U.S. retailers insist on PIN requirement in smartcard rules
PIN authentication for Europay MasterCard Visa (EMV) smartcard use here. Visa and MasterCard want retailers to migrate to EMV smartcard-ready payment systems by October 2015, but at this point aren't requiring that a Personal Identification Number (PIN) system be used to authenticate cardholders. EMV cards store cardholder data and other sensitive information in a tiny embedded microprocessor. Such cards are considered substantially safer than magnetic stripe cards currently used in the U.S.