UnionPay now has an equal interest in the standards body. EMVCo’s management structure has been amended to accommodate UnionPay representation on the organisation’s Executive Committee and Board of Managers, in addition to equal participation in its working groups.
Joe Cunningham, Current EMVCo Executive Committee Chair, comments: “EMVCo works to maintain, enhance and evolve EMV Specifications to continue offering secure and interoperable payments across the global payments industry. We are delighted to welcome UnionPay as a member and active contributor to this work. UnionPay’s addition as an equity member of EMVCo further reinforces the growth of the EMV standard globally. Its expertise at a technical, management and implementation level will support our ongoing goal to create a universally consistent and secure infrastructure that supports contact, contactless and mobile chip-based payments into the future.”