Mastercard Aims To Speed Up EMV TransactionsMiCamp Solutions
More and more Americans are using EMV chip-cards to pay for purchases – and 1.4 million merchants are now able to accept those cards. However, one of the chief complaints regarding EMV payments has been slow processing times. Mastercard has announced a collaborative effort with networks, acquirers, and processors to increase EMV transaction speeds.
“We are impressed with the progress that’s been made so far. We’re taking these steps today to continue the pace of adoption. Making our M/Chip Fast technology available to all parties is our latest investment in this ongoing commitment,” said Chiro Aikat, Mastercard’s senior vice president of product delivery.
M/Chip Fast is the company’s solution for providing faster transaction times by allowing consumers to remove their card from the terminal before the transaction is completed. This is accomplished on the backend by changing the process flow of an EMV transaction – the card authentication process now happens in one step, as opposed to two. This helps move lines more quickly and improves consumers’ perceptions about the duration of EMV transactions.
EMV Reduces Fraud
The newly introduced EMV technology has already helped reduce cases of counterfeit credit card fraud in the United States. According to research compiled by Mastercard, counterfeit credit card fraud for EMV-capable merchants has dropped by around 39% in January 2016 compared to January 2015. In terms of overall U.S. dollar volume, it decreased by 27% for the same time period. With efforts by Mastercard and other industry players to speed up EMV transactions, the counterfeit fraud rate will continue to drop as more merchants migrate to EMV technology.
The faster EMV technology will be a welcome relief for both merchants and consumers “in fast food, grocery, transit and other retail environments, where speed is critical to the consumer experience.” Protecting consumers’ sensitive payment card data, while offering a faster way to checkout, will benefit those consumers (and merchants) who may have been frustrated with the transition to EMV.
For merchants worried about the lengthy certification process, consider implementing a semi-integrated solution like MiPoint – our EMV-ready, PCI-certified payment solution. Contact us to learn more.