First Data and MasterCard announced an agreement on Thursday that will allow First Data’s STAR payment network to use the card company’s common U.S. debit EMV solution.
The agreement, which is part of an effort to facilitate and encourage the transition to EMV in the U.S., follows MasterCard’s decision in January to offer its technology to other networks. Last Month, MasterCard partnered with Visa to form a cross-industry group to focus on EMV adoption.
“Today’s announcement clearly reinforces that the time is now for EMV here in the U.S.,” MasterCard North American Markets President Chris McWilton said. “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.”
First Data announced a similar agreement with Visa in February. Its STAR Network will use PIN on Visa’s common solution to facilitate a variety of transaction types.
“First Data again demonstrates its leadership position in the advancement of EMV in the U.S. with STAR being one of the first debit networks to assist issuers, acquirers, and merchants with equal access to a shared EMV chip card technology, without restrictions on cardholder verification methods,” 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.”