Smart Bits: Stored-Value Card Specifications Published

Visa International announced the formal publication of Common Electronic Purse Specifications, or CEPS, designed to pave the way for cross-border use of stored-value smart cards. The documentation was completed at the end of 1998. After a review, it is now available to all interested parties, said Visa and its partners in the founding of CEPS: Europay International, Sermepa of Spain, and ZKA of Germany.

Visa said 90% of the world's electronic purse market has signed on to CEPS. The interoperable cards eventually would include Geldkarte of Germany (currently 75 million cards), Proton World International (30 million), and Visa Cash (10 million).

Other adopters include American Express Co., Banksys of Belgium, ERG Ltd. of Australia, and Interpay of Holland, which are Visa's co-owners in Proton; NETS of Singapore; SSB of Italy; PBS of Denmark; and the Swedish banks' Cash program. Fifty technology vendors have said they will develop CEPS-compliant products.

Though Europay, a MasterCard affiliate, supports CEPS, the card association's Mondex smart card venture remains outside. Among Mondex's criticisms is the time it would take to convert to the standard. The first CEPS implementation in Europe is expected in early 2001.

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