Visa Speeds Up Checkout Times
Quick Chip for EMV streamlines checkout to make secure chip card transactions faster and even more convenient
LAS VEGAS--(BUSINESS WIRE)--Apr. 19, 2016-- At the Electronic Transaction Association’s TRANSACT 16 event, Visa Inc. (NYSE:V) announced the launch of Quick Chip for EMV, a technology enhancement that optimizes EMV®1 chip card processing and speeds up checkout times.
The Quick Chip specification is available free-of-charge to payment processors, acquiring banks, and other payment networks to offer to merchants. The upgrade streamlines the processing of chip card transactions to enable customers to dip and remove their EMV chip card from the terminal, typically in two seconds or less, without waiting for the transaction to be finalized. The enhancement requires only a simple software update to the merchant’s card terminal or point of sale system.
“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.”
The updated process provides a number of key benefits, including:
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. Once installed, the technology will work with all cardholder verification methods, including signature and PIN, and does not require the merchant to make any changes to its routing or transaction handling. Quick Chip does not require additional Visa or EMVCo testing if a merchant’s checkout system has already been certified as EMV chip compliant. No changes to chip cards are needed.