PLANO, Texas -- In a high-tech initiative hoping to transform the way people everywhere pay for goods and services, EDS is teaming with Visa
to support the Visa Smart global smart card initiative.
Visa Smart gathers the world's leading hardware, software and technology service providers under the Visa umbrella to help member financial institutions implement end-to-end smart card programs.
EDS, as a primary systems integrator for Visa Smart, will provide comprehensive systems integration, consulting, project management and implementation services to Visa members participating in the initiative.
"The Visa Smart alliance is a major step in the evolution of the on-line consumer market, with distinct advantages for financial institutions, merchants and consumers," said John Meyer, president of EDS' Diversified Financial Services unit. "The alliance also extends EDS' thrust into the e-commerce market, which is a main competitive
focus for us."
Visa predicts that smart cards--plastic cards containing an embedded microchip--will comprise one third of its card volume by the year 2002.
Today, there are over 600 million Visa cards generating US $1 trillion in annual volume. Visa's existing payment card infrastructure and delivery channels reach 15 million merchant locations worldwide, including more than 400,000 ATMs.
Visa's open platform ensures that smart cards can be used anywhere and
enables multiple functions to be added to the chip. These may include Visa Smart Debit, Visa Smart Credit and Visa Cash, as well as value-added applications and loyalty programs.
"Because of their central role in the payment system, financial institutions have an opportunity to seize a superior competitive position by embracing emerging technologies such as smart cards and the Internet," EDS' Meyer said.
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