Mastercard Wants To Help Make Credit Card Payments Go Through Faster

We’re sure that you’ve been in queues where the items purchased aren’t a lot, like maybe buying a ticket for a train, or being in line at the supermarket where the person in front only has one or two items. However due to the payment process being slow, what should have taken less than a minute will take up more, and this eventually snowballs into a longer than necessary wait.

Mastercard seems to understand this frustration as the company has announced that they will be teaming up with companies Verifone and Global Payments to help expedite the payments process when using credit cards. This will see the companies work towards building Mastercard’s M/Chip Fast technology into EMV card reading systems, which ultimately should result in a speedier payment process.

Unfortunately at the moment there is no mention of a timeframe and when we might be able to expect to see this technology fully implemented, but it’s still a good sign that they are looking into it anyway. According to Craig Vosburg, president of North America for Mastercard, “EMV is an essential upgrade to the payments infrastructure in the U.S., which is now the largest chip market in the world and still growing. Great collaboration is happening within the industry and progress is being made in the fight against counterfeit card fraud.”

Vosburg adds, “M/Chip Fast also helps move checkout lines as it is built on nearly two decades of contactless or ‘tap-and-go’ convenience and security. Aligning with Verifone and Global Payments supports our desire to get this tool in the hands of more merchants.”

Tyler Lee
Categories: General
Tags: mastercard