Ant Financial, EMVCo partner to secure payments worldwide

Seven other companies were named as technical associates as well, including Switzerland-based online payment security company Truxtun Capital, Japanese tech company NTT Data, and German electronic-device testing and certification laboratory CTC Advanced. EMVCo, which sets unified secure-payments standards for adoption in the global marketplace, is owned by Visa, Mastercard, JCB, American Express, China UnionPay and Discover.

Moreover, the alliance could boost Ant Financial-backed QR-code payments and pose greater challenges to traditional bankcards. One possibility is that EMVCo may integrate Alipay’s QR payment standards into its global standards, some market analysts said.

Nevertheless, a source from UnionPay, China’s only bankcard association, said Alipay will benefit from its partnership with EMVCo because it “will help promote Alipay’s credibility globally and push forward its international expansion”, according to Caixin global.