MasterCard and Visa launch cross-industry effort to accelerate payment security

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MasterCard and Visa have formed a new cross-industry group focused on enhancing payment system security to keep pace with the expectations of consumers, retailers and financial institutions.

The cross-industry group will focus on the adoption of EMV chip technology in the United States and they will also address other security-related topics, which include tokenization, point-to-point encryption and broader needs of the region.

“One of the critical roles we play is to protect consumers and businesses against criminals and fraudsters,” said Chris McWilton, president of North American Markets, MasterCard. “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.”

“The recent high-profile breaches have served as a catalyst for much needed collaboration between the retail and financial services industry on the issue of payment security,” said Ryan McInerney, president, Visa Inc. “As we have long said, no one industry or technology can solve the issue of payment system fraud on its own. These conversations will serve as a useful forum to share ideas, break down barriers and spur the adoption of next generation security solutions for the benefit of all.”

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