In the interest of facilitating simpler U.S. debit transactions, Visa announced Tuesday that it and MasterCard have licensed each other's debit chip technologies.
Other networks will also be able to license and use the technologies, Visa said, adding that this move enable 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 these same solutions.
"This represents our continued commitment to advance the adoption of the most advanced payment solutions and security standards in order to deliver maximum value to merchants, consumers and issuers," said Chris McWilton, president, North America, MasterCard.
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