MasterCard, Visa together on upgrading payment security

The group will initially focus on the adoption of EMV chip technology in the US, in addition to addressing other security-related topics, including tokenization, point-to-point encryption, developing an actionable roadmap for securing the future across all segments of the payments industry and broader needs of the region.

The new cross-industry group will consist of numerous participants in the payments system including banks of all sizes, credit unions, acquirers, retailers, point-of-sale device manufacturers and industry trade groups.

According to Ryan McInerney, President Visa, cites by online media outlet Business Wire, 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.