EMV adoption by merchants is certainly on the rise. However, EMV payment transactions require longer time at the point of sale (POS) as compared with magnetic-stripe cards.
Visa’s Quick Chip for EMV Transactions
Visa has recently introduced its Quick Chip for EMV, which aims to help users complete faster checkout. Quick Chip by Visa also enables users to enjoy streamlined processing and provides a simple implementation both for consumers and merchants.
According to Stephanie Ericksen, VP Global Risk Products at Visa, Quick Chip boasts not only speed at checkout, but also the ability to dip the card and take it back while the transaction goes on. In fact, this practice is already in use. The point is that it is not widely used.
What is important, the implementation of Quick Chip doesn’t require additional testing or certification from a Visa or EMVCo. Moreover, no changes should be made to the process, and the technology is inherently EMV compliant. As Ericksen mentions, all you need is just a simple change to the terminal software.
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Visa’s Quick Chip Transactions for Merchants
Merchants witness an increased number of EMV transactions processed through their systems. Also, more and more consumers are experiencing contact chip. All this resulted in several discussions in the industry concerning another alternative that would speed up EMV transactions.
The idea of cards featuring a dual interface is still being discussed. The mentioned dual interface has to do with bringing contactless and EMV capabilities into a single card. However, it is believed that Visa’s Quick Chip is capable of accelerating checkout much faster and cheaper than it could be done by dual-interface cards.
The ability to simply deploy a Quick Chip into a software iteration could become warmly indorsed. This is true especially of a holiday shopping season when the need for quick and speedy transactions at checkout is huge.
The fact that Quick Chip is a Visa specification doesn’t mean it cannot be practiced across all the networks. According to Ericksen, other industry players should figure out how they can fit Quick Chip into their own strategies and requirements. This way, they could make Quick Chip deployed for anyone and for all Visa cards both debit and credit.