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MasterCard urges industry collaboration to speed up EMV transactions

May 26, 2016

MasterCard is working with other acquirers, processors and payments networks on a standard to shorten checkout times for EMV transactions, according to a company press release.

These efforts will be based on the company's M/Chip Fast solution, which builds on the principles of contactless tap-and-go technology to help speed EMV transactions.

MasterCard said that it has also streamlined testing and certification for M/Chip Fast to make adoption more efficient.

"We are impressed with the progress that's been made so far [on EMV migration]," said Chiro Aikat, MasterCard senior vice president of product delivery for EMV. "We're taking these steps today to continue the pace of adoption. Making our M/Chip Fast technology available to all parties is our latest investment in this ongoing commitment."

Chip cards and terminals are already having an impact on fraud, MasterCard said in the release. Based on the network's compiled fraud reports from large chip-enabled U.S. merchants:

• counterfeit card fraud basis points at those merchants dropped 39 percent in January 2016 compared with January 2015; and
• during the same time period, counterfeit fraud at those merchants decreased 27 percent in terms of overall U.S. dollar volume.