The nation’s top credit card network, Visa, says it wants to reduce your transaction time with those new chip cards that take a few seconds to register your purchase at check-out.
Visa today announced the launch of Quick Chip for EMV, a technology enhancement that should cut the time consumers must leave their new chip cards in machines to about two seconds or less.
“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.”
For businesses that have adopted the new chip card terminals, estimates vary for how long chip transactions take because much depends on a terminal’s connection speed.
A November study by merchant services firm Harbortouch found that the average time at the terminal can be as long as 10 seconds, compared to two or three seconds for using the old magnetic stripe cards. The survey of more than 5,000 adults in the U.S. found 20 percent of consumers consider transaction time the top concern when using chip cards.
The more secure technology behind chip cards issued by banks under both Visa and MasterCard networks — called “EMV” for founders Europay, MasterCard and Visa — generates new codes for each transaction. The codes on the old magnetic stripe cards are permanent and can be copied by hackers for later use.
Here’s what Visa says its Quick Chip for EMV will provide for both consumers and merchants:
- Faster Checkouts: Quick Chip-enhanced terminals will prompt the cardholder to dip the chip card briefly in the reader and then remove it, reducing the card’s interaction with the terminal to about two seconds.
- Streamlined Processing: Quick Chip-enhanced terminals can also allow the payment card to be inserted and removed while the shopping cart is still being rung up, further streamlining the acceptance process for the consumer.
- Simple Implementation: Quick Chip requires a payment application software update that can be easily downloaded to the payment terminal.