Last year, American Express, Discover, Mastercard, and Visa each released their own “faster EMV®” processing solutions for optimizing online-only EMV transactions. These solutions give consumers the perception of a faster chip card transaction by allowing them to insert and remove their chip card from the terminal without waiting for the transaction to be finalized.
For each payments stakeholder, there are a lot of different options and things to consider when migrating to EMV for more secure in store payments, and many want to know – how do these faster EMV solutions impact me? Should I implement them? What do I need to know?
Here are some considerations for merchants, issuers and acquirers when thinking about implementing faster EMV solutions:
If you’re a merchant
As a merchant, offering these solutions can provide a number of benefits. For example, a faster transaction process improves customer experience and reduces the likelihood that a customer will forget their card. Plus, these solutions provide stronger security due to EMV chip technology.
If you have already made the switch to chip-accepting terminals, you can still implement faster EMV solutions through updating your software. This process doesn’t require additional testing or recertification and is relatively simple.
If you haven’t upgraded your in-store terminals to accept chip cards yet, faster EMV solutions can be incorporated into your migration plans from the start. Like a traditional EMV certification process, each payment network has different testing requirements, however the process is slightly streamlined for faster EMV implementations. This is because it simplifies the EMV transaction flow and eliminates the need for more complex EMV functionality, such as issuer scripting, response cryptography and card initiated reversals.