PURCHASE, N.Y.--(BUSINESS WIRE)--Mastercard is joining forces with payments industry leaders to enhance and expedite the consumer checkout experience leveraging the company’s M/Chip Fast technology. M/Chip Fast prioritizes the parts of a transaction critical to security to speed chip checkout times.
Verifone intends to incorporate M/Chip Fast into its products deployed in the United States. Verifone products, including the FIPay line, are used by most of the top 200 U.S. retailers and will help drive greater adoption of faster EMV technology.
“Verifone is committed to creating faster and easier payment experiences for merchants and their customers. This collaboration with Mastercard covers a myriad of different use cases across a range of retail verticals,” said Paul Galant, chief operating officer of Verifone.
Global Payments will make the faster EMV technology available to key merchants in the fast food, grocery, transit and other retail environments, where speed is critical to the consumer experience.
David Mangum, president and chief operating officer of Global Payments said, “Global Payments is continually looking for ways to drive better, faster point-of-sale experiences to its merchants and we are pleased to work with Mastercard to deliver this technology.”
Mastercard Vision for Enhanced EMV
Mastercard unveiled its vision for enhanced EMV chip technology at TRANSACT, a payments conference hosted by the Electronic Transaction Association. In his keynote address, Craig Vosburg, president of North America for Mastercard remarked, “EMV is an essential upgrade to the payments infrastructure in the U.S., which is now the largest chip market in the world and still growing. Great collaboration is happening within the industry and progress is being made in the fight against counterfeit card fraud.”
“M/Chip Fast also helps move checkout lines as it is built on nearly two decades of contactless or ‘tap-and-go’ convenience and security. Aligning with Verifone and Global Payments supports our desire to get this tool in the hands of more merchants,” concluded Vosburg.
About Mastercard
Mastercard (NYSE:MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.
About Global Payments
Global Payments Inc. (NYSE:GPN) is a leading worldwide provider of payment technology services that delivers innovative solutions driven by customer needs globally. Our technologies, partnerships and employee expertise enable us to provide a broad range of products and services that allow our customers to accept all payment types across a variety of distribution channels in many markets around the world.
Headquartered in Atlanta, Georgia with more than 8,500 employees worldwide, Global Payments is a member of the S&P 500 with merchants and partners in 30 countries throughout North America, Europe, the Asia-Pacific region and Brazil. For more information about Global Payments, our Service. Driven. Commerce brand and our technologies, please visit www.globalpaymentsinc.com.
About Verifone
Verifone is transforming everyday transactions into opportunities for connected commerce. We’re connecting payment devices to the cloud—merging the online and in-store shopping experience and creating the next generation of digital engagement between merchants and consumers. We are built on a 35-year history of uncompromised security with approximately 29 million devices and terminals deployed worldwide. Our people are trusted experts that work with our clients and partners, helping to solve their most complex payments challenges. We have clients and partners in more than 150 countries, including the world’s best-known retail brands, financial institutions and payment providers. Verifone.com | (NYSE:PAY) | @verifone