The EMV smartcard standard is so commonly combined with a PIN code that most consumers know it simply as "chip-and-PIN." But Visa and MasterCard don't agree on whether PIN use should be a priority when the U.S. adopts the EMV standard.

Merchants have declared a preference for chip-and-PIN as the most effective way to combat fraud as EMV cards replace magnetic-stripe cards. MasterCard agrees with that position, says Carolyn Balfany, MasterCard's senior vice president and group head of U.S. product delivery.

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