M/Chip Fast from MasterCard Speeds EMV Transactions and Shoppers Through Checkout
April 27 2016 - 5:49PM
Business Wire
Consumer Security and Industry Collaboration
Critical for Success
MasterCard today unveiled M/Chip Fast, a new application of the
company’s existing technology to help speed EMV transactions and
shoppers through checkout lines. 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. 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.
“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.
“The need for speed at checkout is important for the consumer
experience,” said Patty Walters, head of security products at
Vantiv. “Innovations like M/Chip Fast will help balance significant
improvements in payments security with technologies that can help
merchants accelerate the flow of their checkout lanes. We look
forward to helping implement new technologies - like this - that
help accelerate the EMV process.”
There has been steady momentum in the adoption of chip
technology in the United States since the liability shift went into
effect in October 2015. Today, more than two-thirds – 67 percent –
of U.S.-issued MasterCard-branded consumer credit cards feature
chips. This represents a 51 percent 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 percent – have turned
on their terminals and are accepting chip card payments.
About MasterCard
MasterCard, www.MasterCard.com, is a technology company in
the global payments industry. We operate the world’s fastest
payments processing network, connecting consumers, financial
institutions, merchants, governments and businesses in more than
210 countries and territories. MasterCard products and solutions
make everyday commerce activities – such as shopping, traveling,
running a business and managing finances – easier, more secure and
more efficient for everyone. Follow us on
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version on businesswire.com: http://www.businesswire.com/news/home/20160427006803/en/
Media:MasterCardBeth Kitchener,
914-249-2058Beth.Kitchener@mastercard.com
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