EMVCo, the EMV standards body collectively owned by American Express, JCB, MasterCard and Visa, has launched a paper entitled ‘A Guide to EMV’ to provide an overview of the EMV Specifications, processes and the role of the technology within the context of the wider payments industry.
The publication coincides with the release of EMVCo’s latest deployment figures which state that 40 percent of total payment cards and 71 percent of terminals in circulation globally are based on the EMV standard.
The official EMV figures, which represent the latest statistics from American Express, JCB, MasterCard and Visa as reported by their member financial institutions globally, highlight the growing usage of EMV technology worldwide with 1.2 billion EMV cards in circulation and 18.7 million terminals based on the EMV standard.
As adoption rates continue to increase worldwide, A Guide to EMV is aimed at the growing number of industry stakeholders that would like to enhance their understanding of EMV technology, its market-driven evolution to become a sustainable global payments standard and future advancements within the mobile payment landscape. The document details EMVCo’s collaboration with other industry bodies – including the International Organisation of Standardisation (ISO) and the Payment Card Industry Security Standards Council (PCI) – and clarifies the boundaries of responsibility between EMVCo and its payment system member-owners.
Of particular interest to parties migrating to EMV, the guide provides implementation considerations for issuers, acquirers and merchants and a glossary of terms. It also offers an insight into the technology requirements defined by EMVCo and its ongoing maintenance efforts to achieve long-term interoperability and sustainability through the delivery of its compliance programme.
Mr Jim Lee, current chairman of the EMVCo Executive Committee, comments: “EMV is designed to significantly improve the security of consumer card payments by providing features that reduce fraudulent transactions from counterfeit and lost and stolen cards. This represents a considerable cost saving to all participants of the payments industry and as the latest figures show, continues to drive migration to EMV standards. Adoption of the technology has increased the number of EMV stakeholders and we therefore felt it was important to provide clear and unambiguous material that would enhance and clarify understanding of why EMV was developed, how it works and the responsibilities of different parties operating within this ecosystem.”
To support the growing adoption of EMV standards, EMVCo also offers the EMVCo Associates Programme to encourage all EMV stakeholders to play a more active role in guiding the organisation’s strategic and technical direction. The participation framework creates opportunities for interested organisations, including payment card issuers, acquirers, merchants, processors, card and terminal vendors, networks and their representative associations, to provide input into the enhancement of existing and creation of future EMV Specifications for payment technologies.