Visa International, MasterCard International, and Europay International said they are on schedule to complete their specifications for chip- embedded smart cards by the end of this month.

"The significance of this announcement is that it gives us the platform and allows banks to start planning to do things with chips on cards," said Andrew W. Tarbox, vice president of chip card standards and specifications for MasterCard.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.