The v.chip is a logo you should see appearing in the windows of shops and restaurants throughout the country in the next few months, heralding the roll-out of a million new smart cards by four major banks this year.
The banks involved in the smart card programme with Visa, which was officially launched last week, are First National Bank, Nedcor Bank, Boland Bank and NBS.
Smart cards are intended eventually to replace the credit and ATM cards that you are probably familiar with, holding a magnetic stripe on the back.
There are three major reasons for the move towards smart card technology convenience, widening banks' customer base, and to help counteract fraud.
Smart cards will save merchants time and money because they will not have to telephone issuing banks each time for small credit card transactions.
They will help banks to service more customers, particularly those who have not yet built up a credit history.
They will also help to reduce fraud because a pin number (and perhaps later more advanced technology) will be used to identify the card holder, rather than merely possession of the card or a signature, which can be forged.
South Africa is the first country where Visa is releasing multi-function cards, which means you won't be able to use your card outside the borders of the country this year.
As Visa gradually rolls out other regions, you will be able to use these cards elsewhere.