Target is fast-tracking a $100 million smart card program, with a goal to have the program fully operational by early 2015.
Target’s chief financial officer, John Mulligan, announced the move in an op-ed published by The Hill prior to his appearance before the Senate Judiciary Committee.
“Since the breach, we are accelerating our own $100 million investment to put chip-enabled technology in place. Our goal: implement this technology in our stores and on our proprietary REDcards by early 2015, more than six months ahead of our previous plan,” Mulligan wrote, according to Reuters.
The debate over card security and the retail industry’s response to the data breaches was at the center of another Senate hearing this week. Learn more about those proceedings by reading PYMNTS.com vice president of digital media Jeffrey Green’s recap here.
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