MasterCard has teamed up with Visa to launch a new cross-industry group to improve payment system security for consumers, retailers and financial institutions.
According to MasterCard, the new group, which includes banks, credit unions, retailers and industry trade groups, will initially focus on the adoption of ‘EMV’ chip technology in the US.
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Additionally, the new group will support US retailers and banks to meet a 2015 deadline to adopt technology to make it safer to pay with plastic.
The move follows several data breaches at US retailers, including one at Target Corp late last year involving the theft of about 40 million credit and debit card records.
MasterCard said that the formation of the group will ensure that all voices can contribute to the strategic direction of payment security.
The group will focus on a range of security-related topics such as advancing the migration to EMV in the US, promoting additional security solutions, and developing an actionable roadmap for securing the future across all segments of the payments industry.
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By GlobalDataBoth the firms expect the group to complement and engage with other efforts across the industry, including proprietary risk councils, EMV task forces and the standard management bodies.
MasterCard North American markets president, Chris McWilton, said: "Only through industry collaboration and cooperation will we address the real and immediate issue of security and maintain consumer confidence and trust. EMV will be the next step in these efforts, alongside enhanced security solutions for online and mobile channels."
