Digital Transactions Authoritative, insightful and timely information for payments professionals
Quick Chip, a Visa Inc. protocol for streamlining the EMV transaction process, is now available on processor Worldpay’s network.
Announced Monday, the service reduces a chip card terminal’s transaction time by approximately 3 seconds, Worldpay says. Quick Chip eliminates the need to leave the card in the reader while waiting for the final amount, authorization, and post-authorization steps, Worldpay says. Visa says Worldpay is the first processor to offer Quick Chip.
Quick Chip, and similar programs from the other major card brands, is meant to alleviate the perception among consumers and merchants of a lengthy waiting time for EMV transactions. Announced in 2016, the program at one grocer increased the checkout pace by 12% to 13%.
Worldpay says its existing merchants need only download the free software to their point-of-sale terminals to take advantage of Quick Chip. No changes to a merchant’s standard chip card processing, the payment network, or Worldpay certifications are necessary. Worldpay also says the service has no impact on the routing process for the merchant bank, network, or card issuer. It plans to convert its existing merchant base to Quick Chip within the year. Worldpay does not disclose its U.S. merchant total, but says it has more than 400,000 globally. New merchants receive POS terminals preloaded with the technology, Worldpay says.
A U.S.-only protocol, Quick Chip is now used at more than 35,000 merchant locations, Visa said last week.
