FIS, a banking and payments technology provider, its NYCE Payments Network and MasterCard have signed a licensing agreement that will ensure availability of MasterCard’s EMV debit solution to all NYCE participants.
Under the agreement, FIS will provide thousands of NYCE Network card issuers, merchants and ATM deployers in all 50 US states and territories access to MasterCard EMV technology.
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FIS already issues EMV cards worldwide and is working to migrate financial institutions and payments systems to EMV-compliant solutions.
Commenting on the deal, FIS Payments Networks SVP and general manager Bob Woodbury said, "This agreement not only adds to FIS’ market-leading EMV card production and EFT processing capabilities, it also advances the adoption of EMV solutions in the US."
MasterCard US product delivery group head Carolyn Balfany stated, "By reducing the complexity of EMV implementation, it accelerates the changeover and moves the industry closer to greater debit security."
EMV chip card adoption is a common goal of the US payments industry, designed to increase card transaction security and decrease card-based fraud.
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By GlobalData
