MasterCard has introduced a new solution, known as M/Chip Fast, to help speed up EMV transactions and shoppers through checkout lines.
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Developed on the principles of contactless or ‘tap-and-go’ technology, M/Chip Fast prioritizes the parts of transactions that are critical to security.
The company said that the cardholders can experience speeds closer to the familiar magnetic stripe transactions with the added security of EMV.
To complete a particular transaction, users need to insert their cards into an M/Chip Fast-enabled terminal. After that M/Chip Fast provides a unique code for each transaction.
When the code is generated, the card can be removed from the reader with an aim of both reducing the processing time of the transaction and the cardholder perception of a longer wait at checkout.
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By GlobalDataMasterCard president of enterprise risk and security Ajay Bhalla said: "Ultimately, we all want to deliver great experiences for consumers and merchants.
"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."
