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Visa and MasterCard form payment system security group
Foster City, Calif. – Visa Inc. and MasterCard Inc. are teaming up to create a new group that will focus on improving payment system security. The group will include banks, credit unions, retailers and initially focus on adoption of EMV (Europay, MasterCard, Visa)-compliant card technology in the U.S. in advance of the October 2015 liability deadline.
The group will also study tokenization, or the replacement of customer account numbers with unique digital payment codes, and also cooperate with other industry groups.
