SQ Block Inc

   By Josh Beckerman 
 

Square Inc. (SQ) has reduced the chip-card processing speed for Square Reader for contactless and chip, and Square Register, to 2 seconds, compared with 3.6 previously.

The company has also updated its point-of-sale app so that merchants can remove the signature requirement.

"Long, slow lines frustrate your customers," Square said on its blog. The company noted that chip cards can be slower because of robust security checks, and said it "worked with our partners at the major payment networks to make sure you can take payments faster while keeping in-store fraud at bay."

Visa Inc. (V), Mastercard Inc. (MA), American Express Co. (AXP) and Discover Financial Services (DFS) have ended signature requirements in the U.S. as they have added security features including chips.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

August 15, 2018 16:12 ET (20:12 GMT)

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