AmEx latest card network trying to make EMV transactions quick
American Express is the latest card network putting its best foot forward to try and reduce U.S. EMV transaction times with a software update at the physical point of sale.
AmEx Quick Chip is available to merchant processors, who can deploy the service to interested U.S. merchants through a software update to their EMV-enabled payment terminals, according to a press release.
The software update lets cardholders dip and remove their AmEx chip card from the terminal before the transaction is complete.
"Reducing friction for card members and merchants is a key priority for American Express," said Mike Matan, vice president of the global network business for American Express. "AmEx Quick Chip provides merchants operating in industries where fast checkout speed is critical with an option for ensuring card members can quickly and efficiently pay for purchases with their EMV chip cards."
AmEx Quick Chip is compatible with the technical standards used in Quick Chip services offered by other payment networks, meaning that processors and merchants can easily implement the solutions across all accepted card brands , according to the announcement.
AmEx Quick Chip is currently available to processors, merchants and vendors in the U.S. Interested parties may download the AmEx Quick Chip technical manual at www.amexglobalnetwork.com/amexquickchip to review implementation requirements for the service. Merchants who want to upgrade to AmEx Quick Chip should contact their point-of-sale provider.