Discover Financial Services recently became the latest payment network to join EMVCo, the EMV standards body, where it will work with existing members to manage and evolve the contactless EMV industry to facilitate worldwide interoperability.
The company recently acquired a one-sixth share of EMVCo from the holdings of current member-owners American Express, JCB, MasterCard, Visa and UnionPay. Discover will actively contribute 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,” EMVCo Executive Committee Chair Dave Meadon said. “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 program.”
The growth and expansion of new payment methods is a key area of interest for Discover, as well as how the new method are being supported by EMVCo.
“Discover is committed to achieving a global, ubiquitous payments landscape that is based on universally defined industry specifications and standards,” Beth Horowitz, the senior vice president of Discover Network, said. “This is particularly important as innovative transaction solutions are introduced such as contactless and mobile chip-based payments. We look forward to adding our expertise to these discussions and contributing to the global specification development efforts of EMVCo.”
Discover is the second member to join EMVCo this year. In May, EMVCo announced that UnionPay had become its fifth member-owner.
“EMVCo is keen to engage with the payments community to ensure the continued evolution of its standards as the payments industry advances, rapidly offering new and exciting innovations,” EMVCo Board of Managers Chairman Christina Hulka said.