MasterCard Strengthens Commitment to Make U.S. EMV Migration Easier
Opens Proprietary, Market-Ready Debit Solution to Speed Industry Adoption
PURCHASE, N.Y. -- January 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
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Barbara Gasper, 914-249-3700
Seth Eisen, 914-249-3153
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