Visa knows we’re not a patient bunch, which is why the credit card giant is taking steps to make chip-and-PIN processing faster, aiming to cut processing time at the terminal to two seconds or less.
A recent study showed the average processing time is 10 seconds, a substantial increase from the two to three seconds it took to process a card using the magnetic stripe. Visa has already started talks with terminal manufacturers, but the hardware itself isn’t the only factor at play – connection speeds also play a role in processing times.
“There’s been a lot of interest in what we can do to improve the transaction speed,” Visa’s vice president of risk products, Stephanie Ericksen, was quoted as saying in a Bloomberg article. “The key difference will be you can insert your card, leave it in the terminal for a split second and remove the card rather quickly, rather than waiting for the entire transaction to complete.”
In total, American consumers have 265 million Visa credit and debit cards in their wallets. About 20 percent of Visa’s merchant locations have upgraded terminals to process chip cards, which were introduced to the U.S. market in 2015.