FOSTER CITY, Calif., Feb. 4, 2013 /PRNewswire/ -- Visa Inc. (NYSE: V) today announced its support for a common U.S. debit solution and an expansion of Visa's previously announced roadmap for EMV (Europay MasterCard Visa) chip card adoption in the United States to include a migration path for ATM transactions. To help facilitate chip adoption and issuer compliance with U.S. debit regulations, Visa plans to provide some of its proprietary EMV chip technology to the industry. This approach will simplify EMV chip implementation for debit, reduce migration costs and increase flexibility for card issuers, acquirer processors and merchants.
"Our world is demanding greater flexibility and security when it comes to paying for goods and services," said Jim McCarthy, global head of product, Visa Inc. "Visa's expanded roadmap creates an environment in which new forms of electronic payment can flourish, offering security, convenience and flexibility to consumers, merchants, and issuers. As part of our commitment, we are offering the industry a common U.S. debit solution that will streamline implementation of secure EMV chip technology and advance the U.S. marketplace towards next generation payments, including mobile payments."
Facilitating Migration: Common Solution for U.S. Debit Chip Cards
Visa's decision to support a common U.S. debit solution, which comes after thorough consultation with industry stakeholders, will encourage adoption of EMV chip and help to address the unique challenges posed by U.S. regulations that require debit card issuers to enable at least two unaffiliated network routing options on their cards.Visa will make some of its EMV chip technology available free of charge in conjunction with a generic, unbranded Application Identifier (AID). This common approach will provide the most flexibility for issuers to manage their card portfolios over time while facilitating merchant choice for transaction routing and delivering a faster, simpler, more cost-effective implementation.