Visa International today reported that its core authorization and clearing systems, VisaNet, have completed Year 2000 remediation and successfully processed test transactions dated through December 31, 2001. President and Chief Executive Officer Malcolm Williamson urged the association's 21,000 member financial institutions to finalize their own Y2K certification programs no later than the first quarter of 1999.

Visa, Citibank and Chase Manhattan announced the expansion of the Visa Cash electronic purse pilot in New York City, with more than 600 additional merchants accepting the reloadable smart card from Columbus Avenue between 64th and 96th Streets. The Visa Cash chip card, first deployed at the 1996 Atlanta Olympic Games, allows consumers to load value from any participating ATM and spend at point-of-sale terminals without signature.

With the introduction of the euro on January 1, 1999, Visa member banks across the eleven participating European Union countries will be able to denominate cardholder statements in the new currency. Visa systems will accept dual-currency authorization throughout the three-year transition period leading to euro banknotes in 2002.

The number of Visa-branded cards in circulation throughout the Asia-Pacific region has surpassed 100 million, with Visa Asia Pacific reporting continued growth in card issuance even as the regional financial crisis depresses average spending per card. Australia, Japan and Korea remain the largest markets.