Visa launches pan-European debit solution

Wednesday 1 December 2004 20:16 CET | News

Visa Europe has launched a new pan-European debit solution - to be known as V PAY.

There is a need - and a willingness - for domestic schemes to be redefined to accommodate the vision of a Single European Payments Area (SEPA). Regulators are increasingly encouraging the creation of competitive structures in our industry. They want a truly pan-European debit solution. The widescale implementation of EMV chip infrastructure means we are in a unique position to make that a reality. To that end, Visa have developed V PAY. Chip means that V PAY will be cheaper for banks, faster for merchants and safer for cardholders. V PAY fulfils the needs of European Members including the flexibility to accommodate domestic account numbering schemes, exploiting the existing infrastructure, capitalising on investments in EMV chip migration and importantly, maintaining local governance. V PAY offers Members a common point of convergence for the diverse national debit card schemes to migrate to a single, pan-European EMV chip and PIN platform. This will bring benefits to all parties in the payments industry - consumers, merchants and Member banks. Details about V PAY - is an EMV chip and PIN debit product - Is compatible with local market account numbering structures supporting 13-19 digit account numbers beginning with 4, 5 or 6. That means issuers, acquirers and merchants can use their existing systems and infrastructure at minimal cost - can be co-badged with domestic debit brands during the transition to the type of single SEPA product that the ECB and the EPC are calling for. - will carry the PLUS mark enabling global access to ATMs. - is compatible with all EMV enabled terminals.

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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce