The National Retail Federation on Monday urged Congress to take a comprehensive approach as it contemplates a national response to criminal cyber attacks in which millions of consumers’ credit and debit card numbers were stolen.
The National Retail Federation (NRF) is scheduled to testify before a Senate committee the week of Feb. 3, as lawmakers begin to look into criminal attacks in which millions of consumers’ credit and debit card numbers were stolen.
The National Retail Federation on late Tuesday sent a letter to Senate Majority Leader Harry Reid and House Speaker John Boehner that called for replacing the magnetic-strip credit and debit cards that are widely used throughout the United States with chip-based cards that store data in an embedded computer micro-chip and require the use of a PIN rather than a signature.
Six in 10 (61%) holiday shoppers this year plan to use cash, check or debit card to pay for most of their holiday purchases. Just 29% say they will use credit, according to the latest Country Financial Security Index.
Dollar volume growth in credit, signature debit, PIN debit, EBT, closed-loop prepaid cards and checks at U.S. merchant locations in October 2013 was 6.8%, an uptick from the prior month’s growth of 5.3%.
Kmart is offering members of its Shop Your Way loyalty program the option to reserve items online, pay at their local Kmart store using their cash, check, debit, loyalty points, credit or gift card, and pick up the item onsite if available.