The move follows several data breaches at U.S. retailers, including one at Target late last year involving the theft of about 40 million credit and debit card records.
The new group, which will include representatives from the retailing, financial and equipment manufacturing industries, will initially focus on the adoption of 'EMV' chip technology in the United States, MasterCard and Visa said in a statement on Friday.
(Read more: Target CIO resigns in wake of massive data breach)
EMV chip technology, already used in Europe and Asia, stores information on computer chips rather than on traditional magnetic strips. EMV stands for Europay, MasterCard and Visa, the companies that launched the technology.