Visa announced Tuesday it will try to cut down the delay at checkout lines by upgrading the technology that goes into reading new chip-enabled credit cards.
The cards — which landed in U.S. credit and debit cards last year — are ostensibly more secure than old magnetized strip cards, but they can take a noticeably longer time to clear. Visa, the largest manufacturer of these cards, said it’s trying to cut that wait to two seconds.
A new software update from Visa might save consumers and businesses a total of 18 seconds per transaction for who use those new chip-enabled credit and debit card.
Don’t worry, this doesn’t mean we’ll all be getting another round of new cards in the mail. But, it does prove in part that Visa is paying attention to complaints about the chip card slowness problem.
We asked you on social media: is the trade-off worth it? So far the answer is an overwhelming yes.
Is the extra security of a chip card worth those extra seconds at check out? Why?
— Marketplace (@Marketplace) April 19, 2016
Many of you noted the U.S. has been slow to adapt to the chips, and even more security is needed at the checkout line.
@Marketplace but need to do PIN & not signature, like Europe. It’s my understanding, not really anymore protection if card is stolen
— Marm and T (@MarmandT) April 19, 2016
@Marketplace Yes. Because magnetic strips are so terribly insecure. The chip doesn’t go far enough… should mandate PIN. It’s a start though.
— Ben Franklin, Esq. (@BFSEsq) April 19, 2016
@Marketplace US needs to get out of the dark ages. A couple extra seconds to protect my identity and money is worth it.
— Ryan C (@finalryan) April 19, 2016
@Marketplace I wish my than three merchants had/use the chip readers in my hometown.
— Doug Ryan (@dougryanfla) April 19, 2016
A few more of you said consumers should skip chips and use near-field communication and mobile payments.
@Marketplace Apple/Android pay is even safer/faster, which I would use if it were more ubiquitous.
— Ryan (@ryantraher) April 19, 2016
@Marketplace yes but also no because NFC chips in cards make it so much faster and secure
— Aran Kirwan (@AranKirwan) April 19, 2016
On the “no” side, some noted the hassle of getting a new card, and that the chip is less relevant when most of your purchases are online.
@Marketplace Because getting a new credit card is a hassle, especially if you use it to autopay recurring expenditures.
— Scott Fenwick (@sfenwick75) April 19, 2016
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