EMV chip card adoption is designed to increase card transaction security and decrease card-based fraud. Two companies are working together to create a solution that hopes to move the U.S. closer to nationwide EMV chip card adoption.
The banking and technology company FIS announced yesterday that its NYCE Payments Network and MasterCard created a licensing agreement that will make MasterCard’s EMV debit solution available to all NYCE participants.
FIS Payments Networks SVP and general manager Bob Woodbury said in a company statement that the agreement adds to his company’s market-leading EMV card production and EFT processing capabilities, as well as advances the adoption of EMV solutions in the U.S.
“Chip cards offer significant reductions in card-based fraud, and demand for an industry-wide, common sense solution is growing,” he said.
MasterCard’s U.S. product delivery group head Carolyn Belfany agreed, adding that this was an important step forward in improving U.S. transaction security through EMV migration. Belfany added that the newfound solution accelerates the changeover and moves the industry closer to greater debit security by reducing the complexity of EMV implementation.
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