First Data, a global payment technology solution provider has entered into an agreement with MasterCard to bring MasterCard’s US debit EMV solution to its STAR Network participants. A similar kind of agreement was recently witnessed between FIS & VISA for FIS’s NYCE Payment Network (for details, refer Article). Such agreements aid the need of US payments industry for enhanced EMV adoption in the nation.
EMV solution in form of chip cards reduces fraudulent scenarios with respect to customer account information. Such cards come with the capability to store dynamic data rather than static. This helps in developing efficient real time tracking of transactions.
First Data and MasterCard, in collaboration, would offer varied choices to debit card issuers for identification and apply multiple network relationships for assuring regulation II compliance. This shall help merchants and acquirers in routing transactions as per specific preferences. STAR Network will use personal identification numbers (PIN) or cardholder verification method on the common AID (Application Identifier) through the EMV solution.
By joining hands with MasterCard, First Data is demonstrating leadership in advancement of EMV in the US with STAR being one of the first debit networks providing equal access to shared EMV chip technology. First Data is also dwelling into other opportunities with such collaborations.
In a recent report by our analysts - More than 56 percent POS terminals in US will be EMV enabled by 2018.
MasterCard is a technology player in the global payments industry. The company operates one of the world’s fastest payments processing network by connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries. MasterCard’s products and solutions provide secure commerce activities from shopping till managing finances. (source: MasterCard website)
About First Data and the STAR Network
First Data is a payment technology firm with global presence. First Data’s STAR Network is one of US’s leading networks for Electronic Funds Transfer (EFT). More than 2 million retails and ATM locations come under this network. (source: First Data website)