In this post, Oliver Manahan, EMVCo Director of Engagement and Operations, and key industry stakeholders from across the world reflect on the evolution of EMVCo and EMV® payments technology over the past 25 years.
EMVCo’s story began in 1999 when it was formed to enable the development and management of the EMV Chip Specifications and build the supporting testing infrastructure.
Since then, EMV Chip has transformed the security of in-store payments by providing a universal tool against card-present fraud. At the end of 2023, nearly 14 billion EMV Chip cards were in circulation, more than 70% of globally issued cards were EMV-enabled, and almost 95% of card-present transactions used EMV Chip technology.
Various EMV technologies are now built on this foundation, allowing consumers and businesses to make trusted and reliable card-based payments in-store and online – wherever they are in the world.
Download this infographic to learn about some of our key achievements from the past 25 years.
“Across EMV contact chip, contactless, mobile and card-not-present payments, EMVCo has consistently defined payment specifications that promote global interoperability.”
Verifone
“Standards are essential to deliver consistent payment experiences on a global scale, and organizations like EMVCo were created to develop those standards and drive adoption.”
Celent
This commitment to supporting innovation across the payments industry is underpinned by extensive collaboration. EMV Specifications do not just happen. They result from sustained and meaningful engagement with hundreds of industry stakeholders.
“EMVCo as an organisation has set the standard for effective and global industry collaboration […] and has made the seamless and secure payment experience we know today possible.”
Infineon Technologies
“As an EMVCo Associate, we saw clear opportunities to contribute to the development of global specifications that promote seamless and secure payments worldwide.”
Microsoft
“For more than 20 years, APSCA has collaborated with EMVCo to educate stakeholders across Asia-Pacific on the benefits of using EMV Specifications as a foundation for seamless and secure payments.”
APSCA
“As EMVCo Associates, we saw real benefits in joining EMVCo’s Board of Advisors and thereby engaging in the strategic direction of EMVCo and in the approval of EMV Specifications for official publication.”
Australian Payments Network
Thanks to this collaborative effort, EMV Specifications are constantly evolving to meet marketplace needs. Key initiatives in 2024 include promoting more convenient electric vehicle (EV) charging payments, simplifying the online checkout experience, and supporting new ways of paying in-store such as TapToMobile and biometric payment cards.
“It is impressive to hear how EMVCo is working with industry participants to facilitate a simplified means for EV drivers to pay for charging […] and we look forward to further engaging with EMVCo on this, and many other topics at future events.”
U.S Payments Forum
Enabling the future of payments
Since EMVCo’s inception, global commerce has been fundamentally reshaped by the transformational impact of digitalisation.
Looking ahead to the coming 25 years, the pace of change promises to accelerate even further. Continued globalisation and digitalisation, evolving consumer behaviours, and emerging technological trends – namely the rise of artificial intelligence (AI) and the prospect of a post-quantum world – stand to have a profound impact.
Amid these changes, one constant will be the enduring need to balance convenience with robust security. Here, the payments industry can take confidence from the proven ability of EMVCo and EMV technology to provide a globally trusted foundation for safe and reliable payments.
“We are confident that EMVCo will continue to deliver specifications for any future payments needs.”
European Payments Council
by Oliver Manahan
