MasterCard & Visa Create Coalition to Push Cashless Society - Top US World News | Susanne Posel Daily Headlines and Research
MasterCard & Visa Create Coalition to Push Cashless Society - Top US World News | Susanne Posel Daily Headlines and Research:
Visa and MasterCard have combined forces to revamp payment processes and up security measures in the wake of retail data breaches.
This new super-group of credit issuers will include:
• Banking institutions
• Credit unions
• Retail corporations
• Industry trade groups
The purpose of the conglomerate is to push for the adaptation of the EMV chipped card so that activity can be monitored for customer safety.
Both MasterCard and Visa laid out an ultimatum to the public that by October 2015 all retailers must adopt this new payment system or suffer the consequences.
Ryan McInerney, president of Visa asserted: “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.”
The Smart Card Alliance (SCA) believes that “chip-based payment cards and terminals” are the only way to protect customer funds.
The SCA explains that “EMV chip cards contain embedded microprocessors that provide strong transaction security features and other application capabilities not possible with traditional magnetic stripe cards.”
