Chip cards are a secure medium and have a really ‘okay’ transaction pace. However, they are faster in comparison to making payments with a magnetic stripe and a signature. But not ultimately faster; very much bad sometimes. In the checkout line, you get the time to impatiently bite your nails or tap your feet while you are waiting for the reader to finish the card verification.MasterCard thinks the process needs to boost up quickly; eliminating the frustrations. MasterCard on Friday announced that it is partnering with payment processing leaders to enhance the customer check-out experience by implementing it's M/Chip Fast technology.
To cut the suspense, the New York headquartered financial corporation is partnering with payment industry leaders Verifone and Global Payments. The basic goal is to incorporate its M/Chip Fast technology into the EMV card reading systems or checkout terminals.
Chip-and-PIN is in full-fledge use at Europe, while in American market the deployment is slow. Two years ago, it was announced that the chip-and-PIN cards will be made mainstream in US. Although, the consumers and retailers haven’t been actively adopting and the local stores have not activated the terminals.
Verifone will help MasterCard to infuse the M/Chip Fast technology in US, into its products. The M/Chip Fast technology will prioritize the parts of the transactions significant to security. Consequently, it will expedite and enhance the checkout process. Verifone is adopting this technology to boost up the gear. We look forward to see quicker checkout's across US.
Paul Galant, the Chief Operating Officer of Verifone says that they are dedicatedly committed to creating faster and easier payments for consumers and retailers.
Global Payments will also contribute an equal share in making MasterCard’s technology available to merchants across the market. The primary focus is on grocery stores, fast food lines, transit vendors and all of those places where quicker transactions would lead to the positive customer experience. After all, it seems like an eternity, waiting for the process to complete, when you have a long line behind you. Isn’t it?
Due to speedy transactions holding high significance, the companies have been focusing on making transactions faster. Square, last year announced that it is shredding seconds off from the transaction time with its reader. While MasterCardmakes the process rapid with its M/Chip Fast methodology. However, there is no perfect schedule for the implementation of the technology. On a brighter note, there is an incentive for making the improvements soon. Despite the late adoption of chip-and-PIN payments, the US market is still the largest market. So, even a decent adoption speed would proliferate the new methodology and thereby quicker checkout.
Craig Vosburg, President of North America MasterCard says that M/Chip Fast help move the checkout lines as it is robustly built on two decades of contactless and tap-and-go convenience as well as security. Partnership with Verifone and Global Payments will support their desire to get the tool in the hands of merchants, concludes Vosburg.