MasterCard recently posted a press release about the adoption of EMV or chip cards and a solution to speed the transaction, similar to an earlier announcement by Visa.
According to the report, MasterCard has seen steady momentum in the adoption of chip technology. More than two-thirds – 67 percent – of U.S.-issued MasterCard-branded consumer credit cards now feature chips. This represents a 51 percent increase in a short window. Consumers can use their chip cards in more places, as 1.2 million U.S. merchant locations – an increase of 121 percent – have turned on their terminals and are accepting chip card payments.
The company went on to say it recognizes that checkout times may appear longer to some when using a chip card. Due to that, it has developed the capability to help speed the experience, if needed, without compromising security. The solution, called M/Chip Fast, brings some of the principles successfully implemented for contactless cards and mobile wallets around the world to point-of-sale terminals.
