Century Banking Alert No. Stored value cards are introduced to the public in a television commercial seen by millions during the Super Bowl followed by a high visibility pilot project during the Atlanta Summer Olympics. Visa and Mastercard reach agreement on protocol for secure transmission of credit card information over the Internet.
Electronic cash becomes available for transmission over the Internet.
Banks and software providers engage in a major effort to attract bank customers to on-line banking services. Usage of the World Wide Web for product marketing expands exponentially. Landmark telecommunications reform legislation is enacted. These developments present both an opportunity and a challenge for banks, financial services firms, technology providers and a wide range of commercial enterprises. The construction of the electronic financial services delivery system of the 21st Century will be driven by technology and will require a comprehensive reevaluation and realignment of consumer preferences, privacy, security, costs and conveniences.