Just in time for the peak holiday shopping season in North America, Verifone (NYSE: PAY) announced today that it is implementing Mastercard’s M/Chip Fast technology across the Verifone next generation and heritage payment solution lines. Whether it’s insert or tap to pay, North American merchants will be able to provide their customers with speeds similar to those associated with magnetic stripe transactions along with EMV security.
M/Chip Fast is designed for grocery, retail, fast food, and hospitality environments where speed and convenience are critical. It facilitates EMV transactions consistent with those offered globally by Mastercard; however, payments are authenticated in one step, instead of two. This means consumers no longer have to wait for the full round-trip authorization to return to the card. Grocery shoppers especially will notice that they will be able to tap or dip and remove cards from the terminal while the cashier continues to scan items. As with standard EMV, M/Chip Fast provides counterfeit fraud protection by creating unique codes for all transactions.