MasterCard, Visa Try to Speed Chip Transactions After Complaints
- Retailers will have to upgrade their payment terminals
- Inability to develop an industry standard could cause delays
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Following complaints from retailers, MasterCard Inc. and Visa Inc. have introduced software that they say will speed up slow check-out times for shoppers with new chip-based cards.
With the new software, the checkout experience for owners of the security-enhanced chip cards should come closer to those with the old magnetic stripes, the companies say. Consumers will be able to dip and remove their cards, instead of leaving them in payment terminals to complete purchases.