Visa International Inc has signed what it says is a landmark agreement with Italian national Smart Card processor Societa per i Servici Bancari SpA (SSB), to develop interoperability between Italy’s national electronic purse MINIpay, and Visa Cash. Apparently, there are more than twenty electronic purse schemes so far in Europe alone, and interoperability is the big issue. Under the agreement, both the disposable Visa Cash and reloadable MINIpay cards will carry the other scheme’s logo, and both will be accepted by the same terminals. The companies will also insure their technology is compatible with the international standards currently being developed by Visa and others to enable cardholders to use their electronic purse across national borders. SSB has also agreed to implement the international EMVEuropay-MasterCard-Visa standard for chip-based credit and debit cards combined with an electronic purse. This brings Italy into line with France, Germany, Spain, Sweden and the UK, all of which have committed to the standard. The standard will be even more essential when Economic and Monetary Union comes into effect. When, in a few year’s time, people will be able to use a comon currency across Europe, this situation [20 different electronic purse schemes] will be untenable, says Hans van der Velde, president of Visa Europe.
