UnionPay Announces Support for EMV® SRC Specification

Publish Time:2018-11-06 11:17:09Source:UnionPay International

【Introduction】:On October 19, EMVCo published the draft EMV® Secure Remote Commerce (SRC) Specification v0.9 for public comments.

On October 19, EMVCo published the draft EMV® Secure Remote Commerce (SRC) Specification v0.9 for public comments. All interested institutions and individuals worldwide could submit feedback on EMV SRC Specification v0.9 within the 45-day public comment period via the EMVCo website (www.emvco.com). According to EMVCo, it will aim to publish the official version (v1.0) in 2019 based on the comments and suggestions collected.

EMVCo, founded in 1999, is the global technical body that facilitates the worldwide interoperability and acceptance of secure payment transactions by managing and evolving the EMV Specifications and related testing processes. EMVCo is collectively owned by American Express, Discover, JCB, Mastercard, UnionPay and Visa. As one of the six members of EMVCo, UnionPay has actively participated in the development of EMV SRC Specification since its inception. UnionPay will work closely with all the industry stakeholders to facilitate the subsequent releases and adoption of the EMV SRC Specification.

The draft EMV SRC Specification lays a foundation for e-commerce payment and provides cardholders with consistent experience and improved security level across a variety of digital channels and devices. This will facilitate co-existence of stakeholders performing their respective duties within the payment ecosystem. The EMV SRC Specification contributes to a smooth payment experience with convenience and efficiency for cardholders. And the EMV SRC Specification provides stakeholders, including merchants, acquirers and issuers, with the capability to offer streamlined payment services. Moreover, through its integration with tokenization and other technologies, EMV SRC can improve the security and consumer experience for online payments, while harmonizing the relationship among payment industry stakeholders.

UnionPay will continue adhering to the principles of openness and collaboration, embracing emerging technologies, promoting integration and innovation of domestic and international standards, and jointly building an innovative, coordinated, sustainable, open and equitable global payment industry environment.

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