Credit unions and other debit card issuers moved significantlycloser to being able to issue smart chipembedded debit cards this week when a key industry councilannounced its members reached agreement on a key softwareapproach.
The announcement came from the Secure Remote Payment Council,which announced that the 10 debit network members of its Chip andPIN Workgroup have agreed to adopt a common software approach andwork with DiscoverFinancial Services to license it for use by all debit cardissuers.
The new approach will help solve the problem of how to havedebit cards that both have smart chips embedded in them and whichallow merchants to easily route debit transactions on any one ofthe 18 possible different competing debit processing networks.
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