Mastercard Partners with Verifone to Make the Checkout Process Faster
We live in a world that often feels like it’s a treadmill set at the highest setting. The city is full of go-getters on the run, making pit stops to fuel up on coffee and ready-to-go meals, with no time to waste. That’s why MasterCard’s recent collaboration with Verifone and Global Payments is such fantastic news.
In May of 2017, Mastercard announced that it would be incorporating the new M/Chip technology into Verifone POS terminals across the United States, promising faster, easier and more secure transactions. The move is sure to be well received by businesses and consumers alike. After all, time is money, and life’s not a waiting game.
Faster, More Secure Transactions
In the US, the average speed of an EMV transaction is 11 seconds. It may not sound like the longest wait, but for fast-paced businesses those wasted seconds are lost dollars and opportunities. The M/Chip is a long-awaited solution for businesses and organizations in the fast food, grocery and transit sectors, who heavily rely on efficiency. Paul Galant, the chief operating officer of Verifone said, "Verifone is committed to creating faster and easier payment experiences for merchants and their customers. This collaboration with MasterCard covers a myriad of different use cases across a range of retail verticals."
This new technology will reduce checkout times, which in turn will help businesses handle more customers and improve the overall experience for consumers. Patience may be a virtue but so is honesty, and let’s be honest, most of us hate waiting in line. The M/Chip will make chip transactions as fast as the ol’ swipe of the card, by prioritizing the parts of a transaction that are critical to security. Like a standard EMV transaction, the M/Chip will generate a unique code for each transaction to prevent counterfeit fraud, but then the card can be removed from the machine straight away, cutting down the processing time and reducing the tapping of impatient toes.
David Magnum, president and chief operating officer of Global Payments said, "Global Payments is continually looking for ways to drive better, faster point-of-sale experiences to its merchants and we are pleased to work with MasterCard to deliver this technology." Chip technology is more secure, so hopefully this development will encourage a faster implementation of it across the manifold of transaction-based industries. For now, it is only available in the US, but this step forward is sure to set ripples across the oceans and maybe in the near future we’ll be seeing M/Chips being utilized internationally.
A Long Overdue Solution
In the US, the M/Chip will be available to all Verifone POS terminal suppliers, connecting commerce in a way that fits the current times. Verifone products, including the FIPay line, are used by the top 200 retailers in the US, but some 42% of retailers in the US still require customers to swipe their cards, even though chip-enabled cards have been the rule since 2015.
Now with a faster chip process, business owners will be able to reconsider their choices around transactions and customer interaction. Craig Vosburg, president of North America for MasterCard said, "Aligning with Verifone and Global Payments supports our desire to get this tool in the hands of more merchants." Our guess is those merchants will welcome the ability to process faster, more efficient and more secure transactions with open arms.