CO-OP Financial Services announced an agreement with Visa on Tuesday to make the card company’s EMV common debit solution available to clients in its push for debit EMV adoption.
“This is a major advance in adoption of the EMV standard for debit card transactions in the United States, providing a clearer migration path to EMV for our debit issuers and ATM owners,” Stan Hollen, the president and CEO of CO-OP, which helped establish the Debit Network Alliance in 2013, said. “CO-OP has been working hard to move the payments industry to an EMV common debit solution, both independently and through our participation in the DNA.”
The agreement allows development of regulation-compliant debit EMV solutions, which will also need to be done at point-of-sale and ATM terminals to choose the common application identifier.
The solution will support all transaction types, including contact and contactless, and will provide network routing choices for merchants and ATM acquirers.