CBI Launches EMV-Based Mobile Payment Mechanism

The Central Bank of Iran on Monday launched a previously announced contactless payment mechanism based on EMV standard.
EMV, which stands for Europay, Mastercard and Visa, is a global standard for cards equipped with computer chips and its technology is designed to enable secure payment at compatible point of sale (POS) terminals.
According to Mehran Mahramian, CBI’s vice governor for innovative technologies, the new technology can support contactless payment by using near-field communication, or NFC.