MasterCard, Visa form industry group for payment security

MasterCard and Visa have formed a new cross-industry group to further ramp up security of payment systems, in a bid to ensure more secure transactions for consumers, retailers and financial institutions.

The group includes banks, credit unions, acquirers, retailers, point-of-sale 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," Visa said in a statement.

The group will initially focus on adoption of EMV chip technology in the US in addition to addressing other security-related topics like tokenisation and point-to-point encryption.

"One of the critical roles we play is 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," MasterCard President North American Markets Chris McWilton said.

EMV will be the next step in these efforts, alongside enhanced security solutions for online and mobile channels, he added.

"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," Visa Inc President Ryan McInerney said.

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, he added.

MasterCard and Visa expect this group to complement and engage with other efforts across the industry, including proprietary risk councils, EMV task forces and the standard management bodies.