Wal-Mart exec calls credit card upgrade a 'joke' - Apr. 3, 2015

Wal-Mart's executive in charge of payments thinks the United States' switch to chip-based credit cards is going to be a disappointment.



The new "chip & signature" program is barely an improvement on security and fraud, said Mike Cook, Wal-Mart's assistant treasurer and a senior vice president, at this week's Electronic Transaction Association's Transact conference in San Francisco. Cook said Wal-Mart would have preferred a "chip and PIN" system that Europe and Africa have, since PINs would protect cards from being stolen.



Wal-Mart exec calls credit card upgrade a 'joke' - Apr. 3, 2015