First Data and MasterCard have announced an agreement in which First Data’s STAR Network will participate in MasterCard’s common US Debit EMV solution.
Through this agreement, it will provide a cost-effective solution and accelerate the ability for EMV functionality to be implemented across the US EMV chip cards are better at protecting account information from fraud because they have dynamic data, rather than the static data which is stored in the magnetic stripe.
“First Data again demonstrates its leadership position in the advancement of EMV in the US with STAR being one of the first debit networks to assist issuers, acquirers, and merchants with equal access to a shared EMV chip card technology, without restrictions on cardholder verification methods,” said Barry McCarthy, president, First Data Financial Services.
“This agreement, and other EMV agreements we have recently announced, helps accelerate the migration to EMV adoption, and moves the entire industry a step closer to additional debit payment security,” McCarthy added.
“Today’s announcement clearly reinforces that the time is now for EMV here in the US,” said Chris McWilton, president, North American Markets, MasterCard. “The industry has come together to identify the requirements for a common debit EMV solution to allow one application on each card. This agreement with First Data and the STAR Network will help accelerate the implementation of the more secure chip technology by our customers and cardholders.”
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