April 29, 2014
As part of the Target’s accelerated transition to chip-and-PIN-enabled REDcards, we’re working on a significant new initiative. Beginning in early 2015, the entire REDcard portfolio, including all Target-branded credit and debit cards, will be enabled with MasterCard’s chip-and-PIN solution. Existing co-branded cards will be reissued as MasterCard co-branded chip-and-PIN cards. Ultimately, through this initiative, all of Target’s REDcard products will be chip-and-PIN secured.
Earlier this year, Target announced an accelerated $100 million plan to move its REDcard portfolio to chip-and-PIN-enabled technology and to install supporting software and next-generation payment devices in stores. The new payment terminals will be in all 1,797 U.S. stores by this September, six months ahead of schedule. In addition, by early next year, Target will enable all REDcards with chip-and-PIN technology and begin accepting payments from all chip-enabled cards in its stores.
“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, MasterCard. “Our focus, together with Target, is on safety and security.”
“Target has long been an advocate for the widespread adoption of chip-and-PIN card technology,” said John Mulligan, executive vice president and chief financial officer, 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 product available. This new initiative satisfies that goal.”
Read more from John Mulligan on Target’s position on smart cards, cybercrime and security.
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