China UnionPay is Latest Member of EMVCo
EMVCo, the Europay, MasterCard and Visa (EMV) standards body jointly owned by American Express, JCB, MasterCard and Visa, said that China UnionPay has become 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,” according to an EMVCo statement.
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.
“EMVCo works to maintain, enhance and evolve EMV specifications to continue offering secure and interoperable payments across the global payments industry,” said Joe Cunningham, current EMVCo executive committee chair. “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 on-going 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, added: “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.”