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WRONG. It is part of the new EMVco standard, but has NOT been implemented anywhere but Apple Pay at this time. There was years of prep with the banks and Apple

WRONG. It is part of the new EMVco standard, but has NOT been implemented anywhere but Apple Pay at this time. There was years of prep with the banks and Apple to get this initial implementation.

andor 12y ago
EMV® is a trademark dating back to 1999, and it refers to all of the specifications administered by EMVCo. The original EMV Specification (for chip-based payment instruments) is now in v4.3, with backwards-compatible EMV Next Generation Specifications in development. (http://www.emvco.com/about_emv.aspx http://www.emvco.com/about_emv.aspx) EMV and EMVco are the same thing. It's the standard also implemented by RFID cards such as Mastercard PayPass and apps like Google Wallet.
- xcrunner529 12y ago
  The EMV tokenization standard is what you want to look up, bud.
the_ancient 12y ago
No that is WRONG, in the US very few companies have implemented it but Apple is far from the first, however EMV has been used overseas for a long time
- vertex-four 12y ago
  EMV tokenisation is a new standard that EMVco published this year[0], which allows the person holding the card details to generate an entirely new set of card details which are essentially aliased to the original card details. The result of all this is that Apple don't have to store the original card details. However, the standard can allow for other things as well - it can allow for users to generate a new token per-merchant which could be used online or in person. Or merchants could generate a new token from a customer's card that'll only be usable with that merchant for storage, thus standardising what the likes of Stripe do while implementing a significant amount of backwards compatibility with the existing system. [0] http://www.emvco.com/specifications.aspx?id=263 http://www.emvco.com/specifications.aspx?id=263
- xcrunner529 12y ago
  Retract, please.

WRONG. It is part of the new EMVco standard, but has NOT been implemented anywhere but Apple Pay at this time. There was years of prep with the banks and Apple to get this initial implementation.

andor 12y ago

EMV® is a trademark dating back to 1999, and it refers to all of the specifications administered by EMVCo. The original EMV Specification (for chip-based payment instruments) is now in v4.3, with backwards-compatible EMV Next Generation Specifications in development. (http://www.emvco.com/about_emv.aspx http://www.emvco.com/about_emv.aspx) EMV and EMVco are the same thing. It's the standard also implemented by RFID cards such as Mastercard PayPass and apps like Google Wallet.

xcrunner529 12y ago
The EMV tokenization standard is what you want to look up, bud.

the_ancient 12y ago

No that is WRONG, in the US very few companies have implemented it but Apple is far from the first, however EMV has been used overseas for a long time

vertex-four 12y ago
EMV tokenisation is a new standard that EMVco published this year[0], which allows the person holding the card details to generate an entirely new set of card details which are essentially aliased to the original card details. The result of all this is that Apple don't have to store the original card details. However, the standard can allow for other things as well - it can allow for users to generate a new token per-merchant which could be used online or in person. Or merchants could generate a new token from a customer's card that'll only be usable with that merchant for storage, thus standardising what the likes of Stripe do while implementing a significant amount of backwards compatibility with the existing system. [0] http://www.emvco.com/specifications.aspx?id=263 http://www.emvco.com/specifications.aspx?id=263
xcrunner529 12y ago
Retract, please.