UnionPay to Launch SRC Solution Based on EMV® SRC v1.0
EMVCo officially released EMV® Secure Remote Commerce (SRC) Specification v1.0 on June 7, 2019. EMV SRC enables e-commerce payments in a new manner, providing cardholders of UnionPay and other card networks with streamlined experience. UnionPay will actively support the specification.
EMVCo, established in 1999, is the global technical body that facilitates the worldwide interoperability and acceptance of secure payment transactions by managing and evolving the EMV Specifications. UnionPay, as one of the six EMVCo members, has been actively participating in the formulation of the EMV SRC Specification since the beginning and will continue to facilitate its evolvement by working closely with industry participants.
UnionPay’s SRC solution aims to deliver simple and consistent cardholder experience and it stands ready to enable merchants with payment capability that is based on SRC specification, empowering merchants, acquirers and issuers with convenient and secure payments.
Last year, UnionPay published a press release in which it announced close cooperation with industry stakeholders to facilitate the publication and implementation of EMV SRC Specification. Now, with the release of EMV SRC Specification v1.0, UnionPay will be able to offer its SRC solution and launch a pilot within the year. Moreover, UnionPay’s SRC solution will be implemented in addition to technologies such as EMV tokenization, effectively improving payment security and user experience.
UnionPay will continue to facilitate the development, implementation and wider adoption of industry standards and specifications, in an effort to continuously provide secure and convenient checkout experience for its cardholders.
EMV® is a registered trademark in the U.S. and other countries and an unregistered trademark elsewhere. The EMV trademark is owned by EMVCo, LLC.’
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