Visa launches Quick Chip for EMV
Today Visa announced the launch of its newest solution that will speed up checkout times, called Quick Chip for EMV.
About a year ago, major credit card companies like Visa and Mastercard added a chip to their cards in order to help protect identities and ward off counterfeit cards. Now these companies are trying to speed up the time spent at the register.
Transaction time is a top concern when using chipped cards, and the current average wait time is 10-20 seconds. And this new update is said to cut the time spent leaving your card in the machine- down to 2 seconds or less.
A customer’s checkout speed usually depends on a terminal’s connection and the time it takes for the for the chip to answer to multiple servers. And the chip is a small computer designed to act as a very powerful security device making fraud much more difficult.
Tony Rasmussen, Senior Vice President of Payment and Business services of Mountain America Credit Union says, “The Quick Chip is Visa’s answer to say look, we know for a variety of reasons the use needs the chip on their cards. It’s more globally acceptable it’s more secure etc. Etc. But we also agree that we like the faster authorization of just swiping the card.”
There is a lot of interest in seeing what can be done about the current speed at checkout when using a chipped card, and its looks like Visa’s Quick Chip enhancement may be the answer.
