Square Inc. has reduced the amount of time it can process chip cards to two seconds and plans to eliminate the signature requirement for merchants, reports The New York Post. Square's hardware chief claims that the payment experience for customers has "regressed" since the introduction of chip cards, and it is focused on cutting down checkout time more broadly.
Square was able to drive down chip card speeds by working with the various credit card companies. Visa touts its Quick Chip technology, which allows consumers to use cards before the cashier is done ringing everything up, while Mastercard has a similar technology called M/Chip Fast, which "effectively prioritizes the parts of transactions that are critical to security."
Square believes that although it isn't the only company developing this technology, it is well-positioned to capitalize on it because it has "ownership" over its entire system. Meaning, since there is a lot of communication that has to take place between the various hardware and software employed in a chip card transaction, those conversations can be shorter between products that are all made by the same company, according to the report. Full Story
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