PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

MNOs Putting Security Second With NFC-Enabled Mobile Payments

Will Hernandez by Will Hernandez
January 30, 2014
in Analysts Coverage
0
I'll pay with credit card

I'll pay with credit card

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

A dispute that has gone on for more than a year over how to route EMV debit card transactions while complying with a law requiring that United States merchants be given the choice of two separate debit networks to route purchase transactions appears to be near an end. MasterCard and Visa now say they will share their common U.S. debit application identifiers (AIDs), thus enabling debit transactions initiated with EMV cards to originate from a single application.

In March, 10 debit networks chose Discover’s D-Payment Application Specification (D-PAS) ) to accomplish dual-routing support as required by Regulation II under the Dodd-Frank Wall Street Reform and Consumer Protection Act. However, Visa and MasterCard had not agreed to join with them, preferring to maintain their own debit AIDs. Their agreement now enables them to share merchant access to their networks with those of the other debit networks from a single application in an EMV card’s chip.

From Finextra:

Issuers will be able to load their global brand’s application onto their cards — either Visa or MasterCard — and flexibly enable transactions to route over any participating PIN debit network within the U.S.

Chris McWilton, president, North America, MasterCard, says: “By providing every U.S. debit network with an efficient, market-ready answer, we are delivering a proven solution that not only preserves merchant routing choice, but ensures seamless interoperability with all other EMV programs across the globe.”

Elizabeth Buse, global executive, Solutions, Visa, adds: “Importantly, this solution allows merchants and acquirers to deploy payment terminals using existing chip technologies that are already widely integrated into existing chip card acceptance solutions.”

Pressure, led by Walmart, was mounting on the various networks to strike an agreement to incorporate their AIDs on a single application. It now appears they have struck a compromise to enable that to happen. A final, workable solution still must be worked out, but the agreement by Visa and MasterCard should help speed up the process and allow issuers to develop more concrete plans for EMV card rollouts. That process should begin in 2014, though expect some large issuers to hold off until 2016 before conducting major issuance of debit cards with EMV chips.

Click here to read more from Finextra.

Tags: Mobile Payments
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    Why Businesses Need to Adopt Real-Time Payments as a Competitive Differentiator

    Why Businesses Need to Adopt Real-Time Payments as a Competitive Differentiator

    January 27, 2023
    faster payments

    Faster Payments Are Set to Revolutionize Modern Digital Payments

    January 26, 2023
    How AI can Help Manage Payments Risk in 2023

    How AI can Help Manage Payments Risk in 2023

    January 25, 2023
    cross-border payments

    How to Implement Effective and Innovative Cross-Border Payment Strategies

    January 24, 2023
    credit card experiences, digital payments, b2b payments

    Will Consumer-to-Business Payment Trends Drive B2B Global Growth in 2023?

    January 23, 2023
    Faster Payments Faster Identity Verification, connected car, payments

    2023 Predictions: Authentication, Digital Identity, and In-Car Payments

    January 20, 2023
    bank data

    Interconnectivity, Data Sharing, and Security Are Vital for Banks to Thrive

    January 19, 2023
    B2B Payments, cryptocurrency

    Crypto as a Practical Solution to B2B Payments

    January 18, 2023

    • Advertise With Us
    • About Us
    • Terms of Use
    • Privacy Policy
    • Subscribe
    ADVERTISEMENT
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • News
    • Resources

    © 2022 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download the Brighterion eBook - The power of today’s market-ready AI to reduce transaction fraud