MasterCard is working on a smart card for cashless payments via phone and the Internet without logging into a bank. It's being coined "The Windows for chips" and according to said Richard Phillimore, senior vice president of chip card business development, "It's the biggest single investment MasterCard has ever made in its history."

The card will use MULTOS (multi-application operating system) which is a new high-security system for an electronic cash smart card. MULTOS is planned to be used in Mondex, an electronic cash smart card. The card is being tested in Singapore and will be available next year.

Users can add or delete applications directly to and from the card. A handheld gadget called a personal wallet or a tiny device the size of a key chain can also be used to update accounts, and inserting the cards into a telephone or computer can make payments. Each card can carry up to five different currencies at any time and keep track of the last 10 transactions.