This blog has covered the increasing push by MasterCard and Visa to speed up the adoption of certain payment technologies and solutions like EMV and near-field communication (NFC). The Senate hearings about the Target breach were the latest example of these card providers highlighting why updated solutions are needed.
Last week, the two companies took it a step further with the announcement of a new cross-industry group made up of banks, credit unions, retailers and industry trade associations with the initial goal of improving card security before the 2015 deadline.
"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 at MasterCard. "Only through industry collaboration and cooperation will we address the real and immediate issue of security and maintain consumer confidence and trust."
Seth Eisen, a senior business leader at MasterCard, added that in forming the group, the organization reached out to multiple executives at retailers, financial institutions and manufacturers, but would not give names due to the companies asking for confidentiality.
An article from Fox Business recapped the announcement and also spoke with Larry Ponemon, the founder of research firm Ponemon Institute, about why this is important. He said he supports this idea to bring together credit card companies, retailers and banking industry professionals because the industries have been lagging behind the security practices.
The payments industry is on the verge of change and those affected are coming together to help shape it. What is your business doing to stay on top of the latest changes?