Visa and First Data’s STAR Network have announced an agreement to share Visa’s common debit solution offering issuers, acquirers and merchants a streamlined and cost-effective approach for debit EMV chip adoption. This feature will help protect merchants and issuers from fraud.
With the addition of First Data’s STAR Network, Visa debit issuers can choose among several competing network options for their EMV chip debit cards, whilst reducing the difficulties of chip implementation.
“This agreement is a significant step to accelerate EMV adoption by addressing Regulation II compliance for debit EMV transactions,” said Barry McCarthy, president, First Data Financial Services. “First Data’s STAR Network is pleased to lead the effort by being one of the first debit networks to take this step and assist issuers, acquirers, and merchants with equal access to a shared EMV chip card technology. Not only does it accelerate the migration to EMV adoption, but also moves the industry a step closer to additional debit payment security.”
“Visa’s priority is to facilitate the U.S. migration to EMV technology as efficiently and quickly as possible,” said Elizabeth Buse, Global Executive, Solutions, Visa Inc. “Under our approach, issuers and merchants will have a streamlined path to achieve the security benefits of EMV while minimizing disruption to legacy systems.”
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