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Mastercard Incorporated (MA) - free report >>
Visa Inc. (V) - free report >>
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American Express Quick Chip to Speed Up EMV Transactions
American Express Co. (AXP - Free Report) has launched the Quick Chip technology in an effort to speed up transaction processing. This technology expedites chip card transactions at the point of sale, thereby optimizing consumer experience.
The Quick chip card works like any other normal chip card which generates a unique one-time code every time it is used in store at a chip-activated terminal. This feature is virtually impossible to duplicate in counterfeit cards, and thus reduce in-store fraud.
The additional feature of Quick Chip as the name signifies is that it speeds up the whole process. Customers just have to dip their cards in the EMV (EMV stands for Europay, MasterCard, and Visa – the creators of the credit card specification) enabled terminals and keep them back in their wallets without waiting for the transaction to be completed. This Quick Chip allows customers to remove their card from payment terminals before the transaction amount is finalized or before the authorization response has been received.
AMER EXPRESS CO Price
AMER EXPRESS CO Price | AMER EXPRESS CO Quote
Furthermore, the speeding up of the whole process enables faster checkout, streamlines processing and reduces unnecessary friction between customers and merchants.
Also, Amex Quick Chip carries the same features as other Quick Chips offered by other payment networks, making it easier for merchants to use it in their terminals, along with other card brands.
The Quick Chip technology is not new to the payments industry. This has been introduced to serve the needs of both merchants and cardholders who needed additional time for their EMV transactions. So, to accelerate the speed of transacting, Visa Inc. (V - Free Report) Quick Chip was launched in April and a similar solution called M/Chip Fast was by launched by MasterCard Inc. (MA - Free Report) .
While Visa and MasterCard have been the frontrunners in the introduction, American Express has followed suit. We expect yet another player Discover Financial Services (DFS - Free Report) to launch a similar service soon.
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