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Mastercard, Visa form cross-industry group for payment security

MasterCard and VISA credit cards are seen in this illustrative photograph taken in Hong Kong December 8, 2010. REUTERS/Bobby Yip
MasterCard and VISA credit cards are seen in this illustrative photograph taken in Hong Kong December 8, 2010. REUTERS/Bobby Yip

(Reuters) - Credit card companies MasterCard Inc and Visa Inc said they had formed a new cross-industry group to enhance payment system security across networks.

The new group, which will include representatives from the retailing, financial and equipment manufacturing industries, will initially focus on the adoption of EMV chip technology in the United States, MasterCard said.

(Reporting by Aman Shah in Bangalore; Editing by Kirti Pandey)

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