Discover Financial Services has become the latest payment network to join the growing membership of EMVCo, the EMV standards body. Discover will work alongside EMVCo’s existing members to manage and evolve the contact and contactless EMV industry specifications to facilitate worldwide interoperability and acceptance of secure chip payment instruments.
Discover has acquired a one-sixth share of EMVCo from the respective holdings of its current member-owners American Express, JCB, MasterCard, UnionPay and Visa. It will therefore have an equal interest in the standards body, actively contributing to the management, technical work and operations of EMVCo.
“Discover becoming an equity member of EMVCo further underlines the importance of the EMV standard for the global payments industry,” explains Dave Meadon, current EMVCo Executive Committee Chair. “The existing members of EMVCo value the additional resources and contributions that new members provide as we address the broad and diverse needs of the international payments community. As an established end-user of the EMV Specifications, we welcome the industry knowledge and extensive chip card experience that Discover will bring to EMVCo’s work programme.”
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