US-based mobile payments firm, Square has made chip cards transaction even faster. Now customers just have to wait two seconds for a transaction.

Merchants using Square Register and Square Reader for contactless and chip will now be able to process EMV transactions faster. This is compared to the standard 8-13 seconds.

To enhance the speed, Square and its partners leveraged the Quick Chip and M/Chip technology. The technology is a new dip transaction flow.

The technology is said to minimise the contact time for chip cards transaction time. It does this by prioritising the segments of transactions important for security.

With this technology, cardholders will be to remove their card instantly after the reading. Furthermore, it eliminates the need to wait for the issuer response.

Square head of hardware, Jesse Dorogusker said: “Since chip cards arrived in the US, we have focused on making our chip reader fast for our sellers. Three seconds or more wasn’t quick enough.

“Taking an EMV payment in as little as two seconds helps speed up the line for our sellers, gives time back to their customers, and reduces in-store fraud in the US.”

Mastercard executive vice-president of digital partnerships Sherri Haymond said: “With M/Chip Fast from Mastercard, Square can provide both speed and security for all chip card transactions, delivering great experiences for its sellers and their customers.”

The company also updated its POS app. In doing so, Square eliminated the need for signatures on all card transactions at sellers in the US and Canada.