Visa International and its European smart card allies struck hard last week at forces aligned with the competing Mondex system, but it quickly became clear that it was not a knockout punch.

Within 48 hours of Wednesday's announcement that Visa had joined with American Express Co. and others in forming Proton World International, which would support the common standard for electronic purses that Visa had been championing, Mondex's Multos operating system won a major endorsement from Fujitsu Ltd.

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