Visa Upgrade Cuts Wait For Chip-Card Transactions To Two Seconds

Posted On: 4/22/2016

  • Printer Friendly Version
  • Decrease Text SizeIncrease Text Size
  • PDF

TAGS: Visa Inc., Visa Quick Chip enhancement, EMV credit and debit cards, vending

LAS VEGAS -- New from Visa Inc. is the Quick Chip enhancement for EMV credit and debit cards. The new technology optimizes EMV chip-card processing and significantly speeds up transaction time. Visa unveiled Quick Chip during the Electronic Transaction Association's convention held last month in Las Vegas.

The software upgrade brings secure EMV transaction times into line with the familiar magstripe, eliminating the common consumer complaint of long processing intervals with the new technology. It can process chip-card transactions at the terminal in two seconds or less. The upgrde, which is free to payment processors, is added to the merchant's card POS system.

The technology works with all cardholder verification methods, including signature and PIN, and does not require changes to routing or transaction handling. Additionally, Quick Chip installation does not require additional Visa or EMVCo testing if a system has already been certified as EMV chip compliant.

To date, more than 265 million Visa credit and debit chip cards have been issued to cardholders in the U.S., making it the largest chip-card market in the world.

Visa Quick Chip for EMV from Visa Vimeo on Vimeo.