Discover Financial Services has become the newest member of EMVCo (EMV® standards body) joining existing members Visa, MasterCard, American Express, JCB and UnionPay. All six equal members will work together to manage and progress both contact and contactless EMV industry specifications and facilitate global interoperability and acceptance of secure chip payments.
Dave Meadon, EMVCo Executive Committee Chair, states “Discover becoming an equity member of EMVCo further underlines the importance of the EMV standard for the global payments industry. 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.”
One of the main areas of interest for the payment network is the continual progression of new payment methods and how these are being supported by EMVCo. Beth Horowitz, Senior Vice President, Discover Network, says: “Discover is committed to achieving a global, ubiquitous payments landscape that is based on universally defined industry specifications and standards. 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 newest member to join EMVCo this year after UnionPay joined the standards body in May 2013.