First Data, MasterCard join forces to drive EMV implementation in the US

This agreement accelerates the ability for EMV functionality to be implemented across the US. By working together, MasterCard and First Data will deliver more choices in how debit card issuers identify and apply multiple network relationships to ensure regulation II compliance. Merchants and acquirers will continue to route transactions as they prefer.

EMV/chip cards protect account information from fraud because they have dynamic data, rather than the static data stored in the magnetic stripe.

In January 2013, MasterCard offered its proprietary technology to other US debit networks in an effort to support the migration to EMV and enable the routing of PIN debit transactions over multiple, unaffiliated networks.

First Data enables payment transactions for merchants, financial institutions and their customers, whether the choice of payment is by debit or credit card, gift card, check or mobile phone.

In recent news, Pakistan-based financial institution MCB Bank and MasterCard have reached an agreement to provide internet gateway services to businesses in Pakistan.