MasterCard, Visa form cross-industry group

NEW YORK – MasterCard and Visa are forming a new cross-industry group focused on enhancing payment system security to keep pace with the expectations of consumers, retailers and financial institutions. The group will initially focus on the adoption of EMV chip technology in the United States, in addition to addressing other security-related topics, including tokenization, point-to-point encryption and broader needs of the region. The group will include a diverse set of participants in the payments systems including --- banks of all sizes, credit unions, acquirers, retailers, point-of-sale (POS) device manufacturers and industry trade groups. The formation of the group is a public recognition of the importance of all parties to work together and will ensure all voices can contribute to the strategic direction of payment security. MasterCard president of North American Markets Chris McWilton said in a statement that card issuers needs to protect consumers and businesses against criminals and fraudsters. “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,” McWilton added. Visa president Ryan McInerney said that 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. “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.”