Earlier quoted context omitted.
> They were created for sincere reasons, and with best intentions. No? They were created by the industry to avoid actually being regulated and are a way to shift liability. That doesn't mean they aren't also beneficial, but that's more a side effect than the intention.
Yes? If we want to be cynical, of course there was a self-serving reason they created the standards -- because fraud, especially "internet" fraud, was on a massive upswing and it threatened this enormous new market of credit card spending. There is no question it's in their self-interest to improve the general condition of transactions.
It's not cynical, it is literally the reason PCI exists.
> Five different programs had been started by card companies... The intentions of each were roughly similar: to create an additional level of protection for card issuers
- https://en.wikipedia.org/wiki/Payment_Card_Industry_Data_Sec...