Verifone Implements Mastercard M/Chip Technology for Faster, More Convenient EMV Transactions at Checkout
November 02 2017 - 8:00AM
Business Wire
Just in time for the peak holiday shopping
season in North America, Verifone (NYSE: PAY) announced today that
it is implementing Mastercard’s M/Chip Fast technology across the
Verifone next generation and heritage payment solution lines.
Whether it’s insert or tap to pay, North American merchants will be
able to provide their customers with speeds similar to those
associated with magnetic stripe transactions along with EMV
security.
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Verifone enables faster checkout (Photo:
Business Wire)
M/Chip Fast is designed for grocery, retail,
fast food, and hospitality environments where speed and convenience
are critical. It facilitates EMV transactions consistent with those
offered globally by Mastercard; however, payments are authenticated
in one step, instead of two. This means consumers no longer have to
wait for the full round-trip authorization to return to the card.
Grocery shoppers especially will notice that they will be able to
tap or dip and remove cards from the terminal while the cashier
continues to scan items. As with standard EMV, M/Chip Fast provides
counterfeit fraud protection by creating unique codes for all
transactions.
“The goal is to deliver great experiences for
consumers and merchants,” said Linda Kirkpatrick, executive vice
president, U.S. Market Development, Mastercard. “We believe that
M/Chip Fast should be implemented by merchants requiring
accelerated checkout in today’s fast moving, competitive retail
environment. With the approaching holiday season, we look forward
to working with Verifone to create a better payment experience
offering both speed and security for all chip-based
transactions.”
“Retail is evolving and our merchants want to
offer better, engaging checkout experiences to their customers,”
said Joe Mach, president of North America, Verifone. “M/Chip Fast
effectively prioritizes the parts of transactions that are critical
to security. Quicker transaction speed with enhanced payment
security are ideal when time is of the essence such as the holiday
shopping season when checkout lines are especially long. Verifone
is committed to supporting new technologies like M/Chip Fast to
make EMV adoption a winning experience for both merchants and
consumers.”
The Verifone Point and FIPay payment solutions,
and the Verifone MX, VX and Engage product lines as well as
Verifone Carbon, will all support the M/Chip Fast option and Visa’s
Quick Chip for EMV® technology. Both M/Chip Fast and Quick Chip
allow customers to dip their EMV cards while the items in the
shopping cart are being scanned, and allow the card to be removed
from the terminal as soon as the card data is read by the terminal.
This can significantly speed checkout times. Used by most of the
top 200 U.S. retailers, Verifone payment solutions provide the
scale to help drive greater adoption of faster EMV technology.
Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995 for VeriFone Systems,
Inc.
This press release includes certain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are
based on management's current expectations or beliefs and on
currently available competitive, financial and economic data and
are subject to uncertainty and changes in circumstances. Actual
results may vary materially from those expressed or implied by the
forward-looking statements herein due to changes in economic,
business, competitive, technological and/or regulatory factors, and
other risks and uncertainties affecting the operation of the
business of VeriFone Systems, Inc., including many factors beyond
our control. These risks and uncertainties include, but are not
limited to, those associated with: successful implementation of the
Mastercard M/Chip technology across our payment solution lines,
execution of our strategic plan and business initiatives and
whether the expected benefits of our plan and initiatives are
achieved, short product cycles and rapidly changing technologies,
our ability to maintain competitive leadership position with
respect to our payment solution offerings, our assumptions,
judgments and estimates regarding the impact on our business of the
continued uncertainty in the global economic environment and
financial markets, our ability to successfully integrate acquired
businesses into our business and operations, our ability to protect
against fraud, the status of our relationship with and condition of
third parties such as our contract manufacturers, distributors and
key suppliers upon whom we rely in the conduct of our business, our
dependence on a limited number of customers, the conduct of our
business and operations internationally, our ability to effectively
hedge our exposure to foreign currency exchange rate fluctuations,
and our dependence on a limited number of key employees. For a
further list and description of the risks and uncertainties
affecting the operations of our business, see our filings with the
Securities and Exchange Commission, including our annual report on
Form 10-K and our quarterly reports on Form 10-Q. We may also
provide material information about us on our investor relations
website at www.ir.verifone.com, in company press releases and in
social media postings. The forward-looking statements speak only as
of the date such statements are made. Verifone is under no
obligation to, and expressly disclaims any obligation to, update or
alter its forward-looking statements, whether as a result of new
information, future events, changes in assumptions or
otherwise.
About Verifone
Verifone is transforming every day transactions
into new and engaging opportunities for merchants and consumers at
the last inch of payments and commerce. Powered by a growing
footprint of more than 30 million devices in more than 150
countries, our people are trusted experts working with the world’s
best-known retail brands, financial institutions, and payment
providers. Verifone is connecting more products to an integrated
solutions platform to better meet the evolving needs of our clients
and partners. Built on a 35-year history of uncompromised security,
we are committed to consistently solving the most complex payment
challenges. Verifone.com | (NYSE: PAY) | @verifone.
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Media:VerifonePress@verifone.com
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