V PAY technical requirements
V PAY is an extremely flexible debit solution, which can co-exist with domestic debit schemes. It is also easy for acquirers to offer V PAY acceptance to their merchants.
V PAY cards can be issued using any EMV approved chip card. The chip card simply needs to be personalised to support PIN verification, and to include the V PAY payment application.
There is no immediate requirement for your issuing systems to support EMV transactions, as this can be managed by Visa Europe on your behalf. When you issue V PAY you can also choose whether you want to support magnetic stripe functionality on the card - for use with other payment and non-payment applications, such as a national debit system.
For acquirers to enable merchants to accept V PAY, they just need to conduct V PAY testing with their acquiring processors, in conjunction with Visa Europe. Their point-of-sale and ATM devices also need to be EMV compliant, to support PIN, and be initialised to support any Visa payment application.