In 2022, the EMVCo community continued to advance EMV® as the foundation for seamless and secure payments worldwide. In this post, Chair of the EMVCo Board of Managers, Jonathan Main, recaps key 2022 milestones, and previews 2023 technical initiatives and plans outlined in the Annual Report.
The total number of EMV Chip cards in circulation neared 12 billion in 2022, with over 91% of all card-present transactions using EMV Chip technology. These figures highlight the significance of robust transaction security and consistent payments to global commerce, and the fundamental role of the EMV infrastructure.
With EMV Chip as the bedrock technology, EMVCo continued to advance EMV Specifications to support seamless and secure transactions across in-person, e-commerce and remote channels.
Key initiatives in 2022 included:
- The publication of the first EMV Contactless Kernel Specification to simplify global acceptance for merchants, solution providers and payment systems.
- Issuing the 100th Security Evaluation Certificate for Software-Based Mobile Payments (SBMP) solutions.
- The work to enhance the EMV 3-D Secure Specifications (EMV 3DS) to help issuers and merchants combat growing card-not-present (CNP) fraud risks.
- Advancements to EMV Secure Remote Commerce (EMV SRC) to support more flexibility, choice and control for merchants and consumers making and accepting online payments.
- Active industry collaboration with the World Wide Web (W3C) and the FIDO Alliance through the Web Payment Security Interest Group (WPSIG) initiative to promote consumer privacy while ensuring convenient and seamless e-commerce checkout experiences.
To support these technical advancements, EMVCo upgraded its website, making it the hub of all EMVCo communications. The site will continue to evolve to meet the needs of the EMVCo community and educate on the value of EMV.
Once again, we experienced the immense value of industry engagement in helping to advance these efforts and evolve EMV Specifications to support the future of payments. This was underscored by the return to in-person meetings for the first time since 2019, with Associate attendance totalling 284 at meetings across the globe in 2022, while virtual Associate attendance totalled 765 during the year.
As we look ahead to 2023, key to our efforts is ongoing collaboration with payments industry stakeholders. Whether your organisation is already an Associate or Subscriber, or is considering opportunities for participation, we encourage your involvement this year to help advance seamless and secure payments worldwide.
Read more about our major milestones from 2022, and learn about our key initiatives for 2023, in the EMVCo 2022 Annual Report.
by Oliver Manahan