The specification enables the creation of a virtual payment terminal and the icon facilitates easy consumer recognition of remote-checkout environments that offer a consistent card-based payment acceptance experience

LONDON, June 7 (Bernama-BUSINESS WIRE) -- EMVCo has released EMV^® Secure Remote Commerce (SRC) Specification v1.0, which is available for free public download from the EMVCo website. The specification provides a foundation that will enable the processing of e-commerce transactions in a consistent, streamlined fashion across a variety of digital channels and devices, including smartphones, tablets, PCs and other connected devices.

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The publication of EMV SRC v1.0 follows a public consultation period on the draft specification in Q4 2018, which allowed as many payment industry participants as possible, including merchants, card issuers and payment networks, the opportunity to review and contribute.

In parallel, EMVCo has launched a new payment icon that offers a consistent visual element which will signal that EMV SRC is being used as a foundation to process card-based payment transactions in remote-checkout environments, including websites and apps. The icon will become a trusted, easy-to-recognise visual symbol which conveys to consumers that they can expect an easy, smart checkout wherever it appears, regardless of which payment card or channel they use.

Karteek Patel, Chair of EMVCo’s Executive Committee, comments: “The continued growth of global e-commerce requires reinforcing consumer convenience and confidence in payments. EMV SRC can deliver this while supporting the evolving habits of consumers as they migrate their shopping to PCs/ laptops, mobile devices and other connected devices of the present and future. The initial EMV SRC Specification enables the creation of a virtual payment terminal and is the first step in the journey to deliver the same confidence consumers all around the world have come to expect from EMV through their experience with EMV chip, contactless and QR codes.”

Consumers, merchants, card issuers, payment networks and other stakeholders may benefit from the SRC ecosystem. Consumers will be provided with a more consistent purchase experience. The reduced need for entering card and shipping information has the potential to lower shopping cart abandonment for merchants. SRC participants can also benefit from a simplified integration, thanks to a consistent framework and interfaces across the digital commerce environment.

EMV SRC is compatible with other technologies such as EMV Payment Tokenisation and EMV 3-D Secure.

Together with the launch of the payment icon, EMVCo has also released the corresponding Trademark Licensing Agreement and the Reproduction Requirements documentation for the use of the icon and call-to-action across remote-commerce environments. The icon and accompanying documents are available from the EMVCo website for royalty-free usage.

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Notes to Editors:

EMV^® is a registered trademark in the U.S. and other countries and an unregistered trademark elsewhere. EMV and the payment icon are trademarks owned by EMVCo, LLC.

For more information on the payment icon, EMV SRC technology or how to participate in EMV initiatives through the EMVCo Associates Programme, please visit the EMVCo website.

For a high-resolution version of the payment icon, for publication purposes, please email requests to media@emvco.com

About EMVCo:

EMVCo 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. EMV is a technology toolbox that enables globally interoperable secure payments across face-to-face and remote environments. Adoption of EMV Specifications and associated approval and certification processes promotes a unified international payments framework, which supports an advancing range of payment methods, technologies and acceptance environments. The specifications are available royalty free, designed to be flexible, and can be adapted regionally to meet national payment requirements and accommodate local regulations.

EMVCo is collectively owned by American Express, Discover, JCB, Mastercard, UnionPay and Visa, and focuses on the technical advancement of the EMV Specifications. To provide all payment stakeholders with a platform to engage in its strategic and technical direction, EMVCo operates an Associates Programme and encourages all interested parties to get involved.

Visit www.emvco.com for further information and join EMVCo on LinkedIn.

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Contact

For further EMVCo media information
Dave Amos / Lucie Rohani
Tel: +44 113 3501922
email: david@iseepr.co.uk / lucie.r@iseepr.co.uk

Source : EMVCo

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