Verifone has selected Mastercard’s M/Chip Fast technology across its next generation and heritage payment solutions.

M/Chip Fast provides EMV transactions similar to those offered by Mastercard, but payments will be authenticated in one step, instead of two.

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It also provides fraud protection by generating unique codes for all transactions.

The technology is useful for grocery, retail, fast food and hospitality markets, where speed and convenience play a key role.

North American merchants can provide faster transactions similar to those associated with magnetic stripe along with EMV security.

Mastercard US market development executive vice president  Linda Kirkpatrick said: “The goal is to deliver great experiences for consumers and merchants. We believe that M/Chip Fast should be implemented by merchants requiring accelerated checkout in today’s fast moving, competitive retail environment.

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“With the approaching holiday season, we look forward to working with Verifone to create a better payment experience offering both speed and security for all chip-based transactions.”

Verifone North America president Joe Mach said: “Retail is evolving and our merchants want to offer better, engaging checkout experiences to their customers. M/Chip Fast effectively prioritises the parts of transactions that are critical to security.

“Quicker transaction speed with enhanced payment security are ideal when time is of the essence such as the holiday shopping season when checkout lines are especially long. Verifone is committed to supporting new technologies like M/Chip Fast to make EMV adoption a winning experience for both merchants and consumers.”