The Future of Money in the Information Age

While there has been much recent press attention to ``electronic money'' and the role of a host of new entrants into the business, I am proud to say that Visa and, most importantly, its member financial institutions, are playing--and must continue to play--a central role in the introduction and use of those electronic consumer payment services. I say ``central role'' for two different but equally compelling reasons.
First, Visa and its member banks have a solid track record of developing an array of payment products and services that meet consumer needs, and we are confident of our ability to continue to do so. Second, the integrity of the payment system, and public confidence in it, could be at risk if so-called electronic money becomes nothing more than zeros and ones--digital signals--without the backing and involvement of regulated financial institutions.…