Visa International has announced plans for a major smart card  trial in the Yoido financial district of Seoul. 
An initial 60,000 cards are to be issued by late 1999 in what is  described as the beginning of a five- to six-year nationwide conversion to   chip cards.   
  
The initiative would include multifunctional credit, debit, and loyalty  cards within the Visa Smart framework. 
Six card issuers, accounting for more than 90% of the South Korean  market, would be involved at the start: KEB Credit Service Co. KLB Credit   Card Co., Kookmin Credit Card Co., BC Card Co., LG Credit Card Co., and   Samsung Card Co.     
  
Other Visa member banks and credit card companies are to join in 2000.
The program is "a major initiative for Visa International and the Korean  payments industry," said Kim Young Chong, the card association's country   manager for Korea. "Our members will be able to take advantage of chip   technology to offer their customers more value-added functions such as   loyalty programs ... and in the process strengthen relationships with   current and new customers."