The first stage of the Balcard project for smartcards cross-border transactions over the Internet started, said Alexander Matrozov, Managing Director of BORICA Ltd. (Bank Organization for Payments Initiated by Cards), the national card system operator. The implementation of the project began on February 1, 2002. The Balcard (Balkan prepaid card for secure cross-border transactions over the Internet) is part of the European Union's programme financing projects for the development of information society. Work on the Ducato project was completed successfully at the end of 2001. It consisted in the pilot testing of international transactions based on Common Electronic Purse Specifications performed in a real environment. The purpose of the Balcard project is to test the same mechanism of payment but over the Internet. The project is to be completed in 24 months. Its pilot testing and introduction in Greece and Bulgaria will begin in 2003.

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