EMVCo, the EMV standards body which is jointly owned by American Express, JCB, MasterCard and Visa, has added China UnionPay as its latest member as part of its global drive to adopt and advance the EMV standard for secure chip credit and debit payments. EMVCo’s management structure has been rearranged to allow for UnionPay representation on the Executive Committee and Board of Managers, and UnionPay now has an equal interest in the body.
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.”
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