The Reserve Bank of India (RBI), India’s central bank, has mandated that banks in India implement additional authentication for all card transactions and introduce security measures to safeguard their customers against fraud.
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Wells Fargo, the fourth-largest US bank by assets, has begun issuing WellsOne commercial cards that comply with EMV specifications, and include an embedded microprocessor chip, along with a magnetic stripe.
A group of 19 large retailers including Wal-Mart Stores, Costco Wholesale Corp. and Starbucks are pulling out of a pending class-action settlement with Visa and MasterCard, setting the stage for further disputes over transaction-processing fees.