Verifone enables fast transactions for grocery shoppers with EMV-like security level

3 November 2017

Verifone Verifone reported this week it is launching M/Chip Fast technology provided by Mastercard across the range of its payment solutions enabling merchants in North America to offer faster transactions to their customers at the points of sale (POS). The technology combines convenience of a magnetic stripe card with a security of EMV.

M/Chip Fast technology specifically targets such areas as grocery stores, retail, fast food and hospitality, where speed and security is of high value. The new solution from Mastercard features the same level of transactions safety as the one coming with EMV, but unlike EMV this technology enables one-step verification instead of two stage process.

With M/Chip Fast technology consumers don’t need to waste their time waiting for the full authorization process before they can take back their card. Verifone will allow customers shopping at the grocery stores to tap and insert their card and quickly remove it while the cashier is still scanning the merchandise. Verifone notes that just like with conventional EMV technology the new M/Chip Fast solution features reliable fraud protection through unique codes for all transactions.

M/Chip Fast solution along with Quick Chip offered by Visa will be available for Verifone’s FIPay, Verifone MX, VX, Engage, and Verifone Carbon products.

Two weeks ago an announcement was made about the partnership between Alipay and Verifone over the introduction of mobile payments for taxi fare to Chinese tourists visiting New York and Las Vegas.

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