EMVCo, the EMV® standards body jointly owned by American Express, JCB, MasterCard and Visa, today announced China UnionPay as its latest member.
The addition of this global payment card system demonstrates the industry's continued commitment globally to adopting and advancing the EMV standard for secure chip credit and debit payments.
UnionPay now has an equal interest in the standards body. EMVCo's management structure has been amended to accommodate UnionPay representation on the organisation's Executive Committee and Board of Managers, in addition to equal participation in its working groups.
Joe Cunningham, Current EMVCo Executive Committee Chair, comments: "EMVCo works to maintain, enhance and evolve EMV Specifications to continue offering secure and interoperable payments across the global payments industry. We are delighted to welcome UnionPay as a member and active contributor to this work. UnionPay's addition as an equity member of EMVCo further reinforces the growth of the EMV standard globally. Its expertise at a technical, management and implementation level will support our ongoing goal to create a universally consistent and secure infrastructure that supports contact, contactless and mobile chip-based payments into the future."
Junya Tanaka, Current EMVCo Board of Managers Chair, adds: "EMVCo was first established in 1999 by Europay, MasterCard and Visa to manage and progress the EMV Specifications. In 2002, MasterCard acquired Europay, which was followed by JCB joining in 2004 and American Express in 2009. With the participation of UnionPay as EMVCo's latest member, we are once again broadening industry involvement in the standards body and leveraging the experience of yet another global payment stakeholder. This level of industry engagement and resource commitment is important for us to effectively support the advancing needs of the payment landscape as implementation of EMV technology continues to gain traction globally."
EMVCo will be hosting the 2013 EMV User Meeting on 26-27 June at the Novotel Centrum in Budapest, Hungary. The event, which brings together senior EMVCo repreesentatives and global users of EMV technology, provides an open forum to discuss recent technical advances and ongoing EMV standards activity. It will also be the first opportunity for EMVCo stakeholders to engage with the standard body's newest member. Please visit the EMVCo website for more details and to register.