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What: Shares of retail payment device maker VeriFone (NYSE: PAY) have jumped by upward of 10% after MasterCard (NYSE: MA) outlined a new payment standard.

So what: MasterCard said it was looking to introduce a new credit card standard called EMV technology, replacing the currently ubiquitous magnetic strips. The payment-processing giant also said it would incentivize merchants to adopt the new standard, which would require implementing new payment terminals.

Now what: As a provider of payment terminals, VeriFone is seeing some upside on hopes that it will cash in on rolling out the technology and facilitating its adoption. JPMorgan analysts said that MasterCard's announcement has more promise for VeriFone since it is providing incentives, unlike rival payment processor Visa (NYSE: V).

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Fool contributor Evan Niu holds no position in any company mentioned. Click here to see his holdings and a short bio. The Motley Fool owns shares of MasterCard. Motley Fool newsletter services have recommended buying shares of Visa. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.