Quick Chip for EMV streamlines checkout to make secure chip card
transactions faster and even more convenient
LAS VEGAS--(BUSINESS WIRE)--
At the Electronic Transaction Association’s TRANSACT 16 event, Visa Inc.
(NYSE:V) announced the launch of Quick
Chip for EMV, a technology enhancement that optimizes EMV®1
chip card processing and speeds up checkout times.
The Quick Chip specification is available free-of-charge to payment
processors, acquiring banks, and other payment networks to offer to
merchants. The upgrade streamlines the processing of chip card
transactions to enable customers to dip and remove their EMV chip card
from the terminal, typically in two seconds or less, without waiting for
the transaction to be finalized. The enhancement requires only a simple
software update to the merchant’s card terminal or point of sale system.
“Visa is advancing a streamlined approach to chip transactions to make
them faster and more efficient, while still providing a safe and secure
experience,” said Mark Nelsen, senior vice president of Risk Products
and Business Intelligence, Visa Inc. “Quick Chip for EMV helps make the
checkout experience comparable to the ease and speed of magnetic stripe
The updated process provides a number of key benefits, including:
Faster Checkouts: Quick Chip-enhanced
terminals will prompt the cardholder to dip the chip card briefly in
the reader and then remove it, reducing the card’s interaction with
the terminal to about two seconds.
Streamlined Processing: Quick
Chip-enhanced terminals can also allow the payment card to be inserted
and removed while the shopping cart is still being rung up, further
streamlining the acceptance process for the consumer.
Simple Implementation: Quick Chip
requires a payment application software update that can be easily
downloaded to the payment terminal. Once installed, the technology
will work with all cardholder verification methods, including
signature and PIN, and does not require the merchant to make any
changes to its routing or transaction handling. Quick Chip does not
require additional Visa or EMVCo testing if a merchant’s checkout
system has already been certified as EMV chip compliant. No changes to
chip cards are needed.
Encouraging EMV Chip Adoption
Quick Chip helps facilitate the payment industry’s transition to EMV
chip technology in the U.S. So far, more than 265
million Visa credit and debit chip cards have been issued to
cardholders, making the U.S. the largest chip card market in the world.
In addition, more than one million merchants now have chip-enabled
terminals, or roughly 20 percent of all merchant locations.
The specification has already garnered industry support with several
merchant processors, terminals providers, and vendors planning to
implement and offer Quick Chip in the coming months.
“We’re very excited to pilot this game-changing approach to EMV chip
processing,” said Craig Ludwig, Group Executive of Product for TSYS'
Merchant Services segment. “Quick Chip improves the consumer
experience, without impacting transaction processing or routing on the
acquirer or issuer side.”
“Merchants want a fast, reliable, and secure checkout experience and
hassle-free implementation,” said Richard Char, senior vice president
of Business Development, Verifone. “Quick Chip will help Verifone
deliver better service to our clients and a better payment experience
to their customers.”
“Speed at checkout is paramount for our customers” said Robert Hayhow,
vice president of North America Business Development, Equinox. “When
Visa approached us about Quick Chip, we immediately saw the value of
putting a solution into production.”
“Quick Chip is a solution that improves the consumer’s transaction
experience with relatively minor changes to the checkout terminal,”
said Allen Friedman, vice president of Payment Solutions, Ingenico. “Being
able to make this update using existing EMV chip infrastructure and
not requiring re-certification means retailers can integrate this
enhancement into their solutions with minimal impact to the POS
“Quick Chip is fast and simple to implement at the middleware level,”
said Bruce Murray, president of payment software and certification
provider B2. “With no additional Visa or EMVCo certification required,
merchants can be up and running on Quick Chip in no time at all.”
"What’s particularly appealing about Quick Chip for EMV is that it can
be implemented quickly with no impact on Visa’s Level 3
certifications,” said Terrence Crowley, chief executive officer of
TranSend, a provider of EMV software for point-of-sale systems. “On
the acquiring side, we welcome secure methods that speed things at a
merchant’s checkout, without slowing things down through additional
Merchants interested in implementing Quick Chip should contact their
payment processor or acquiring bank. Visa will demonstrate Quick Chip at
conference April 19-21, 2016 in Las Vegas. Additional technical
documentation is available at www.visachip.com.
About Visa Inc.: Visa Inc. (NYSE: V) is a global payments
technology company that connects consumers, businesses, financial
institutions and governments in more than 200 countries and territories
to fast, secure and reliable electronic payments. We operate one of the
world's most advanced processing networks — VisaNet — that is capable of
handling more than 65,000 transaction messages a second, with fraud
protection for consumers and assured payment for merchants. Visa is not
a bank and does not issue cards, extend credit or set rates and fees for
consumers. Visa's innovations, however, enable its financial institution
customers to offer consumers more choices: pay now with debit, pay ahead
of time with prepaid or pay later with credit products. For more
information, visit usa.visa.com/about-visa,
1 EMV is a registered trademark in the U.S. and other
countries, and is an unregistered trademark in other countries, owned by
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Source: Visa Inc.