MasterCard Speeds Up EMV Transactions
MasterCard launched its M/Chip Fast, a new technology that promises to make EMV transactions faster. It was developed using contactless, “tap-and-go” technology, which means customers can expect checkout speeds closer to traditional magnetic stripe transactions.
The company is also calling for the entire industry to join together and create a common approach to increase the speed of chip card transactions and change consumer perception.
“Ultimately, we all want to deliver great experiences for consumers and merchants,” said Ajay Bhalla, president of enterprise risk and security for MasterCard. “That’s why we believe that M/Chip Fast or any similar product should be implemented in consultation with the industry. With that holistic view, interested merchants can easily integrate this with their current systems to provide both speed and security for all chip cards.”
M/Chip Fast-enabled terminals will provide counterfeit fraud protection, just like standard EMV terminals, because it creates a unique code for each transaction. Once the code is generated, the customer can remove their card, which will decrease processing time.
“The need for speed at checkout is important for the consumer experience,” said Patty Walters, head of security products at Vantiv. “Innovations like M/Chip Fast will help balance significant improvements in payments security with technologies that can help merchants accelerate the flow of their checkout lanes. We look forward to helping implement new technologies–like this–that help accelerate the EMV process.”
Two-thirds (67%) of MasterCard credit cards in the United States have EMV chips, which represents a 51% increase since the October 2015 liability shift. Consumers can use their chip cards in 1.2 million locations, which is an increase of 121%.
Visa unveiled its new technology to speed-up EMV transactions called Quick Chip at the Electronic Transaction Association’s TRANSACT 16 event in mid-April.