To beef up its existing technology to help speed EMV transactions and shoppers through checkout lines, MasterCard has unveiled M/Chip Fast.
Developed on the principles of contactless or ‘tap-and-go’ technology, M/Chip Fast effectively prioritizes the parts of transactions that are critical to security.
MasterCard says cardholders can expect to experience speeds closer to the familiar magnetic stripe transactions with the added security of EMV.
Expanding on this solution, MasterCard called for the industry to activate current action-oriented forums like the Payments Security Taskforce and the EMV Migration Forum to align behind a common approach to address perceptions of speed of a chip card transaction.
M/Chip Fast is designed for select environments where fast transaction times, in addition to security, are at a premium. A shopper inserts his or her card into an M/Chip Fast-enabled terminal.
As with standard EMV, M/Chip Fast provides counterfeit fraud protection by creating a unique code for each transaction. Once the code is generated, the card can be removed from the reader with the goal of both decreasing the processing time of the transaction and reducing the cardholder perception of a longer wait at checkout.
Today, more than two-thirds of U.S.-issued MasterCard-branded consumer credit cards feature chips. This represents a 51% increase in a six-month window. Consumers can use their chip cards in more places, as 1.2 million U.S. merchant locations – an increase of 121% – have turned on their terminals and are accepting chip card payments.
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