I don't speak from experience but there could be a problem. The EM-406a datasheet says its output voltage is in the range 0V-2.85V, which might not be a high enough voltage to be recognized as a logic high (but then again, it might...most of the time). Enabling the input pin's pull-up resistor should solve the problem if it exists.
On the transmit side, use a voltage divider (two 10k resistors for example) to bring down 5V to 2.5V.