Credit Cards Online Information

Get ready for credit cards to go high-tech. The familiar magnetic strip on Visa credit and debit cards is disappearing, being replaced by a multifunction chip. Cards with the chip can include credit, debt and electronic cash functions, as well as access controls, loyalty programs, a digital signature, medical history, meal tickets, express check-in, parking vouchers and more. Already commonplace in parts of Europe, the new all-purpose card debuted in Latin America in August 1999 in a pilot project in Campinas, Sao Paulo state, Brazil. Now, the program has expanded to Rio de Janeiro, Brasilia and Fortaleza, the next phase in a planned regional roll-out. To replace all Brazilian magnetic cards with chip cards, Visa, member banks and technology partners plan to spend around US$70 million over the next three years. Fourteen Brazilian banks are already onboard, as is point-of-sale terminal vendor Visanet, which accounts for more than 90 percent of Visa payment card transactions in Brazil.