Visa and Wal-Mart have announced solutions designed to speed up checkout times in attempts to make “chip-and-dip” with EMV cards as fast as the swipe with magnetic stripe cards.
Visa announced the launch of its Quick Chip for EMV specification, which streamlines the processing of chip-card transactions to enable customers to dip and remove their EMV chip card from the terminal, typically in two seconds or less, without waiting for the transaction to be finalized.
Quick Chip is available free-of-charge to payment processors, acquiring banks, and other payment networks to offer to merchants.
The solution requires a software update to the merchant’s card terminal or point-of-sale system.
Wal-Mart has also streamlined its chip-card transaction time by 11 seconds, The Wall Street Journal reported.
Wal-Mart achieved the time savings by eliminating a prompt that asked shoppers to confirm the amount of the transaction.