Business

MasterCard, Visa plan group focused on security

NEW YORK — Visa and MasterCard are forming a group that’s intended to help the retail and banking industries come together on more-secure credit card payments.

Breaches at Neiman Marcus, Target, and others have put a spotlight on weaknesses in the security of credit card payments.

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Visa and MasterCard, which run the networks that carry the payments, said Friday the new group will include banks, retailers, the makers of credit card readers, and others with an interest in credit card security.

The group’s initial focus will be on chips embedded in newer credit cards that make them more secure. Those chips are optional for US credit card issuers and retailers now, but changes in liability are going to make them nearly mandatory for retailers next year. Some retailers have resisted the switch because they’ll be forced to buy newer, more expensive credit card readers.

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