Merchants Group Pushes on Card-Payment Security

Dow Jones Newswires, June 7, 2018 — Large merchant-trade groups along with 2 debit-card networks have launched a group that will focus on security standards for card payments. The Secure Payments Partnership will aim for a more-open process in setting security standards through legislation or regulation. The group is comprised of the Star and Shazam debit-card networks and trade associations which represent grocers, convenience stores and retailers large and small. They have all raised concerns with lawmakers and regulators in recent months about Visa and Mastercard’s role in setting payments standards. In announcing its formation, the group said the US “lags behind the rest of the world in card-payment security as the two-largest card networks control and set payment-security standards without the expertise of others.”

Source: AnnaMaria Andriotis, Dow Jones Newswires