agreed to work together to streamline the back-office processes required to implement multiapplication smart cards, the associations said Thursday.

Differences in their respective smart card systems -- MasterCard supports Multos and Visa supports Open Platform -- have been a major hindrance to the development of smart card programs worldwide.

The two platforms will remain separate, but Visa and MasterCard will work to standardize security requirements for debit and credit applications on multiapplication operating systems.

-- Miriam Kreinin Souccar

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