While the rollout of EMV in the U.S. has worked to improve the security and authentication of card payments, the technology has become synonymous with a slower checkout process. Depending on the terminal in question, EMV transactions can take between seven to eight seconds to process on average.
Recently, global payment company Mastercard announced new strategic partnerships with payment technology companies Verifone and Global Payments to provide faster EMV technology to merchants and retailers.
In a nutshell, M/Chip Fast works to accelerate checkout times by prioritizing the parts of transactions crucial to security, Mastercard said. Verifone and Global Payments will roll out M/Chip Fast technology to key merchants and retailers via their POS technology solutions.
As part of the strategic partnership, Global Payments looks to make Mastercard’s faster EMV technology available to merchants with whom speed is critical to the consumer experience — notably in the fast food and QSR, grocery and transit categories, among other retail environments.
“Global Payments is continually looking for ways to drive better, faster point-of-sale experiences to its merchants,” said David Mangum, president and chief operating officer of Global Payments. “We are pleased to work with Mastercard to deliver this technology.”
Likewise, Verifone will reportedly incorporate M/Chip Fast into its payment technologies deployed in the U.S., which includes most of the top 200 retailers.
“Verifone is committed to creating faster and easier payment experiences for merchants and their customers,” said Paul Galant, chief executive officer of Verifone. “This collaboration with Mastercard covers a myriad of different use cases across a range of retail verticals.”
EMV has drastically dropped rates of cloned-card fraud in countries where the technology has been rolled out. Unfortunately, data indicates that fraudsters were not discouraged in EMV-enabled markets. Rather, they’ve switched their focus to online CNP fraud.