Visa and PULSE announced an agreement last week to allow financial institutions that issue EMV debit cards on their networks to use Visa’s common debit solution, which aims to encourage and accelerate EMV chip adoption in the U.S.
“It’s important for the industry to work together, especially when it comes to the adoption of EMV chip,” Bill Sheedy, the executive vice president of corporate strategy and government relations at Visa, said. “Our common solution is an asset we are making available to the industry free of charge to provide issuers and merchants greater choice among debit networks and enable a streamlined implementation for all parties. The addition of PULSE in Visa’s EMV common debit solution, which now has been adopted by four of the top five debit networks, provides a level of clarity that we hope will jump start mainstream adoption of EMV technology for debit in the U.S.”
PULSE–a Discover debit and ATM network–will utilize Visa’s common AID to process point-of-sale debit transactions on its network. The agreement will also allow the company to facilitate domestic ATM transactions and allow issuers to choose the routing of ATM transactions.
“Our network has been EMV-capable since October 2013, which will enable us to support transactions using the Visa common AID with minimal updates to our existing specification,” Judith McGuire, the executive vice president of product management at PULSE, said. “With this agreement merchants and acquirers can develop their systems to support the full range of debit routing options available through PULSE, including PIN, signature and PINless transactions.”