MasterCard has partnered with payment technology firm Verifone and Global Payments to enhance the consumer checkout experience using its M/Chip Fast technology.
M/Chip Fast prioritises the parts of a transaction critical to security to speed chip checkout times, MasterCard said.
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Under the partnership, Verifone will integrate M/Chip Fast into its US deployed products, such as FIPay line, a suite of electronic payment solutions that helps in driving adoption of faster EMV technology.
With this solution, Global Payments will be able to make the faster EMV technology available to key vendors in the fast food, grocery, transit and other retail environments, the company added.
Verifone COO Paul Galant said: “Verifone is committed to creating faster and easier payment experiences for merchants and their customers. This collaboration with MasterCard covers a myriad of different use cases across a range of retail verticals.”
Global Payments president and COO David Mangum said: “Global Payments is continually looking for ways to drive better, faster point-of-sale experiences to its merchants and we are pleased to work with MasterCard to deliver this technology.”
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By GlobalDataMasterCard president of North America Craig Vosburg said: “EMV is an essential upgrade to the payments infrastructure in the US, which is now the largest chip market in the world and still growing. Great collaboration is happening within the industry and progress is being made in the fight against counterfeit card fraud.
“M/Chip Fast also helps move checkout lines as it is built on nearly two decades of contactless or ‘tap-and-go’ convenience and security. Aligning with Verifone and Global Payments supports our desire to get this tool in the hands of more merchants.”
