Last week, MasterCard announced OneSMART, a major new initiative for smart cards in the United States. There’s a lot of supporting material available on this site including a brochure and an FAQ. The question that has plagued smart cards for so long has been finding the right combination of functionality to justify the huge expense of reader deployment. MasterCard indicates interest among U.S. card issuers is driven primarily by product differentiation opportunities. Obviously, the key will be in finding and exploiting those opportunities for differentiation.