EMV® Chip Specifications describe the requirements for global interoperability between chip-based payment applications and acceptance terminals to enable secure contact and contactless transactions and other emerging payment technologies. The distinguishing feature of EMV® transactions is that the payment application resides in a secure chip (that is embedded in a plastic card or a personal device such as a smartphone or wearable) or in a secure server which interacts with a consumer device such as a host card emulation (HCE) enabled smartphone.
The EMV® payment device must communicate with a chip reader in the acceptance terminal (either contact or contactless) to enable the transaction. It is this protocol that EMVCo is responsible for defining and testing.
EMVCo assesses the compliance of vendor products developed to EMV® Chip Specifications, and approves products that pass testing prior to deployment in the field.
The chip specifications are designed to improve face-to-face transaction security as part of a layered security approach. The specifications support features for reducing the fraud that results from counterfeit and lost and stolen payment cards. Implementation of EMV® chip infrastructure, therefore, offers real benefits to merchants, acquirers, card issuers and consumers by reducing counterfeit cards and limiting fraud.
The EMV® Chip Specifications are not static. They continue to evolve and provide a secure foundation for mobile payments and other emerging payment technologies, most recently QR Code-based payments.
This paper provides an overview of the specifications and processes related to EMV® chip products and transactions. The document describes the ‘what’ and the ‘why’ of EMV® chip technology within the context of the wider payments industry.
This document provides an overview of EMVCo’s operating principles, including its governance, operations and the role of EMV® Specifications in the wider payments community. The content details the relationship and distinctions between EMVCo and the payment systems.
Because of its focus on payment acceptance, EMVCo is working on ways to define usage of QR Codes for payment purposes. EMVCo’s areas of focus are Consumer-presented QR Codes and Merchant-presented QR Codes.
Level 3 testing includes the series of processes required to ensure that a new or upgraded terminal (hardware and/or software) meets the specific requirements and recommendations of the individual payment systems before being deployed in the field.
In this webcast, recorded in October 2017, Keith Fojtik, Chair of EMVCo’s Card Approval Working Group, provides an overview of enhancements to the EMV® Mobile Level 1 Type Approval Process to support the submission of wearables.
In this Frequently Asked Question document, readers can learn more about how EMVCo is enhancing global interoperability for contactless payments.