American Express Launches Quick Chip Software to Speed Up Card Transactions

American Express Launches Quick Chip Software to Speed Up Card Transactions

June 21, 2016         Written By Lynn Oldshue

American Express announced the development of new software that claims to speed up chip card transactions. The “Quick Chip” program allows customers to remove their cards while the payment terminals are still processing the transaction, which could bridge the time gap between chip card dipping and traditional magnetic strip swiping.

Chip card transactions take 10 to 20 seconds to complete, which is much longer than the nearly instant processing speed of magnetic strip cards. Thanks to the Quick Chip program, customers would no longer have to wait those extra seconds to complete their payments at the register.

Earlier this year, MasterCard and Visa both launched similar programs to help speed up the process —M/Chip Fast and Quick Chip for EMV, respectively. The American Express software is designed to be compatible with those programs, so merchants will have the opportunity to use all three at their registers.

While the improvement of EMV processing technology could benefit credit card companies, it may slow the growth of the mobile wallet sector. Many consumers have chosen to use mobile wallets like Apple Pay and Samsung Pay after getting disgruntled by the slow processing speeds of chip cards. By eliminating the time gap, American Express and its competitors may slow people from using mobile wallets in the future.



The information contained within this article was accurate as of June 21, 2016. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


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About Lynn Oldshue

Lynn Oldshue has written personal finance stories for LowCards.com for twelve years. She majored in public relations at Mississippi State University.
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