BRUSSELS -- Europay International said it would invest more than $1 billion to convert its system to smart cards, beginning in 1996.

The European bank card association, of which has a marketing and financial affiliation with MasterCard International, and its board authorized the investment in chip card technology at a meeting in Bergen, Norway. They said they exited a payback over seven years of two billion European currency units equal to about $2.4 billion - in lower fraud and pressing costs.

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