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Last Friday, MasterCard Incorporated (MA) pronounced its decision to provide other U.S. debit networks with the some of the payment technology solutions owned by the company. MasterCard took such a step to support the prevalent trend of acceptance of EMV solutions, where EMV stands for Europay, MasterCard and Visa.
Through this deal the company will allow debit networks, merchants, acquirers and processors to have access to MasterCard’s market-ready EMV solution. As a result financial institutions can start issuing EMV cards immediately. This would save precious time for these institutions which otherwise would have to strive for new standards.