MasterCard moves to optimize the EMV chip transaction experience

In a bid to make it more convenient for customers to process payments using new chip cards recently introduced in the US, MasterCard has launched its new M/Fast solution to help.

This technology enables customers to dip an EMV chip card into the terminal and remove it within a few seconds, making the experience closer to the magnetic stripe process .

Ajay Bhalla, President of Enterprise Security Solutions for MasterCard, said that while the solution is similar to what happens in contactless payments both in and outside the US, this allows customers to remove the card from the terminal before the transaction is completed.

While merchants won’t be compelled to take up the technology, this would be valuable in places such as coffee shops, fast food outlets, and grocery stores where the customer impact will be more evident.