Global payment processor First Data has signed an agreement with MasterCard through which First Data’s STAR Network will participate in MasterCard’s common US Debit EMV solution.
Under the deal, MasterCard and First Data will offer a cost-effective solution and accelerate the ability for EMV functionality to be implemented across the US.
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Both the firms will deliver enhanced choices in how debit card issuers identify and apply multiple network relationships to ensure Regulation II compliance in a cost-effective way.
First Data Financial Services president, Barry McCarthy, said: "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."
MasterCard North American markets president, Chris McWilton, added: "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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