The EFT Networks Broaden Their Offerings in The Fight for Debit Market Share

by Sarah Grotta 0

The topic of dual message debit transactions offered by the EFT Networks has caught the attention of Digital Transactions as well as Mercartor Advisory Group. As was reported in Digital Transactions:

“Once known exclusively for enabling PIN-based debit card transactions at ATMs and then at the point of sale, the electronic funds transfer networks are broadening their payment options for merchants as they compete with global networks Visa Inc. and MasterCard Inc. for debit transactions.”

For example, payment processor First Data Corp.’s Star network in March launched its Star Access service that offers authentication by signature, both in single-message and dual-message formats. The new signature service complements Star’s existing PIN, PINless, and no cardholder verification method (CVM), with more, including biometrics, possibly coming later, according to Todd Clark, head of Star and debit processing at First Data

For more about this topic including why the EFT Debit Networks are pursuing this strategy and how it might impact the market for debit processing, please check out our latest report on dual networks here.

Overview by Sarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group

Read the full story here

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