Smart Bits: Taiwan Test of Visa's Stored Value Program

Visa International said eight banks in Taiwan plan to launch a Visa Cash pilot program similar to the one under way in Hong Kong.

The programs will be started separately, but within four years Visa plans to merge them into a cross-border stored value card system.

The participating Taiwanese banks are ChinaTrust Commercial Bank, Chung Shing Bank, Citibank, Far Eastern International Bank, Grand Commercial Bank, International Commercial Bank of China, Standard Chartered Bank, and Taishin International Bank.

Each will issue 200,000 disposable Visa Cash cards in two denominations, equal to $36 and $18. Reloadable cards will be issued later. There will be 5,000 point of sale terminals at merchant locations that accept the cards.

Visa said the Hong Kong pilot, which began in August, has sold more than 100,000 cash cards with more than $387,000 in transaction volume.