Verifone and Global Payments are the latest payments industry providers to try speeding up the EMV checkout process, with each company agreeing to adopt Mastercard’s M/Chip Fast technology.
San Jose, Calif.-based Verifone will incorporate Mastercard’s technology within payments hardware sold in the U.S., including its FIPay line of terminals, Mastercard said in a Thursday press release.
“This collaboration with Mastercard covers a myriad of different use cases across a range of retail verticals,” said Paul Galant, Verifone’s CEO, in the release.
Atlanta-based processor Global Payments also will make M/Chip Fast technology available to key grocery and fast-food retailers and transit system operators to speed up the consumer checkout experience, according to the release.
“Aligning with Verifone and Global Payments supports our desire to get this tool in the hands of more merchants,” added Craig Vosburg, Mastercard’s president for North America.
Early this month Worldpay announced its plans to use Visa’s Quick Chip specification designed to cut EMV checkout times at the point of sale.