You may have heard of the new buzz phrase going around regarding EMV migration called Quick Chip or M/Chip. This enhancement is geared to help speed up the EMV transaction time, ultimately resulting in a faster checkout process for both the consumer and merchant.


To date, all of the major credit card companies, including Visa, MasterCard, American Express, and Discover, have launched each of their respected versions of a Quick Chip or M/Chip, aimed to help streamline payment processing.  


“With Quick Chip, consumers insert their chip card into the terminal, which automatically generates the EMV cryptogram (that secure one-time code) – the card can then be removed from the terminal while the rest of the transaction continues,” spoke Stephanie Ericksen, VIP of Global Risk Products and Visa. 


The effect on merchants will require minimal effort and will primarily depend on the middleware provider the merchant is using and the type of integration that is put in place. 


“The great thing about Quick Chip is that there is no change needed to the card or to the issuer processing. There’s also no change to the merchant screens for the cardholder and no additional education and training required for the consumer or for the merchant’s sales associates,” Ericksen added. 


Quick Chip and M/Chip will shorten the EMV authentication process down to around two seconds and also allow consumers to remove their chip card while their transaction is still being processed.


With Quick Chip and M/Chip, both consumers and merchants can experience a seamless EMV checkout experience and faster checkout times. Quick Chip and M/Chip are anticipated to launch in select stores this summer, with widespread adoption in the coming months.