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Verve, EMVCo partner to boost payment system

By BusinessNews Staff on March 23, 2014

Verve International, an African payment card scheme, has joined EMVCo as a business and technical associate, a statement by the firm has said.

As part of the EMVCo associates programme, Verve will provide input into the enhancement of existing, and creation of future EMV specifications for payment technologies.

According to the statement, Verve will also advise on strategic business and implementation issues relating to the use of the EMV specifications globally.

EMVCo exists to facilitate worldwide interoperability and acceptance of secure payment transactions.

It accomplishes this by managing and evolving 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.

EMV, which includes both contact and contactless chip cards, is the latest in payment technology, and also increase security by reducing the risk of counterfeiting.

For example, if a card’s data is stolen a counterfeit card cannot be used without its unique EMV elements.

The statement quoted the Chief Executive Officer, Verve International, Mr. Charles Ifedi, as saying, “The adoption of new EMV technology will make electronic payments more convenient and more secure. Verve International is proud to be doing its bit to develop new EMV technologies as part of our commitment to ever improving levels of security and convenience for our customers.

“We are ideally placed, and very much looking forward to, adding an African voice to technical discussions on the development of new EMV technologies and adoption of these technologies across Africa and around the world.”

[Punch]

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