Breaking a long silence about its smart card strategy, Visa vowed Tuesday to mount a serious competitive challenge to the technology that underlies MasterCard's Mondex system.

Visa said it will take an approach based on Java, the increasingly popular Internet computing language, which it views as more flexible and adaptable than the Mondex operating system.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.