Opens Proprietary, Market-Ready Debit Solution to Speed Industry Adoption
PURCHASE, N.Y. Jan. 18, 2013– MasterCard today announced it is making some of the company’s proprietary technology solutions available to other U.S. debit networks. This decision was made to provide an option to support debit EMV transactions and reinforce the company’s continued support of the U.S. migration to the EMV standard.
In opening this technology standard, MasterCard will allow acquirers to brand transactions originating from the Maestro AID (application identifier) for all debit networks within the United States.
“We felt it was important to take this step for the greater good of the future of U.S. payments,” said Chris McWilton, president, North America, MasterCard. “By making our EMV solution available today, debit networks, merchants, acquirers and processors can take advantage of a market-ready solution currently in place. This will allow financial institutions to begin issuing EMV cards across their portfolios immediately, rather than waiting for a new solution to be developed.”
Today’s announcement is the latest in a series of decisions by MasterCard to advance the future of electronic payments in the U.S. With the availability of this technology, issuers will be able to simplify their EMV implementation and enabling chip entry with potentially lower costs. At the same time, as merchants and their acquirers map out their terminal plans, they will be able to further optimize their investments, simplify their certification processes and choose their routing of debit transactions.
“We have spoken extensively with the EMV Migration Forum and other groups about the need to cooperate and find a common way to support debit transactions,” said Jane Cloninger, director, Edgar, Dunn & Company. “Based on our experience around the globe, this announcement is a good step to continue the momentum of the U.S. market’s migration toward EMV. We applaud MasterCard for taking a leadership position in this turning point for the industry.”
Additional details around the implementation of the Maestro AID will be made available to all parties involved in the coming weeks.
MasterCard (NYSE: MA), www.mastercard.com, is a global payments and technology company. It operates the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Conversations Blog and subscribe for the latest news.