The recent payment breaches highlight the need for the U.S. to move more quickly to EMV chip payment cards and PINs, speakers at the 2014 Smart Card Alliance Payments Summit said last week.
A Walmart executive (NYSE: WMT) said the retailer has been very proactive in its EMV chip implementation and has EMV chip-enabled terminals in all of its U.S. stores. 118 of its stores are ready to accept chip transactions. John Drechny of Walmart advocated for the "the elimination of signature as a cardholder verification method."
"The best thing we can do is make sure we have the best security in place; you can't argue that signature is more secure than a PIN," Drechny said.
Other speakers advocated for EMV cards over PINs. Already, 6.6 million EMV chip-enabled Visa cards have been issued in the U.S., Stephanie Ericksen with Visa said at the meeting. Story