The National Association of Convenience Stores (NACS) is supporting an effort promoting security across the payments systems.
The Secure Payments Partnership (SPP) marks the first time interests representing diverse parts of the payments system have joined forces to address the ongoing battle against payment fraud and devise improvements for the card payment system.
“As a founding member of the new Secure Payments Partnership, we are optimistic about how this unique collaboration of debit networks, payments processors, and retailers can work together to strengthen the security of the U.S. payments system,” Anna Ready, NACS director of Government Relations, said. “NACS believes that by working together we can address the structural problems in the current system and ensure everyone with a stake in payments has a voice in shaping the standards that impact each of us.”
SPP was formed to anticipate new and better technologies for making payments that are secure and fast.
The Food Marketing Institute, National Retail Federation, National Association of Convenience Stores, National Grocers Association, First Data’s STAR Network and SHAZAM represent the SPP’s other founding members.
A survey from the Aite Group and ACI Worldwide revealed 42 percent of U.S. cardholders have experienced card fraud, compared with 27 percent of cardholders globally.