Chip credit cards getting faster
No doubt if you’ve used your credit card that has a chip card you’ve noticed that it takes longer to check out. This has been a big negative for the industry since the rollout of these cards, but help is on the way. Efforts to improve consumers’ perceptions of EMV transaction speeds took a step forward this week when a grocer debuted updated EMV software on its point-of-sale systems.
New Seasons Markets, including its New Leaf Community Markets unit, is now using the Quick Chip and M/Chip Fast technologies from Visa Inc. and MasterCard Inc., respectively, on its POS systems. In one location the move bumped up the checkout pace by 12% to 13%, says Joseph Koenig, partner technology manager at Index, the software integrator that handled the EMV POS update. Portland, Ore.-based New Seasons Market has 19 West Coast locations and seven New Leaf locations in Northern California.
Earlier this year Visa/Mastercard announced the Quick Chip and M/Chip Fast technology enabling the cardholder to remove the card from the terminal as soon as the one-time EMV cryptogram is generated rather than leaving it in for a few more seconds under normal protocols. The programs are designed to address perceptions that EMV transactions take longer.
At New Leaf, which had the traditional EMV software for about a week prior to the speedier variant, chip cards can be removed from terminals in less than three seconds, says Stephanie Ericksen, Visa vice president of risk and authentication products. Traditional EMV software requires the chip card be inserted when prompted and not removed until all of the purchases have been rung. As we move to Quick Chip, you can insert the card at any point in time. Chip card processing is new and with any new system there are bound to be items that need to be improved upon and Visa/Mastercard are working diligently to fix the speed in which these transactions occur. All of us at Digital Financial Group look forward to the new faster chip processing as it moves from pilot to general rollout so we can all see those lines move faster.Let’s Talk