Time for payment innovation in the US

There is growing momentum in the US to bring chip-based cards to the table, following a number of high-level retailer data breaches in the country.

Retail chain Target reported a significant drop in sales and profit as a result of a hacking attack in December, and it could prove to be the tipping point in bringing a new way to pay into the US.

Mark McMurtrie, founder of Payments Consultancy Ltd, told Essential Retail: “Chip cards are inherently more secure than mag stripe and when combined with PIN verification restrict the ability for criminals to so easily use stolen card numbers to commit fraud.

Read more in this Business Week article on why US retailers are still vulnerable to card fraud.

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