(Nikkei BP Group)
(No.1 High Tech News Site in Japanese)
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| VISA Conducts Major Electronic Money Test in Tokyo
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July 22, 1998 (TOKYO) -- The world's largest experiment of electronic
money started in the Shibuya area of Tokyo on July 16.
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It is being conducted by the Shibuya Smart Card Society, a consortium
that includes VISA International Service Association and 45 banks, credit
card companies and manufacturers.
About 133,000 VISA Cash smart cards in which electronic money is recorded
will be issued. They can be used at 850 settlement terminals installed
in 700 shops.
The experiment will last until October 1999. The number of terminals
will be increased to 2,000. The society intends to make the use of electronic
money practical after the experimental period.
VISA Cash will be issued by credit card companies or financial institutions.
Consumers can pay by VISA Cash instead of cash in shops with terminals.
They do not have to carry small change, and shops can avoid the trouble
of handling cash. This system also shortens the time needed for settlement.
There are two types of VISA Cash: consumable and reloadable. The former
cannot be reused when the face value is spent. The latter can be replenished
from a deposit account.
There are four types of cards that are being issued in the experiment:
consumable VISA Cash card, reloadable VISA Cash card, a card with an
IC credit card and VISA Cash card (reloadable) that has the functions
of both a cash card and VISA Cash card (reloadable).
(Hi-Tech News Center)
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