For the past several months card brands and technology providers have been working behind the scenes on a new way to speed EMV transactions in the United States. This time the focus is on increasing the rate at which chip cards can pass data to card readers.
Given the energy surrounding the effort, it seems the Quick Chip train continues to pick up steam.
To date, Quick Chip gains have come through tweaks to software running inside card readers. Now, moves are afoot to pick up even more speed by changing the factory settings of cards.
It turns out that the forefathers who worked on early ISO and EMV standards accommodated the doubling and quadrupling of card speeds. Card manufacturers have, for years, been certifying their products to work at higher speeds. So, too, were terminal manufacturers who made sure that their electronics would auto-toggle to higher transmission rates whenever a fast card showed up.
Card issuers, though, saw no compelling reason to raise card speeds…that is, until now.
Slow cards and clunky terminals have created unbearable EMV wait times for U.S. consumers who are accustomed to “swipe-and-go”. Quick Chip is remedying the situation and, like terminals have done, cards will soon pick up their pace.
Early tests show that faster cards are reducing transaction times by 40%! Even more speed gains are expected when reader software gets finely tuned for the new transmission rates. The bottom line is that wait times are dramatically cut when faster cards and good EMV software are present.
RevChip supports all Quick Chip enhancements, including compatibility with double and quadruple speed cards.
EMV need not be a huge expense or a technology hassle. Merchants should be able to preserve their POS marketing programs and implement chip cards and Apple Pay in just a few days. If you agree, check out RevChip.