Following today’s White House event highlighting efforts to migrate the United States to EMV chip payment technology, Chris McWilton, president of North American Markets, noted:

“The U.S. is in the midst of an era of innovation – payment security will change more in the next five years than it has in the previous 50. The safety and security of our cards, our solutions and our network are the core promise of MasterCard.

“Today’s announcement highlights the importance of the investment that the industry is making in the migration to EMV and further enhancing the security of the U.S. payments system. Our commitments today and throughout this process reinforce our long history of leading the industry through investment and innovation designed to ensure our cardholders, merchants and issuers benefit from the latest security solutions.”

Some of the MasterCard security innovations from the past 12 months include:

  • Creating the security standard by offering chip level security for all online and mobile transactions (tokenization) – Oct. 2013
  • Launching the safest backbone (MasterCard Digital Enablement Services) that leverages industry-standard EMV cryptography to ensure transactions can take full advantage of the most secure payments technology in the world– April 2014
  • Creating the industry taskforce (Payment Security Task Force) focused on strengthen payment security for consumers and merchants resulting in the issuance of 575 million chip-enabled cards by the end of 2015 – Feb. 2014
  • Protecting consumers by extending our Zero Liability Policy to all U.S.-issued MasterCard cards, becoming the only network to provide this peace of mind for PIN debit and ATM transactions – April 2014
  • Introducing SafetyNet, a global tool that helps issuers, retailers and processors identify potential attacks before they start – Oct. 2014
  • Offering all MasterCard credit, debit, reloadable prepaid and small business cardholders free, 24/7 identity theft resolution support and online identity monitoring services – Ongoing

About MasterCard

MasterCard (NYSE:MA), http://www.mastercard.com/, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Pioneers Blog and subscribe for the latest news on the Engagement Bureau.