Mar 3, 2014 (Mon): Visa Inc. and First Data’s STAR Network announced that they have entered into an agreement to use Visa’s common debit solution – common Application Identifier (AID), offering issuers, acquirers and merchants a streamlined and cost-effective approach for debit EMV chip adoption.
Under the partnership, First Data’s STAR Network will use PIN and no CVM functionality on the common AID to facilitate different types of debit transactions on its network, including PIN, PINless and signature cardholder verification methods.
“This agreement is a significant step to accelerate EMV adoption by addressing Regulation II compliance for debit EMV transactions,” said Barry McCarthy, president, First Data Financial Services. “First Data’s STAR Network is pleased to lead the effort by being one of the first debit networks to take this step and assist issuers, acquirers, and merchants with equal access to a shared EMV chip card technology. Not only does it accelerate the migration to EMV adoption, but also moves the industry a step closer to additional debit payment security,” McCarthy added.
