Their new card is a plastic payment card with an embedded microchip.

The card looks like any other card, but the difference is not in the look.

The record it contains on its micro chip is a record of the holder's life, with as much or as little detail as required.

The chip provides more memory than the magnetic strip on the back of normal payment cards and is capable of processing more information.

Visa say holders will be able to throw away their credit cards, debit cards, health cards, loyalty point cards, phone cards and even their cash.

The chip can even contain electronic plane or train tickets, download the reservation from your home computer and deduct the money automatically from the holder's account you arrive to check in for the journey, no paper ticket is needed. You just swipe the card.

The magnetic strip is still on the new card so it can still be used like any other piece of plastic.

'The future'

Visa International believes its new card is the future of banking.

Stephen Schapp believes the new card is the future

Stephen Schapp told BBC's Working Lunch he believed the card would expand the role of banks and provide a much better service for those who carry the cards.

"You will be able to stay in contact with your home banking service and load 'cash' onto the the card to use for small transactions like a parking meter," he said.

The cards work like "electronic money". Each time you use the "cash" to pay for something, the amount is automatically deducted from the balance on your card.

They can used at special terminals in shops, fast food restaurants, on public transport, petrol stations, cinemas and pay phones.

Cash still King

Around 45% of people own credit and debit cards and they may soon start adding the smart card to their collection, but the chances of the new card replacing cash still seem relatively far off.

People are reluctant to give up their notes and coins.

The amount of cash in circulation is increasing every year in almost every country in the world.