The entity’s management structure has been altered to accommodate UnionPay representation on the board and executive committee, as well as in working groups.
“EMVCo works to maintain, enhance and evolve EMV Specifications to continue offering secure and interoperable payments across the global payments industry,” Joe Cunningham, EMVCo’s executive committee chair, said. “We are delighted to welcome UnionPay as a member and active contributor to this work. UnionPay’s addition as an equity member of EMVCo further reinforces the growth of the EMV standard globally. Its expertise at a technical, management and implementation level will support our ongoing goal to create a universally consistent and secure infrastructure that supports contact, contactless and mobile chip-based payments into the future.”
EMVCo was first established in 1999 by MasterCard, Visa and Europay to monitor and advance the EMV standard. MasterCard acquired Europay in 2002, followed by the joining of JCB 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,” Junya Tanaka, EMVCo’s chair of the board of managers, said. “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.”