ENP Newswire -
Release date- 04112013 - Current chip technology used for purchasing items via credit and debit cards in shops was developed in the mid-1990s.
EMVCo, the standard body which manages, maintains and advances EMV Specifications, is in the process of designing the next generation payment technology to meet long-term industry requirements. The activity will establish a common, robust technology platform for supporting contact and contactless/mobile interfaces for both online and offline transactions.
This protocol was developed by EMVCo and then published on its website as a request for comments (RFC).
The protocol sits at the heart of the new specification as it offers a key agreement system based on elliptic curve cryptography. Due to the constrained nature of payment cards, and some new requirements for protecting contactless transactions, the new protocol needed to be created.
Nigel Smart,Professor of Cryptology at the
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