Mastercard has developed a new method intended to make chip-and-pin transactions faster, and the financial giant is partnering with Verifone and Global Payments to add the technology into their point of sale registers.
The ultimate goal is to cut down checkout time at the cash registers, resulting in a more positive experience for merchants and shoppers alike while building affinity for the chip-and-pin payment method. Since 2015, U.S. has been transitioning from swiping credit and debit cards to inserting chip-enabled cards (or EMV) into a chip-and-pin reader.
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But the transition has been frustrating for consumers and merchants. Some merchants haven’t been able to get their payments terminals updated to accept the new standard, and even when accepted, the new readers take much longer to process chip cards than the swipe.
On average, transaction speeds for chip and card readers can be anywhere from eight to 13 seconds.
Mastercard (“MA”) said that its new technology, M/Chip Fast, will make these time of chip-and-pin transactions similar to those of swiping a card. The Verifone (“PAY”) deal will place the new technology in all of its U.S. point-of-sale products.
Mastercard isn’t the first financial services company to tackle this problem. Last year, Square (“SQ”) debuted a new chip-and-pin card reader that also promised a speeder checkout process, reducing the payment timeframe for a chip card by 25%.