• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Jamie Dimon says the American Dream is slipping away. The dysfunctional baby boomer retirement wave is a major part of the problem

2

Amazon workers on food stamps have tripled despite its record revenue—and it’s just the latest evidence of the new economy of shrinking labor shares

3

Billionaire Mike Bloomberg was fired after dedicating 15 years of his career to Salomon Brothers—the next morning, he founded his media empire

1

Jamie Dimon says the American Dream is slipping away. The dysfunctional baby boomer retirement wave is a major part of the problem

2

Amazon workers on food stamps have tripled despite its record revenue—and it’s just the latest evidence of the new economy of shrinking labor shares

3

Billionaire Mike Bloomberg was fired after dedicating 15 years of his career to Salomon Brothers—the next morning, he founded his media empire
FinanceJack Dorsey

Square and Twitter CEO Jack Dorsey Says People Hate Chip Cards

Robert Hackett
By
Robert Hackett
Robert Hackett
Down Arrow Button Icon
Robert Hackett
By
Robert Hackett
Robert Hackett
Down Arrow Button Icon
October 27, 2016, 5:18 PM ET
Jack Dorsey Portrait Shoot
MELBOURNE, AUSTRALIA - APRIL 11: Jack Dorsey, co-founder and CEO of Square and Twitter, poses for a portrait at Black Velvet Espresso on April 11, 2016Photograph by Paul Jeffers—Fairfax Media via Getty Images
Google source logo
Add Fortune on Google for similar content.

Jack Dorsey, the cofounder and chief executive officer of both Square (SQ) and Twitter (TWTR), has no delusions about how people in the U.S. regard their fancy new security chip-enabled credit cards.

During a keynote talk at the Money2020 fintech conference on Monday, Dorsey said the emotion that the next generation payment plastic garners is “one of hate,” despite the technology bolstering payment card security.

“People aren’t happy,” he said. “It’s really, really, really slow.”

The transition to security-chip enabled cards in the U.S. began in earnest last year in advance of the liability for certain in-store fraudulent transactions shifting from banks to retailers. Other regions like Europe and Australia have had the chip cards for years, plus PINs as additional protection (unlike the U.S.).

Get Data Sheet, Fortune’s technology newsletter.

“We like that shift because we’re moving toward authenticated payments, more security for every payment and the potential for less fraud,” Dorsey said, before admitting that consumers aren’t nearly so keen on the, ahem, upgrade. “The most important thing is trying to put yourself in customers shoes and have a lot of empathy for what they’re trying to do.”

Transactions take as long as 10 seconds on average to complete, which can feel like an eternity, Dorsey said. The extended waiting period is due to the new technology sending encrypted messages to bank networks, which authenticate the transactions, and then transmit “OK” signals back to payment terminals.

“It took us a long time to get down to under five seconds,” Dorsey said, referring to the pace of Square’s terminals, which recently achieved transaction speeds of roughly half the industry average. “Our goal is three seconds.”

For more on chip cards, watch:

Square, which makes point of sale terminals for retailers, has been exploring other technologies such as contactless payment through near field communication, or wireless radio connections. The company also anticipated Apple’s (AAPL) decision to kill off the headphone jack for its next generation of mobile devices with a workaround.

“Faster transaction times so merchants can see more people, that’s what truly matters,” Dorsey said. “Our creativity starts with how to make it faster.”

About the Author
Robert Hackett
By Robert Hackett
Instagram iconLinkedIn iconTwitter icon
See full bioRight Arrow Button Icon

Latest in Finance


Most Popular

Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • TikTok icon
  • YouTube icon

    Latest in Finance


    Most Popular

    © 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
    FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.