Visa to promote enhanced data security standards in U.S.

Visa to promote enhanced data security standards in U.S.

In an effort to make credit card transactions safer, Visa recently announced it is planning to expand a rewards program for ecommerce sites and other merchants that embrace a higher standard of data security technology to the United States, according to a report from GovInfo Security.

When the program goes into effect on October 12, 2012, a number of incentives will be available to merchants that use advanced smartcard technology known as EMV for data security, including the elimination of annual PCI compliance audits, the publication reported.

Smart Card Alliance executive director Randy Vanderhoof told the news source that this would be a positive step for merchants.

"That financial incentive should provide merchants with plenty of time to get some cost savings on the PCI side to help them upgrade their terminals for the chip," he said in an interview.

According to experts, EMV technology is already in wide use in Europe, where it represents the current standard for ecommerce and credit card transactions.