Ray Van Eng (05/27/96)
The micro-payment cards, known as the 'Visa Cash' that has a computer chip embedded can store a certain amount of money (the exact amount has yet to be determined) in Hong Kong dollars and other foreign currencies. With a card-reading terminal, a participating vendor would deduct the transaction amount from the card. This offers convenience for both the consumers (many of them tourists) from having to carry cash or shell out the right amount for small purchases, and the vendors from having to handle the cash directly. Initially, the card can be used in selected locations such as supermarkets, newsstands, phone booths, gas stations, car parks, movie-houses etc. Since the Visa Cash also carry international currencies, the cards could also be used in other places outside Hong Kong. A boon for the for business travelers and tourists who go country hopping during a trip. Zhang Hong-Yi, deputy Chief Executive of BOC's Hongkong-Macao Regional Office, referred to the new payment scheme as a major step forward in the development of electronic cash in the Hong Kong's retail banking industry. Visa Cash, one of the fastest growing micropayment stored-value card systems in the world is launching products and services in many countries including the US, Canada, Columbia, Spain, Australia etc. For example, in Atlanta, Georgia where the 1996 Olympic Games will be held, three major banks there: First Union National Bank, Nations Bank, and Wachovia Bank will offer Visa Cash cards that incorporate a microchip from Siemens Corp. of Germany. "As the Official Bank of the 1996 Olympic Games, Nations Bank is well positioned to sell its Visa Cash card to the 2 million visitors expected to attend the games," said Eileen Friars, president of Nations Bank Card Services. "Having access to the Nations Bank Visa Cash card at the Olympic venues will lessen the need for people to carry cash during the games." |
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