EMVCo, the EMV® standards body previously jointly owned by just American Express, JCB, MasterCard and Visa, is now also joined by China UnionPay, further reinforcing the growth of the EMV standard globally.
UnionPay now has an equal interest in the standards body and EMVCo’s management structure has been amended to accommodate UnionPay representation on the organisation’s Executive Committee and Board of Managers, in addition to equal participation in its working groups. The five organisations will make every decision on a consensus basis to assure card-infrastructure uniformity.
Junya Tanaka, Current EMVCo Board of Managers Chair, says: “EMVCo was first established in 1999 by Europay, MasterCard and Visa to manage and progress the EMV Specifications. In 2002, MasterCard acquired Europay, which was followed by JCB joining in 2004 and American Express in 2009. With the participation of UnionPay as EMVCo’s latest member, we are once again broadening industry involvement in the standards body and leveraging the experience of yet another global payment stakeholder. This level of industry engagement and resource commitment is important for us to effectively support the advancing needs of the payment landscape as implementation of EMV technology continues to gain traction globally.”