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M/Chip Fast from MasterCard Speeds EMV Transactions and Shoppers Through Checkout

PURCHASE, N.Y., Apr 27, 2016 (BUSINESS WIRE) -- MasterCard today unveiled M/Chip Fast, a new application of the company’s existing technology to help speed EMV transactions and shoppers through checkout lines. Developed on the principles of contactless or ‘tap-and-go’ technology, M/Chip Fast effectively prioritizes the parts of transactions that are critical to security. Cardholders can expect to experience speeds closer to the familiar magnetic stripe transactions with the added security of EMV.

Expanding on this solution, MasterCard called for the industry to activate current action-oriented forums like the Payments Security Taskforce and the EMV Migration Forum to align behind a common approach to address perceptions of speed of a chip card transaction.

“Ultimately, we all want to deliver great experiences for consumers and merchants,” said Ajay Bhalla, president of enterprise risk and security for MasterCard. “That’s why we believe that M/Chip Fast or any similar product should be implemented in consultation with the...