There have been various impediments to the adoption of an EMV standard here in America — that extra chip on a credit or debit card that assigns every transaction a unique code, preventing the re-use of information, while at the same time requiring a signature or PIN number for validation.
Among those impediments have been merchant reluctance to upgrade equipment, and also merchant reluctance to provide what is generally regarded as a “slower” transaction time, since there is a wait for validation once the chip end of the card is put into the reader, for validation.
Recently, VISA has announced its own solution to at least the latter implement (which can become more pronounced with long lines ahead of you, during holiday sales, etc.)
As an overview on the Motley Fool website recounts, Visa debuted its “Quick Chip technology at the Electronic Transaction Association’s Transact 16, an annual trade show and conference for all the players in the payments space. Offered free of charge ‘to payment processors, acquiring banks, and other payment networks to offer to merchants, the upgrade streamlines the processing of chip card transaction,’” according to a Visa press release they cite.
According to Visa, “the new technology lets shoppers dip and remove their EMV chip card from the terminal, typically in two seconds or less, without waiting for the transaction to be finalized,’” And perhaps even better “the Quick Chip doesn’t require any new devices. It’s a software upgrade to the retailer’s credit card terminal or point-of-sale system.”
The upshot, according to CNET, “is that Instead of 15 to 18 seconds, Quick Chip cards sit in the slot of a checkout scanner for only a few seconds before they’re recognized, the company said. Customers will still have to wait till the transaction completes though. There’s no getting around that delay.
“The technology is apparently compatible with payment chips within existing mobile phones and contactless NFC retail terminals. Indeed, The Wall Street Journal reports that big-box retailer Walmart plans to upgrade its brick-and-mortar locations to support Visa’s solution, since all that’s required is a software download.”
So even though EMV adoption is slow, it appears that Quick Chip adoption will be very fast, among merchants — though some estimates place the number of those currently “EMV ready” at a disappointing 20%.
But with a retail giant like Walmart improving customers’ experiences with EMV, customers wanting greater safety in charge card transactions may start prompting some of their own favorite retailers to make the change.
And if you’re ready for the upgrade, be sure to contact your AVPS rep today. We’ll let you know what equipment and terminals are available (more on these in upcoming posts!), and help guide you through the transition every step — every chip! — of the way.