M/Chip Fast from MasterCard Speeds EMV Transactions and Shoppers Through Checkout
Consumer Security and Industry Collaboration Critical for Success
PURCHASE, N.Y.–(BUSINESS WIRE)–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 Twitter @MasterCardNews,
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Contacts
Media:
MasterCard
Beth Kitchener, 914-249-2058
Beth.Kitchener@mastercard.com
