EMVCo, the global technical body that manages EMV specifications, has launched its EMV Secure Remote Commerce (SRC) Specification v1.0 thereby offering a standardised method for card payments.
The specification is designed to facilitate card payments in a consistent manner across various channels, be it smartphones, tablets, PCs and other connected devices.
This is said to be done while addressing security concerns.
The new specification is compatible with EMV Payment Tokenisation as well as EMV 3-D Secure.
The specification is said to benefit all parties involved in the payments cycle.
For card members, SRC removes the requirement to repeatedly enter their card, shipping, and billing details during purchases.
It also relieves merchants and service providers from the need to store sensitive card data.
Following its initial launch in the US, SRC is anticipated to be made available across the globe.
EMVCo chair of executive committee Karteek Patel said: “The continued growth of global e-commerce requires reinforcing consumer convenience and confidence in payments.
“EMV SRC can deliver this while supporting the evolving habits of consumers as they migrate their shopping to PCs/ laptops, mobile devices and other connected devices of the present and future.
“The initial EMV SRC Specification enables the creation of a virtual payment terminal and is the first step in the journey to deliver the same confidence consumers all around the world have come to expect from EMV through their experience with EMV chip, contactless and QR codes.”