U.S. retailers insist on PIN requirement in smartcard rules

U.S. retailers are digging in their heels over their need for 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.