.

From creating one of the first general-purpose credit cards 50 years ago to introducing a new service designed to work in any commerce environment – V.me by Visa -, Visa continues to innovate in ways that improve the everyday lives of people globally. Visa’s fundamental approach to innovation focuses on enhancing our current product platforms and extending the utility of our products and services to new merchant segments and geographies. Visa innovations enable more people in more places to enjoy the benefits of electronic payments at any time, in any location, using a multitude of devices.

The convergence of technologies are creating new demands for electronic payments. Today, consumers want the ability to easily pay online, via mobile phone or in social networking/gaming environments. Similarly, merchants are looking to payments companies to provide the innovation and leadership needed to keep pace with these rapid developments. From creating one of the first general-purpose credit cards 50 years ago to introducing a new service, V.me by Visa, designed to work in any commerce environment, Visa continues to innovate in ways that improve the everyday lives of people globally.