MasterCard has unveiled its solution to speeding up checkout transactions with the new chip-enabled credit cards. The company’s application is called M/Chip Fast.
Many consumers have or are getting their replacement MasterCard and Visa credit cards with the new anti-theft technology that has been around in Europe for years. But shoppers are also facing delays at the checkout counters, partly because many businesses have not adopted to the new chip-enabled cards, or because of confusion over how to conduct the transactions with the new cards.
MasterCard says that cardholders can expect checkout speeds closer to the “familiar magnetic stripe transactions with the added security of EMV.” Visa earlier this month announced its launch of Quick Chip for the new credit cards. Visa said it’s Quick Chip should cut the time consumers must leave their new chip cards in machines to about two seconds or less.
Called “EMV” for founders Europay, MasterCard and Visa, the chip cards generate new codes for each transactions, making it tougher for hackers to lift account numbers or other data.
With M/Chip Fast, MasterCard says that once a code is generated, the card can be removed from the reader with the goal of both decreasing the processing time of the transaction and reducing the cardholder perception of a longer wait at checkout.
“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.”
Currently, more than two-thirds – 67 percent – of U.S.-issued MasterCard-branded credit cards feature chips. This represents a 51 percent increase in a six-month window. Consumers can use their chip cards in more places, as 1.2 million U.S. merchant locations – an increase of 121 percent – have turned on their terminals and are accepting chip card payments.