Wednesday, June 12, 2019
Heralding the release, Karteek Patel, chair of EMVCo’s Executive Committee, said, “The continued growth of global ecommerce requires reinforcing consumer convenience and confidence in payments.” He noted that 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,” Patel said. EMV SRC is compatible with other technologies such as EMV Payment Tokenization and EMV 3-D Secure, according to EMVCo.
Along with the specification, EMVCo also launched a new payment icon to provide a consistent visual element. It will “signal that EMV SRC is being used as a foundation to process card-based payment transactions in remote-checkout environments, including websites and apps,” EMVCo stated.
“The icon will become a trusted, easy-to-recognize visual symbol which conveys to consumers that they can expect an easy, smart checkout wherever it appears, regardless of which payment card or channel they use.”
EMVCo also released the corresponding Trademark Licensing Agreement and the Reproduction Requirements documentation for the use of the icon and call-to-action across remote-commerce environments.
The release of SRC v1.0 follows a public consultation period during the fourth quarter of 2018, payments industry stakeholders, including issuing and acquiring banks, payment networks, processors and payment companies and merchants were able to review the proposed specification and contribute comments.
EMVCo expects consumers, merchants, card issuers, payment networks and other stakeholders may benefit from the SRC ecosystem. “Consumers will be provided with a more consistent purchase experience,” EMVCo said. “The reduced need for entering card and shipping information has the potential to lower shopping cart abandonment for merchants. SRC participants can also benefit from a simplified integration, thanks to a consistent framework and interfaces across the digital commerce environment.”
SRC Specification v1.0, the royalty-free icon and accompanying documents are available from the EMVCo website, www.emvco.com.
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