Visa International and eight Japanese banks will launch Visa Cash in Tokyo in the spring of 1998.
The program will include disposable and reloadable stored value cards as well as a card with a reloadable stored value chip added to a credit or debit card.
The banks, including Bank of Tokyo Mitsubishi, Daiichi Kangyo Bank, Fuji Bank, Sumitomo Bank, DC Card, Sumitomo Credit Service, UC Card, and Credit Saison, will issue 100,000 Visa Cash cards.
Two major retail conglomerates, Tokyo Group and Seibu Group, are planning to participate in the pilot. More than 2,000 merchant locations are expected to accept the cards, Visa said.