WASHINGTON -- Retail and grocery stores around the country are asking to delay implementation of new security features for credit and debit purchases until after the holiday season.
A letter from the merchant industry to major credit card companies warns that if the features are enabled, customers could face long waits during the next major shopping season. The request for a delay represents a turnaround for the merchants, who had previously argued that Wall Street was dragging its feet when it came to securing consumer data.
The fight comes in the wake of a knock-down, drag-out brawl between Wall Street and major retailers that came to a political head in 2011, when it dominated the congressional agenda in a striking way. One moderate Democratic senator, speaking to The Huffington Post for a story on the battle at the time, said the fight between the two giants had been a legislative education.