Visa Makes Chip Card Transactions Faster
Visa announced the launch of its Quick Chip for EMV at the Electronic Transaction Association’s TRANSACT 16 event yesterday. The technology promises to decrease EMV checkout times, so customers can dip and remove their EMV chip cards in two seconds or less.
Visa’s Quick Chip is free for payment processors, acquiring banks and other payment networks. To activate the enhancement, merchants simply need to update the software on their card terminal or point of sale system.
“Visa is advancing a streamlined approach to chip transactions to make them faster and more efficient, while still providing a safe and secure experience,” said Mark Nelsen, senior vice president of Risk Products and Business Intelligence, Visa Inc. “Quick Chip for EMV helps make the checkout experience comparable to the ease and speed of magnetic stripe transactions.”
Not only does the Quick Chip provide faster transactions, other benefits include:
- Streamlined processing. Customers can insert and remove their payment card while the products are still being rung up, which will streamline the acceptance process.
- Simple implementation. After merchants have upgraded their payment application software, the technology will work with all cardholder verification methods, including signature and PIN, and will not require merchants to change their routing or transaction handling methods. No changes will need to be made to chip cards, and Quick Chip does not require additional Visa or EMVCo testing.
More than 265 million Visa credit and debit chip cards have been issued to cardholders in the United States, which makes the U.S. the largest chip card market in the world. More than one million merchants, roughly 20%, have chip-enabled terminals.