A Star is Born: EMV SRC Takes the Spotlight

A Star is Born: EMV SRC Takes the Spotlight

EMV SRC may be rising star, but to achieve its potential it’ll need a strong supporting cast, says Lars Sandtorv, CEO, MeaWallet.

With the first implementations of EMVCo’s EMV SRC specification entering the ecosystem, now is the perfect time to ask ‘what is EMV SRC and how will it interact with tokenization?’, not least because the specification has been making waves since its publication in June 2019.

For example, in September 2019, it was announced that the Visa Checkout service would close and that the giant would migrate to a new solution based on the EMV SRC specification in 2020.

Moreover, Mastercard has also begun to talk about the technology and has developed its own offering based on the specification. Additionally, it has publicly endorsed the initiative since the launch of the draft specification in October 2018.

Described by EMVCo as a set of specifications that enable the creation of a ‘virtual payment terminal’, EMV SRC is designed to enhance the e-commerce payment experience and make it as seamless as possible.

More specifically, it defines interfaces to allow for secure exchanges of payment data between participants in the remote commerce environment. Additionally, it accommodates options for using dynamic data, such as cryptograms or other transaction unique data, to enhance the security of payment transactions on a merchant’s SRC-enabled website, mobile app or other e-commerce platform.

So, is this new specification a one stop revolution, or is it best deployed with supporting, established technologies?

Importantly, we also know from EMVCo that EMV SRC is compatible with other technologies including EMV Payment Tokenisation. It says: “EMV® Payment Tokenisation may be used, for example, to restrict usage of a digital card to the remote commerce acceptance channel at a specific merchant.”

In EMVCo’s own words, as taken from the specification itself:

 

The SRC System can elect to request Payment Tokens from one or more Token Service Providers as part of the overall management of the SRC Profile. As such, the SRC System participates in one or more Token Programmes and can act as a Token Requestor or Token Requestor Aggregator on behalf of one or more Token Requestors. The SRC System supports Token Requests as defined in EMV Payment Tokenisation Specification – Technical Framework and implemented by an enabled TSP(s). The SRC System interfaces with relevant Token Service Providers (TSPs). When the SRC System is acting as a Token Requestor or Token Requestor Aggregator, it is responsible for interfacing and integrating with the appropriate TSP implementation requirements in accordance with the Token Programme(s) policies and processes including the facilitation of the relevant Identification and Verification (ID&V) requirements.

This may sound technical, but sentiment is there:  EMV SRC and tokenization are a natural fit, and consensus suggests that combining both technologies will offer merchants and customers the best outcome.

In fact, Mastercard went as far to state that it believes a seamless shopping experience must also bring in tokenization and advanced authentication as a means of protecting account numbers and reducing fraudulent transactions.

As we learn more about EMV SRC we will be able to discuss further but at this point, we must at least celebrate this as step in the right direction while remembering no technology is an island in of itself.

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.

 

 

About Meawallet

Our mission at MeaWallet is to help our clients simplify mobile payments and support implementation. Our team is passionate about the subject and continually looking at the evolution and trends in the mobile payments space. We welcome your comments or invite you to get in touch directly with us at contact@meawallet.com 

Photos: ©Mastercard


Money2020 Las Vegas October 27-30, 2019

Meet us at Money2020 Las Vegas October 27-30, 2019

Our Founder Lars Sandtorv and CTO Geir will attend Money2020 USA in the end of October. Book a meeting today or meet us at this event for a good conversation about digital payment and how we can help you reach your goals.
 
MeaWallet is a Norwegian company that was established in 2013. MeaWallet is the centre of excellence within mobile and digital payments and mobile wallets, providing state of the art certified technology in 18 countries.
 
We help banks and card issuers with tokenization. If a bank wants to implement ApplePay, GooglePay or Fitbit pay, we are already connected to the schemes and wallets, which simplifies the process of enabling digital payment for our clients. We would love to talk to you during the conference, book a meeting with CEO Lars Sandtorv at lars@meawallet.no

Money20/20 is where the Payments, FinTech and Financial Services ecosystem unites to create and explore the disruptive ways in which consumers and businesses manage, spend and borrow money. It’s the premier global event on the industry calendar where C-Level Executives, renowned speakers, innovators and disruptors from across the world unite to drive change in the future of money. It’s a truly unique experience that facilitates the right conversations, enabling individuals and organizations of all sizes to achieve their goals and grow. 

We’re proud of the incredible growth we’ve experienced since our inaugural 2012 event, and we’re maintaining that momentum as the industry continues to consolidate around on Money20/20.

 

Venue informations

Money20/20 USA will be held at The Venetian in Las Vegas

 

3355 S Las Vegas Blvd, Las Vegas, NV 89109, United States

Innovations on Banking 4.0 - Euroevents Czech Republic from 19th – 20th, September

Meet us at Innovations on Banking 4.0 in Prague, Czech Republic from 19th – 20th, September.

Our CEO Lars Sandtorv will highlight how EMV Tokenization and Value Added Services (VAS) for mobile- and digital payments can help banks building new innovative service for the future. 
 
MeaWallet is a Norwegian company that was established in 2013. MeaWallet is the centre of excellence within mobile and digital payments and mobile wallets, providing state of the art certified technology in 18 countries.
 
We help banks and card issuers with tokenization. If a bank wants to implement ApplePay, GooglePay or Fitbit pay, we are already connected to the schemes and wallets, which simplifies the process of enabling digital payment for our clients. We would love to talk to you during the conference, book a meeting with CEO Lars Sandtorv at lars@meawallet.no

Euro-Events is pleased to invite you to our exquisite 4th edition of The Innovations on Banking 4.0 Conference. The main focus of this unique event will be on the latest innovations, industry trends and prospects presented by the most prominent experts in the area.

Furthermore, you will be exposed to the latest developments in operational excellence, big-data implementation, and innovations in client-centric approaches as experienced by the leading European financial institutions.

During IOB4.0, international experts and officials on European regulations will discuss the banking tech and RTA process updates, PSD2 achievements, the transformation process of instant payments, cybersecurity, and Bank/FinTech collaboration.

Join us for a remarkable event and engage in open floor discussions, round-table talks, demo-tech presentations and parallel sessions with representatives from financial companies, banks, fintech/startups, consultancies, solution providers and vendor companies whose contributions shape today’s presence and tomorrow’s future of the industry.

Don’t miss this exclusive business gathering this September in Prague! Join us today and be part of an elite club shaping the industry future!

 

Venue informations

Hotel:
Hotel NH Prague City

Address:
Mozartova 261/1, 15000 Prague – Czech Republic

Mozartova 261/1, 15000 Prague - Czech Republic