Global card issuer MasterCard has revealed that it will allow other US debit networks to use its payment technology systems, as the company seeks to encourage the US migration to the EMV chip-and-PIN payment standard.
The decision will allow acquirers to brand transactions that originate from the Maestro AID (application identifier) for all debit networks in the country.
MasterCard said it beleives that by making this technology available for others to use, issuers will be able to simplify the EMV implementation and enable chip entry with potentially lower costs.
Chris McWilton, MasterCard’s president, North America, said: "We felt it was important to take this step for the greater good of the future of U.S. payments. By making our EMV solution available today, debit networks, merchants, acquirers and processors can take advantage of a market-ready solution currently in place. This will allow financial institutions to begin issuing EMV cards across their portfolios immediately, rather than waiting for a new solution to be developed."
MasterCard stated that further details about the implementation of the Maestro AID would be made available to all parties in the coming weeks.