MasterCard and Visa to push EMV chip adoption

|About: MasterCard Incorporated (MA)|By:, SA News Editor

MasterCard (MA +0.3%) and Visa (V +0.5%) will form a new group with a focus on pushing forward the adoption of EMV chip technology in the U.S.

The entity will work across financial and retail sectors to advocate for the use of the technology in the payments industry.

Banks and retailers have been slow to warm up to the EMV initiative due to front-end costs, but the high-profile data hack at Target has teed up the issue in Washington DC.