Visa lays smartcards on the table

Visa International president and chief executive Ed Jensen predicts his company?s Java-based smartcard will herald ?a quantum leap? in ecommerce, writes Gavin Clarke.

Speaking in London this week, Jensen announced Visa?s first large-scale Java card rollout across Asia by London-based Standard Chartered bank.

Jensen said the multi-function Java cards would offer far greater security than single-function magnetic stripe cards. ?Their potential is limited only to the imagination,? he said. He added that banks would be able individually to design their own card.

However, only one UK high street bank actually plans to issue multi-function Java cards. Barclays Bank will issue a version of the smartcards within the next two years, and has joined Visa?s international Java users group ? the Open Platform group.

Visa anticipates other UK high street banks will sign up for the cards within three months.