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).