Chinese bankcard network China UnionPay has become a member of EMVCo, the EMVR standards body co-owned by American Express, JCB, MasterCard and Visa.
The EMVCo management structure has been adjusted to give UnionPay equal participation in its working groups and to accommodate UnionPay representation on the Executive Committee and Board of Managers.
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EMVCo Board of Managers Chair Junya Tanaka said: "With the participation of UnionPay as EMVCo’s latest member, we are once again broadening industry involvement in the standards body and leveraging the experience of yet another global payment stakeholder.
"This level of industry engagement and resource commitment is important for us to effectively support the advancing needs of the payment landscape as implementation of EMV technology continues to gain traction globally."
On 26-27 June, EMVCo will be hosting the 2013 EMV User Meeting in Hungary. Senior EMVCo representatives and global users of EMV technology will be able to discuss technical advances and EMV standards activity, and engage with UnionPay representatives for the first time.
EMVCo was first established by Europay, MasterCard and Visa in 1999, to manage and develop the EMV Specifications. JCB and American Express then joined respectively in 2004 and 2009.
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By GlobalData
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