New member
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.”
Related reading
Report: DLT, SWIFT gpi, Ripple and cryptos shape payments
The greatest impact of blockchain on payments is the acceleration of SWIFT gpi, according to Ed Adshead-Grant, general manager of payments, at ... read more
People moves: Token, Mid-Southern Bancorp, Ethereum and more
Token appoints new CTO San Francisco-based open banking platform provider Token appointed Gaurav Kohli as chief technology officer on January 29. As ... read more
Banks’ consumer engagement undergoing “fundamental shift”
The way that consumers are interacting with their banks is undergoing “a fundamental shift” towards digital, but the industry shouldn’t be too ... read more
Instant payments in a flash | podcast
Instant Payments are one of the latest developments in payments.
