The Future of Payments is Now: Highlights from the EMVCo Athens Board of Advisors Meeting

In this EMV® Insights post, Oliver Manahan, EMVCo Director of Engagement and Operations, summarises the key discussions from the Athens Board of Advisors Meeting. What does the future hold for card-based payments? This is the question that our Board of Advisors meetings set out to answer. We do this by bringing together leading payment stakeholders from across the world to explore the trends and technologies impacting the payments industry. With Associates gathering in Athens, Greece, this month for the first EMVCo meeting of the year, discussions centred on how new developments in payment initiation and authentication, an evolving regulatory landscape in Europe, and shifts in global mobility are shaping the strategic direction of EMVCo and EMV Specifications in 2025 and beyond. Here are the main takeaways: Exploring the use of passkeys in EMV Secure Remote Commerce (SRC) A passkey is a FIDO authentication credential based on FIDO standards that allows a user to sign in to apps and websites with the same process that they use to unlock their device (such as a biometric, a PIN or a pattern). FIDO Alliance reported that passkey adoption doubled in 2024, with consumer awareness also increasing to 57%[1]. By removing the reliance on traditional passwords, growing momentum for passkeys presents significant opportunities to promote simpler and more secure checkout experiences. EMVCo has already published a white paper with the FIDO Alliance to explain how the use of FIDO authentication data in EMV 3-D Secure (3DS) messages – including passkeys – can streamline e-commerce checkout while reducing friction. Now, EMVCo is exploring how the EMV SRC ecosystem can use passkeys to simplify the customer journey, with discussion and engagement currently centred on identifying the key technical and user experience considerations. Meeting emerging authentication needs with EMV 3DS Supporting industry stakeholders to optimise the development of EMV 3DS solutions to address new technologies, regulatory requirements and consumer behaviours is an ongoing priority for EMVCo. In 2024, EMVCo published an interactive white paper outlining how EMV 3DS solutions can better support key use-cases including frictionless authentication, out-of-band authentication, and recurring and instalment transactions. Work is now progressing to expand the resource to include support for Secure Payment Confirmation (SPC) and WebAuthn, as well as the deployment of Message Extensions and the Split-SDK. The development of interactive resources is part of a wider programme to enhance and simplify the EMV 3DS Specifications and supporting documentation, making them easier for stakeholders to access and consume. Attendees also heard how EMVCo is investigating how EMV 3DS can work with the new European Digital Identity (EUDI) Wallet framework. This includes collaborating with the EU Digital Wallet Consortium (EWC) to examine the potential impacts of the EUDI Wallet regulation on EMV 3DS and to assess how the EUDI Wallet can facilitate cardholder authentication in EMV 3DS transactions. A white paper is also being developed to further support industry understanding, which will be updated as large-scale pilots and member-state implementations move forward. Navigating an evolving regulatory landscape in Europe The EUDI Wallet initiative reflects a broader, robust regulatory agenda that is influencing the development of the payments ecosystem in Europe. For example, the European Union’s Cyber Resilience Act (CRA) has been introduced to safeguard consumers and businesses by enhancing cybersecurity standards for all products with digital elements. Eric Vetillard, Lead Certification Expert at the European Union Agency for Cybersecurity (ENISA), joined attendees to explain the role of ‘conformity assessments’ in demonstrating compliance with the CRA’s various requirements. Elsewhere, Dr Valia Babis, Advisor to the Governor at the Bank of Greece, examined the