Just in time for the peak holiday shopping season in North America, Verifone is implementing Mastercard’s M/Chip Fast technology across the Verifone next generation and heritage payment solution lines.
Whether it’s insert or tap to pay, North American merchants will be able to provide their customers with speeds similar to those associated with magnetic stripe transactions along with EMV security.
M/Chip Fast is designed for grocery, retail, fast food, and hospitality environments where speed and convenience are critical. It facilitates EMV transactions consistent with those offered globally by Mastercard; however, payments are authenticated in one step, instead of two. This means consumers no longer have to wait for the full round-trip authorization to return to the card. Grocery shoppers especially will notice that they will be able to tap or dip and remove cards from the terminal while the cashier continues to scan items. As with standard EMV, M/Chip Fast provides counterfeit fraud protection by creating unique codes for all transactions.
“The goal is to deliver great experiences for consumers and merchants,” said Linda Kirkpatrick, executive vice president, U.S. Market Development, Mastercard. “We believe that M/Chip Fast should be implemented by merchants requiring accelerated checkout in today’s fast moving, competitive retail environment. With the approaching holiday season, we look forward to working with Verifone to create a better payment experience offering both speed and security for all chip-based transactions.”
“Retail is evolving and our merchants want to offer better, engaging checkout experiences to their customers,” said Joe Mach, president of North America, Verifone. “M/Chip Fast effectively prioritizes the parts of transactions that are critical to security. Quicker transaction speed with enhanced payment security are ideal when time is of the essence such as the holiday shopping season when checkout lines are especially long. Verifone is committed to supporting new technologies like M/Chip Fast to make EMV adoption a winning experience for both merchants and consumers.”
The Verifone Point and FIPay payment solutions, and the Verifone MX, VX and Engage product lines as well as Verifone Carbon, will all support the M/Chip Fast option and Visa’s Quick Chip for EMV technology. Both M/Chip Fast and Quick Chip allow customers to dip their EMV cards while the items in the shopping cart are being scanned, and allow the card to be removed from the terminal as soon as the card data is read by the terminal. This can significantly speed checkout times. Used by most of the top 200 U.S. retailers, Verifone payment solutions provide the scale to help drive greater adoption of faster EMV technology.