The payment company has decided to provide its EMV chip technology to the industry; assisting them with chip adoption and issuer compliance with US debit regulations.
It will make simpler EMV chip implementation for debit card, slash costs associated with migration and increase flexibility for card issuers, acquirer processors and merchants.
Visa product global head Jim McCarthy said, "Visa’s expanded roadmap creates an environment in which new forms of electronic payment can flourish, offering security, convenience and flexibility to consumers, merchants, and issuers."
The company said that it will provide EMV chip technology free of cost in partnership with a generic, unbranded Application Identifier (AID), which will enable issuers to manage their card portfolios.
Merchants can continue to route debit transactions to their network of choice, whereas issuers will have the flexibility to change debit networks without re-issuing cards.
The company has also set up a deadline to encourage acquirers to upgrade ATMs in Asia Pacific and the US to accept EMV chip cards.
Visa is capable of handling more than 24,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants.
