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MasterCard International has signed a co-marketing agreement with Welcome Real-time. The agreement gives MasterCard members access to Welcome's XLSmart, a system that allows merchants to accept smart card-enabled credit or debit cards.

Smart cards have microchips embedded, either in place of, or accompanying magnetic strips. The chips can both transmit and record information, allowing customer data contained on the card to be updated immediately after an interaction with a merchant.

The new system will allow smart MasterCard credit or debit cards to store, process and deliver the electronic equivalent of incentives such as reward points, coupons, gift certificates and tickets.

MasterCard's program removes one of the barriers to smart card acceptance.

Previously, when card companies had tried to implement smart card programs, merchants were asked to bear substantial up-front fees for the card readers. Under the new program, merchants are charged on a per-use basis.

"By charging issuers for card use rather than large up-front fees, issuers can easily and inexpensively deploy a large number of cards, making it easier for merchants to then justify terminal installation," Art Kranzley, chief e-Business officer, MasterCard International, said in a statement.

MasterCard is headquartered in Purchase, NY. Welcome Real-time is based in Aix-en-Provence, France.