The two major payment card brands, MasterCard and Visa have announced the formation of a new cross-industry group that will focus on the security of the enhancing payment system. The joint effort aims to advance the migration to EMV chip cards, also known as PIN-and-chip cards. The alliance will include the banks of all sizes, credit unions, acquirers, retailers, point-of-sale device manufacturers and industry trade groups, says the card brand in a press release.
Source: https://thehackernews.com/2014/03/payment-card-processing-services.html