American retail giant Target has confirmed that its co-branded cards and in-house REDcards will be enabled with MasterCard’s chip-and-PIN solution beginning early 2015.
The move is part of the retailer’s strategy to prevent the kind of mass credit card theft it experienced in 2013.
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Earlier this year, the company unveiled a $100m investment plan to move its REDcard portfolio to chip-and-PIN-enabled technology and to implement supporting software and next-generation payment devices in stores.
The company will install new payment terminals in all 1,797 US stores by September 2014, six months ahead of schedule.
Apart from this, Target will enable all REDcards with chip-and-PIN technology and begin accepting payments from all chip-enabled cards in its stores, by early next year.
Target executive vice president, chief financial officer John Mulligan said, “Target has long been an advocate for the widespread adoption of chip-and-PIN card technology.”
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By GlobalData“As we aggressively move forward to bring enhanced technology to Target, we believe it is critical that we provide our REDcard guests with the most secure payment product available. This new initiative satisfies that goal.”
