Financial Services Industry
Industry: Email Alert RSS FeedAre Visa and MasterCard on the right track?
ABA Banking Journal, September, 1993 by Arend, Mark
Visa International and Mastercard International Inc have launched home banking programs, to a mixed reception from the banking industry, and have investigated the prospects for the prepaid or multipurpose chip cards known as smart cards. The decreasing profitability of credit cards forced Visa and Mastercard to take the remote-banking initiatives, which will be marketed to banks under the names MasterBanking and Checkfree. Some banks are also preparing remote services, based on screen-telephones, but analysts said consumers would not embrace the innovation until it included access to cash.
According to Visa U.S.A., debit cards are now "check cards." According to MasterCard International, home banking is now "remote banking." Such changes are more than mere semantics....
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