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| [January 18, 2013] |
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MasterCard Strengthens Commitment to Make U.S. EMV Migration Easier
PURCHASE, N.Y. --(Business Wire)--
MasterCard (News - Alert) 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.
About MasterCard
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 (News - Alert) @MasterCardNews,
join the discussion on the Cashless
Conversations Blog and subscribe
for the latest news.
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