PURCHASE, N.Y. – Along the same vein as Visa and Walmart, MasterCard is adding a new application to its existing EMV technology to speed up the transaction process at the point of sale.
The application, M/Chip Fast, prioritizes the parts of transactions that are critical to security, according to MasterCard, and cardholders can expect to experience speeds closer to the familiar magnetic stripe transactions with the added security of EMV.
“Ultimately, we all want to deliver great experiences for consumers and merchants,” said Ajay Bhalla, president of enterprise risk and security for MasterCard. “That’s why we believe that M/Chip Fast or any similar product should be implemented in consultation with the industry. With that holistic view, interested merchants can easily integrate this with their current systems to provide both speed and security for all chip cards.”
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.
MasterCard says that there has been steady momentum in the adoption of EMV chip technology in the United States since the liability shift took effect in October 2015. Today, MasterCard says that more than two-thirds (67%) of U.S.-issued MasterCard-branded consumer credit cards feature chips, and that consumers can use their chip cards in 1.2 million U.S. merchant locations that have turned on their terminals and are accepting chip card payments.