Major U.S. payment card networks MasterCard and Visa have agreed to license their U.S. debit solutions to each other in the run-up to the U.S. EMV transition, a MasterCard press released indicated.
As part of the deal, the companies will share proprietary EMV chip technologies with themselves and other PIN networks.
“By providing every U.S. debit network with an efficient, market-ready answer, we are delivering a proven solution that not only preserves merchant routing choice, but ensures seamless interoperability with all other EMV programs across the globe,” Chris McWilton, MasterCard’s North American president, said in a statement.
Read the full press release here.
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