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MasterCard, Visa form group to enhance payment security

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(Reuters) - Visa Inc and MasterCard Inc, the world's two largest payment networks, have formed a new cross-industry group to improve payment system security following a number of high-profile data breaches.

The new group, which will include banks, credit unions, retailers and industry trade groups, will initially focus on the adoption of the safer 'EMV' chip technology in the United States, MasterCard and Visa said on Friday.

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