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Mastercard aims to speed up your chip-and-PIN payments
Chip cards are ultimately faster than paying with a magnetic stripe and a signature (or worse, a check), but they're sometimes slow -- and it's bad enough that Mastercard wants to do something. The company is partnering with Verifone and Global Payments to build its speedy M/Chip Fast technology into EMV card reading systems destined for the US. The focus is on fast food, grocery stores, mass transit and anywhere else that waiting even a few seconds might cause frustration (especially for the people behind you).
Square is speeding up EMV chip card transactions
Anyone who has encountered a "NO CHIP, PLEASE SWIPE" sign while trying to pay via credit or debit card has probably noticed the switch from magnetic stripes to EMV chips hasn't been the smoothest. According to one study cited by the New York Times, it takes an average of eight to 12 seconds just to complete a transaction. While folks outside the country might scoff at American impatience, Square went ahead and did something about it: driving down checkout times with its latest update to the Square contactless and chip reader.