value cards issued in the United States. The cards, carrying the Visa Cash name and logo, are being introduced in Atlanta, in advance of the 1996 summer Olympic Games next July, which are expected to attract more than four million visitors. Carl Pascarella, president and chief executive of Visa U.S.A., said Visa Cash is the first step in bringing a new breed of chip-based financial products and services to consumers. Visa Cash is intended for use by people who prefer a card over cash and coins when making purchases under $10. Customers insert the card into a terminal that displays the value on the card, then press a button to deduct the purchase amount. The prepaid bank card embedded with a computer chip is already being used by employees and guests at Visa International headquarters in San Francisco. In Atlanta, First Union National Bank, NationsBank, and Wachovia Bank are introducing Visa Cash cards. The banks will expand their programs for the Olympics. The Metropolitan Atlanta Rapid Transit Authority was the first merchant to announce its participation in the launch in October. A variety of other acceptance locations, ranging from vending machines to quick-service restaurants, will be announced during the next several months, Visa said.
Access to authoritative analysis and perspective and our data-driven report series.
No credit card required. Complete access to articles, breaking news and industry data.
Have an account? Sign In