EMVCo explores potential collaborations with the OpenWallet Foundation

US-based global technical body EMVCo has signed an industry liaison agreement with the OpenWallet Foundation (OWF) to explore collaboration opportunities

US-based global technical body EMVCo has signed an industry liaison agreement with the OpenWallet Foundation (OWF) to explore collaboration opportunities. The OWF is an open-source project that promotes collaboration across industries to develop reusable building blocks for secure interoperable wallets.

According to the official press release, EMVCo is recognised for creating and managing EMV Specifications and programmes, enabling industry stakeholders to design payment products and solutions that ensure seamless and secure global functionality. Organisations actively participate as EMVCo Associates and Subscribers, contributing their expertise to the development of EMV Specifications. EMVCo collaborates closely with global and regional technical bodies and industry associations.

Hosted by the Linux Foundation Europe, the OWF provides a platform for companies, non-profits, and the public sector to collaborate on open-source software for interoperable digital wallets. The industry liaison agreement with EMVCo is anticipated to promote the development of essential components supporting this collaborative vision. In the company press release, officials from EMVCo expressed satisfaction with the collaboration, highlighting the company's goals to collaborate with the Open Wallet Foundation to explore how open digital wallet solutions can support seamless and secure payments globally.

They also highlighted EMVCo's commitment to engaging across the industry to promote emerging technologies. In turn, officials from OpenWallet Foundation acknowledged EMVCo's global leadership and reputation as one of the world's foremost payments technical bodies. Other developments from EMVCo In September 2023, EMVCo has established the Electric Vehicle Open Payments Task Force with the key goal of engaging with industry stakeholders to explore the feasibility of integrating EMV1 payment technology for secure and efficient payment transactions at electric vehicle (EV) charging stations.

In response to the escalating global adoption of electric vehicles, the task force aims to address challenges in charging infrastructure that have become a priority for industry participants and policymakers on a global scale. This initiative underscores the commitment to developing straightforward and user-friendly payment processes at charging stations to align with the expectations of EV users, according to the official press release. In January 2023, EMVCo has introduced the EMV Secure Remote Commerce (SRC) Specifications, aiming to provide enhanced flexibility in online checkout options.

Recognising the diverse needs and preferences of merchants and customers, version 1.3 of the EMV SRC Specifications has been specifically crafted to accommodate these variations, ultimately enhancing the overall checkout experience for customers. The updated specifications, available for free on the EMVCo website, reflect collaborative efforts with multiple company associates to align with market needs and expectations. .

Nov 29, 2023 14:17
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