Europay International and Innovatron Data Systems have formed an alliance to develop Europay's electronic purse product for Eastern Europe.

Planning began this month, with pilot programs scheduled to begin by yearend.

The benefit of this alliance to member banks will be the creation of a turnkey package including chip cards and terminals compatible with Europay, MasterCard, and Visa's joint specifications, said a Europay press release.

Innovatron, with 30 installed systems, 7,000 terminals and 700,000 cards issued in several countries, including Russia, is a technological leader in the industry.

Aimed at small-value purchases, Europay's stored value card will hold up to 10 national currencies and will be reloadable.

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