Visa, MasterCard Join For EMV Effort

By PYMNTS | July 30, 2013

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.

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“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.