As each merchant and client has their own needs and preferences, version 1.3 of the EMV SRC Specifications was designed to acknowledge them and to offer the customers a better checkout experience. The new version is now available on the EMVCo website and can be used royalty-free. EMVCo worked with multiple company associates in order to improve and update the specifications in line with the needs and expectations of the market.
These new specifications include: flexibility, choice, and control for merchants and customers through a `Merchant Orchestrated Checkout Model`, where the merchant will interact only with one person that delivers the purchase experience (or their payment provider), improved SRC identity validation, performed by the SRC System that manages the `most used` enrolled payment card, and expanded authentication options, such as simplified enabled and support for EMV 3DS, FIDO Authentication, Secure Payment Confirmation (SPC), or Card Security Code (CSC).
According to the company’s officials , the ecommerce is moving online increasingly at a global level, creating a demand for convenient, secure, and fast payments across different kinds of digital checkout environments and devices. This launch will allegedly address this need and will give its users increased simplicity, choice, and trust in any online checkout experience.
EMVCo’s strategy
In October of 2022, the company published another list of specifications, regarding contactless and mobile payments. This was aimed to support the evolution of these kinds of payments and simplify global acceptance for merchants worldwide.
As contactless and mobile transactions become more and more popular (92% of merchants surveyed globally report they already accept or plan to accept contactless payments within the next 12 months) , the specification addresses industry demand for an EMV contactless kernel. This can be used by all stakeholders globally for secure and fast contactless acceptance. As explained in the article, a kernel is software that enables payment acceptance devices (such as point-of-sale terminals or ATMs), in order to process transactions and payments.
The EMV Contactless Kernel Specification offers information on the development of an EMV contactless kernel. This uses existing terminal architecture, while co-existing with legacy kernels for transition and while being licensable under the same royalty-free conditions as the EMV Contact Chip Specification.
The published specification indicates this input with requirements and features designed to support the evolution of contactless and mobile payments, including advanced security technologies and services to protect against future threats, such as online fraud.
