Mastercard, Verifone and Global Payments come together to speed chip transactions.
Customers and retailers alike have complained about slow chip reading experiences following the launch of EMV.
Now Mastercard is joining forces with payments industry leaders to enhance and expedite the consumer checkout experience leveraging the company’s M/Chip Fast technology. M/Chip Fast prioritizes the parts of a transaction critical to security to speed chip checkout times.
Verifone intends to incorporate M/Chip Fast into its products deployed in the United States. Verifone products, including the FIPay line, are used by most of the top 200 U.S. retailers and will help drive greater adoption of faster EMV technology.
“Verifone is committed to creating faster and easier payment experiences for merchants and their customers. This collaboration with Mastercard covers a myriad of different use cases across a range of retail verticals,” said Paul Galant, chief operating officer of Verifone.
Global Payments will make the faster EMV technology available to key merchants in the fast food, grocery, transit and other retail environments, where speed is critical to the consumer experience.
David Mangum, president and chief operating officer of Global Payments said, “Global Payments is continually looking for ways to drive better, faster point-of-sale experiences to its merchants and we are pleased to work with Mastercard to deliver this technology.”
Mastercard Vision for Enhanced EMV
Mastercard unveiled its vision for enhanced EMV chip technology at TRANSACT, a payments conference hosted by the Electronic Transaction Association. In his keynote address, Craig Vosburg, president of North America for Mastercard remarked, “EMV is an essential upgrade to the payments infrastructure in the U.S., which is now the largest chip market in the world and still growing. Great collaboration is happening within the industry and progress is being made in the fight against counterfeit card fraud.”
“M/Chip Fast also helps move checkout lines as it is built on nearly two decades of contactless or ‘tap-and-go’ convenience and security. Aligning with Verifone and Global Payments supports our desire to get this tool in the hands of more merchants,” concluded Vosburg.
