Target and MasterCard today announced a new chip-card initiative to further enhance payment security for shoppers by:

• Reissuing all existing co-brand cards as MasterCard co-branded cards with chip-and-PIN solutions in 2015; and
• Enabling the REDcard portfolio, including all Target-branded credit and debit cards, with MasterCard’s chip-and-PIN solutions beginning in early 2015.

Read the full press release.

“Target has long been an advocate for the widespread adoption of chip-and-PIN card technology,” said John Mulligan, executive vice president, chief financial officer for Target. “As we aggressively move forward to bring enhanced technology to Target, we believe it is critical that we provide our REDcard guests with the most secure payment products available. This new initiative satisfies that goal.”

“Target and MasterCard are taking an important step forward in providing consumers with a secure shopping experience, and the latest in payments technology,” said Chris McWilton, president, North American Markets for MasterCard. “Our focus, together with Target, is on safety and security and a good consumer experience.”

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EMV or chip-and-PIN technology contains similar information to today’s magnetic stripe cards — 16-digit account number, expiration date and 3-digit security code — with one important difference. The chip generates dynamic or unique data for each purchase, making it difficult to steal data or counterfeit cards. Click here for “Six Things To Know About Chip Cards.”

Target announced the $100 million security plan earlier this year. MasterCard is pleased to provide the technology and expertise to help Target achieve its goals.

Source: newsroom.mastercard.com