EMVCo has released EMV Secure Remote Commerce (SRC) Specification v1.0, which is available for free public download from the EMVCo website.
Supported by dozens of banks, merchants, processors, vendors and other industry stakeholders, EMVCo manages and evolves the EMV® Specifications and related testing processes. This includes, but is not limited to, card and terminal evaluation, security evaluation, and management of interoperability issues.
The specification provides a foundation that will enable the processing of e-commerce transactions in a consistent, streamlined fashion across a variety of digital channels and devices, including smartphones, tablets, PCs and other connected devices.
The publication of EMV SRC v1.0 follows a public consultation period on the draft specification in Q4 2018, which allowed as many payment industry participants as possible, including merchants, card issuers and payment networks, the opportunity to review and contribute.
In parallel, EMVCo has launched a new payment icon that offers a consistent visual element which 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. The icon will become a trusted, easy-to-recognise 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.
Karteek Patel, Chair of EMVCo’s Executive Committee, comments: “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.”
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. 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.
EMV SRC is compatible with other technologies such as EMV Payment Tokenisation and EMV 3-D Secure.