EMVCo introduces code specification for payment systems
EMVCo has released a new code specification for payment systems, providing what it claims is the first globally interoperable technical solution for quick response (QR) code payments.
It said the issuing of this specification marks a new breakthrough in UnionPay's promotion of the international application of China's payment standard.
The QR code payment specification that UnionPay issued to its members earlier this month is compatible with this EMVCo specification.
UnionPay has also promoted its internationally interoperable chip-card standard in markets outside mainland China.
The UnionPay chip card standard is not only the recommended standard for the payment industry of Thailand and Myanmar, but also the cross-border chip-card standard for the Asian Payment Network.
The adoption of the UnionPay standard helps the chip migration of the bankcard industry of these countries and regions as well as the integration with international standards.
