Visa and MasterCard Collaborate to Accelerate Secure Chip-Enabled Marketplace

July 31, 2013 (Wed): Visa Inc. and MasterCard announced yesterday an agreement to license their EMV chip technologies available to each other and other networks, enabling a debit chip transaction originating from a single chip application to be routed by the merchant to Visa, MasterCard or any other U.S. PIN debit network that elects to participate in the debit solution.

Under the partnership of two brands, 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 US. This significantly reduces the complexities of the U.S. EMV implementation.