Visa International estimates that Visa cardholders from around the world are likely to spend about US$25 billion in China over the next five years. For the year ending March 2005, Visa cardholders spent $2.1 billion in China, an 83 percent growth year over year.

But merchant acceptance of plastic card payments remains a challenge in China.

Visa International has announced the appointment of Terence "Terry" V. Milholland as executive vice president and chief technology office reporting to Visa International president and CEO Christopher J. Rodrigues. Most recently, Milholland served as CIO/CTO for Electronic Data Systems Corp. (EDS) and previously held the post of CIO at Boeing Company.

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