Now, let's delve into the EMV company and its specifications. EMVCo is the global technical body responsible for managing and maintaining the EMV specifications and associated processes. Jointly owned by American Express, Discover, JCB, Mastercard, UnionPay, and Visa, these six major payment networks collaborate to develop and uphold the EMV chip specifications, ensuring their continuous interoperability and compatibility with the global payment industry.



The EMV specifications for transactions are structured based on several standards, each serving a distinct purpose:


ISO 7816: This standard governs the electronic operations of chip cards, detailing their interface with terminals and the commands for requesting information or executing transactions. It also outlines basic software functions common to all chip cards.


EMV Level 1: This specification defines the electrical and physical attributes of payment cards, including chip design and layout, also known as the packet level. It establishes the communication interface between the card and terminal, covering voltage levels, timing requirements, and signal encoding.


EMV Level 2: Referred to as the application level, this specification ensures interoperability among payment networks, allowing any payment terminal worldwide to process transactions from any chip card. It outlines software requirements for payment applications on cards, encompassing user interface, transaction processing, and security features.


Network Level Specifications: Managed independently by each payment network, these specifications enable differentiated applications and personalized features for customers. They define message formatting, data exchange protocols, and authentication methods tailored to each network.


While ISO 7816 specifications are managed by the International Organization for Standardization (ISO), EMV Level 1 and 2 specifications are freely available on the EMVCo website. Payment network-specific specifications are managed by each network individually.


The EMV specifications undergo periodic updates to incorporate advancements and new technologies. Version 4.4, released in October 2022, includes enhanced security features and support for new payment technologies.


These specifications ensure standard communication between cards and terminals, facilitating secure and efficient transactions. Additionally, specific guidelines exist for contactless payments, mobile payments, and personalization of EMV chip cards, adapting to evolving payment needs and regulations.

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