Visa Says Speeds Up Checkout Times

(RTTNews) - Visa Inc. (V) announced the launch of Quick Chip for EMV, a technology enhancement that optimizes EMV chip card processing and speeds up checkout times.

The company noted that the Quick Chip specification is available free-of-charge to payment processors, acquiring banks, and other payment networks to offer to merchants. The upgrade streamlines the processing of chip card transactions to enable customers to dip and remove their EMV chip card from the terminal, typically in two seconds or less, without waiting for the transaction to be finalized. The enhancement requires only a simple software update to the merchant's card terminal or point of sale system.

"Visa is advancing a streamlined approach to chip transactions to make them faster and more efficient, while still providing a safe and secure experience," said Mark Nelsen, senior vice president of Risk Products and Business Intelligence, Visa Inc. "Quick Chip for EMV helps make the checkout experience comparable to the ease and speed of magnetic stripe transactions."