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Retailers plodding toward accepting higher-security payment cards

Antone Gonsalves | May 2, 2014
A price tag estimated at US$30 billion for the industry has many retailers choosing to wait beyond credit-card companies' 2015 deadline for accepting chip-and-PIN cards.

Retailers face severe damages from a major data breach. A third of consumers whose personal data has been compromised avoid doing business with the retailer after a breach, a study released this week by Javelin Strategy & Research, found.

"Retail is highly commoditized," Al Pascual, analyst for Javelin Strategy, said. "If Target doesn't work out for me, than I can go across the street to any Wal-Mart."

Wal-Mart has been pushing Visa and Mastercard to move faster in requiring chip-and-PIN cards, Avivah said.

"They want to standardize their equipment across the globe for economic reasons and the U.S. is one of the only countries that hasn't yet moved to chip-card acceptance," she said.

 

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