The US President Barack Obama has signed an executive order to implement enhanced payment security measures.
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The order, which Obama signed at the Consumer Financial Protection Bureau, will add microchips and PIN numbers to government credit cards and debit cards starting in January 2015.
"The new BuySecure Initiative will provide consumers with more tools to secure their financial future by assisting victims of identity theft, improving the government’s payment security as a customer and a provider," said by The White House in a statement.
Retailers Home Depot, Target, Walgreen and Wal-Mart Stores will roll out secure chip and PIN-compatible card terminals in all their stores, most by January 2015.
Further, American Express plans to launch a $10m program to help small businesses upgrade sale terminals.
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By GlobalDataVisa will invest $20m in education programs about microchips, Mastercard is providing free online identity theft monitoring and Citi Cards will partner with FICO to make free credit scores available.
