Walmart’s top payments executive told a conference last week that letting banks issue EMV credit cards without PINs makes a mockery of EMV security, CNN Money
But card brands Visa and MasterCard, which are allowing banks to issue PIN-free credit cards, argue that the security improvements aren’t worth the high cost of retrofitting credit card-processing systems.
Ericksen added that chip-and-PIN “will have a shorter shelf life. We’re moving to new technologies and innovation,” she said, including point-to-point encryption and the tokenization that underlies Apple Pay. Both those technologies hide actual payment-card numbers from both retailers and cyberthieves, and banks and card brands hope those technologies will become mainstream payment methods within the next few years.