EMV Quick Chips
There have been various impediments to the adoption of an EMV Quick Chips 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.
Merchant Reluctance and Quick Chips Technology
This hesitation stems from the validation process required when inserting the chip end of the card into the reader, resulting in a wait for validation.
However, VISA has recently introduced its own solution to address this concern, particularly in situations where long lines are anticipated, such as during holiday sales. This development aims to alleviate the hesitations surrounding transaction speed and provide a more efficient experience for both merchants and customers.
Visa’s Quick Chips Technology
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.
Benefits of EMV Quick Chips
Visa states that their new technology enables shoppers to swiftly insert and remove their EMV chip card from the terminal, typically within two seconds. Furthermore, the Quick Chip solution offers the advantage of being a software upgrade to the retailer’s existing credit card terminal or point-of-sale system, eliminating the need for additional devices.
Fast Adoption and Impact Of Quick Chips
The upshot, according to CNET, “is that Instead of 15 to 18 seconds, Quick Chip cards sit in the slot of a checkout scanner 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.
Increasing Quick Chips Adoption
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.
Contact AVPS for Upgrades
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.
