Friday, March 6, 2020
EMVCo issued new guidelines on March 4, 2020, designed to optimize security and efficiencies across the rapidly expanding Internet of Things (IoT). The global technical body affirmed its commitment to support a growing number of IoT payments use cases, which require agile, up-to-the-minute methods for evaluating and enabling emerging solutions and devices. These capabilities will enable users, service providers and sentient machines to safely and seamlessly transact across the evolving IoT ecosystem, according to Bruce Rutherford, EMVCo executive committee chair.
"The IoT is creating new ways to pay, with payment functionality enabled across various industries globally," Rutherford said. "This innovation needs to be balanced with functionality, usability and security. By [optimizing] existing processes to support new IoT payment use cases, EMVCo brings efficiencies and confidence to the IoT payment ecosystem, and an established framework of payment expertise."
Rutherford also emphasized the need to streamline device hardware evaluation processes to support IoT payment use cases, security frameworks and emerging compliance models. EMVCo has been working with independent laboratories since 2005 to evaluate and certify various form factors and will now extend this function to IoT products and solutions, he stated.
Nigel Dean, head of marketing at MYPINPAD, expects the EMVCo IoT guidelines to facilitate innovation and security in connected devices while accelerating growth in developing regions. The ability to combine payments with additional functionality, such as endless aisle and loyalty programs, will empower small and midsize enterprises and Tier 1 merchants in emerging markets to enhance the consumer purchasing experience, he stated.
"MYPINPAD's vision in 2012 was to enable IoT devices such as smartphones and tablets to perform secure PIN-based payments; today this is now a reality," Dean said. "This transformative technology will promote card acceptance in emerging payment markets thanks to lower cost micro-merchant solutions."
John Cragg, CEO at MYHSM, agreed that new technologies and products are fueling payments sector growth, stating that the IoT is bound to play a major role in accelerating the move to digital payments schemes. These capabilities will also increase the range of goods and services which can be paid for digitally, which is great news for MYHSM, he added.
"But for these new technologies to be successful they must work together to give consumers a seamless, integrated shopping and payment experience they can trust," Cragg said. "The involvement of EMVCo is an important element in ensuring that this all comes together effectively."
For additional information about EMVCo assessments and certifications, contact the EMVCo Security Evaluation Secretariat at securityevaluation@emvco.com.
The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information.
Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.
