There was a thread on this awhile back.

I don’t see this happening because:
1.). Why? What benefit is there for governments and airline to make such investments?
2.). Technological challenges: is this going to be an offline or online model? If offline then the card needs to be writable. To authenticate the content (visa/entry) of the card is genuine requires all airlines to receive public keys from all governments. If a government private key is somehow compromised then all travelers with a visa will have to go to an embassy to get a “new” visa updated on the card. Logistical nightmare and just really expensive if that were to happen.

If it is an online model (visa stored in government DB instead of travel document), then every country will have to setup a live link to every airline. Something similar exist today with ETA/ESTA but only a small number of countries do this. You can also do this today with paper passports. Countries with remote land borders will now have to build out a connection to validate visa against government DB.

Additionally how would traveler know when the visa is going to be expired unless they have a chip reader on their smartphones?

At the end of the day, this requires investment by governments, airlines, and travelers and what do each stakeholder get in return over current system?