The retailer's portfolio of cards include a Target-branded debit card, REDcard credit card, and co-branded credit card with Visa. All three will be reissued with Mastercard's chip-and-pin technology.
The announcement comes as Target is already in the process of replacing its store registers to accept chip-and-pin cards as the company brings a renewed commitment to information security after suffering one of the largest data breaches in retail last year. Sixty to 70 stores a week being are updated with new registers, with 12,000 total updated so far, says spokesperson Molly Snyder. Target plans to have all stores updated with the registers by September.
Snyder says Target chose Mastercard over its existing agreement with Visa because "Mastercard technology will be able to be used across all three types of cards."
USA TODAY has reached out to Visa for comment.
Target also announced that it hired a new chief information officer. Bob DeRodes, who comes to Target from the payment processing company First Data, will take over as CIO next week. Former CIO Beth Jacob resigned in March.
"Establishing a clear path forward for Target following the data breach has been my top priority," CEO Gregg Steinhafel said in a company statement. "I believe Target has a tremendous opportunity to take the lessons learned from this incident and enhance our overall approach to data security and information technology. Bob's history of leading transformational change positions him well to lead our continued breach responses and guide our long-term digital strategy."
DeRodes also previously worked as CIO at The Home Depot and served as a government adviser in information technology.
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