US-based mobile payments firm, Square has made chip cards transaction even faster. Now customers just have to wait two seconds for a transaction.

Merchants using Square Register and Square Reader for contactless and chip will now be able to process EMV transactions faster. This is compared to the standard 8-13 seconds.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

To enhance the speed, Square and its partners leveraged the Quick Chip and M/Chip technology. The technology is a new dip transaction flow.

The technology is said to minimise the contact time for chip cards transaction time. It does this by prioritising the segments of transactions important for security.

With this technology, cardholders will be to remove their card instantly after the reading. Furthermore, it eliminates the need to wait for the issuer response.

Square head of hardware, Jesse Dorogusker said: “Since chip cards arrived in the US, we have focused on making our chip reader fast for our sellers. Three seconds or more wasn’t quick enough.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“Taking an EMV payment in as little as two seconds helps speed up the line for our sellers, gives time back to their customers, and reduces in-store fraud in the US.”

Mastercard executive vice-president of digital partnerships Sherri Haymond said: “With M/Chip Fast from Mastercard, Square can provide both speed and security for all chip card transactions, delivering great experiences for its sellers and their customers.”

The company also updated its POS app. In doing so, Square eliminated the need for signatures on all card transactions at sellers in the US and Canada.