NFC Times Exclusive Insight – EMVCo has confirmed it will not release the next version of its tokenization specification until at least the second quarter of next year, which would be more than two years after it released the first version of the specification.
The organization, a joint venture of six global payment schemes, which issues specifications regulating EMV cards and terminals and related technologies, attributed the delay to the need to “absorb and respond” to industry feedback and “engagement,” according to Brian Byrne, EMVCo’s director of operations.
“Initially, EMVCo had planned to release a second version of the tokenization specification toward the end of this year,” said Byrne, speaking during a Webinar Oct. 2 organized by the Smart Card Alliance. “But we’ve had so much industry engagement, so much feedback, so much request for clarification, so much request for consideration of additional uses cases.”
