MasterCard has announced that it is making some of the company's proprietary technology solutions available to other U.S. debit networks in order to facilitate migration to the EMV standard. MasterCard will allow acquirers to brand transactions originating from the Maestro application identifier for all debit networks within the United States.
The move will allow issuers to simplify their EMV implementation and enable chip entry with potentially lower costs, Master Card said. 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, the company said.
"By making our EMV solution available today, debit networks, merchants, acquirers and processors can take advantage of a market-ready solution currently in place," said MasterCard president for North America Chris McWilton. "This will allow financial institutions to begin issuing EMV cards across their portfolios immediately, rather than waiting for a new solution to be developed."
Jane Cloninger, director at Edgar, Dunn & Co. said that extensive conversations had gone on among EMV Migration Forum members, as well as members of other groups, about the need to establish a common system to support debit transactions.
"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," she said. "We applaud MasterCard for taking a leadership position in this turning point for the industry."
Additional details concerning the implementation of the Maestro AID will be shared with the parties involved in coming weeks.
For more on this topic, visit the EMV research center.