SAN JOSE, Calif.--(BUSINESS WIRE)--Just in time for the peak holiday shopping season in North America, Verifone (NYSE: PAY) announced today that it is implementing Mastercard’s M/Chip Fast technology across the Verifone next generation and heritage payment solution lines. Whether it’s insert or tap to pay, North American merchants will be able to provide their customers with speeds similar to those associated with magnetic stripe transactions along with EMV security.
M/Chip Fast is designed for grocery, retail, fast food, and hospitality environments where speed and convenience are critical. It facilitates EMV transactions consistent with those offered globally by Mastercard; however, payments are authenticated in one step, instead of two. This means consumers no longer have to wait for the full round-trip authorization to return to the card. Grocery shoppers especially will notice that they will be able to tap or dip and remove cards from the terminal while the cashier continues to scan items. As with standard EMV, M/Chip Fast provides counterfeit fraud protection by creating unique codes for all transactions.
“The goal is to deliver great experiences for consumers and merchants,” said Linda Kirkpatrick, executive vice president, U.S. Market Development, Mastercard. “We believe that M/Chip Fast should be implemented by merchants requiring accelerated checkout in today’s fast moving, competitive retail environment. With the approaching holiday season, we look forward to working with Verifone to create a better payment experience offering both speed and security for all chip-based transactions.”
“Retail is evolving and our merchants want to offer better, engaging checkout experiences to their customers,” said Joe Mach, president of North America, Verifone. “M/Chip Fast effectively prioritizes the parts of transactions that are critical to security. Quicker transaction speed with enhanced payment security are ideal when time is of the essence such as the holiday shopping season when checkout lines are especially long. Verifone is committed to supporting new technologies like M/Chip Fast to make EMV adoption a winning experience for both merchants and consumers.”
The Verifone Point and FIPay payment solutions, and the Verifone MX, VX and Engage product lines as well as Verifone Carbon, will all support the M/Chip Fast option and Visa’s Quick Chip for EMV® technology. Both M/Chip Fast and Quick Chip allow customers to dip their EMV cards while the items in the shopping cart are being scanned, and allow the card to be removed from the terminal as soon as the card data is read by the terminal. This can significantly speed checkout times. Used by most of the top 200 U.S. retailers, Verifone payment solutions provide the scale to help drive greater adoption of faster EMV technology.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 for VeriFone Systems, Inc.
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations or beliefs and on currently available competitive, financial and economic data and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the forward-looking statements herein due to changes in economic, business, competitive, technological and/or regulatory factors, and other risks and uncertainties affecting the operation of the business of VeriFone Systems, Inc., including many factors beyond our control. These risks and uncertainties include, but are not limited to, those associated with: successful implementation of the Mastercard M/Chip technology across our payment solution lines, execution of our strategic plan and business initiatives and whether the expected benefits of our plan and initiatives are achieved, short product cycles and rapidly changing technologies, our ability to maintain competitive leadership position with respect to our payment solution offerings, our assumptions, judgments and estimates regarding the impact on our business of the continued uncertainty in the global economic environment and financial markets, our ability to successfully integrate acquired businesses into our business and operations, our ability to protect against fraud, the status of our relationship with and condition of third parties such as our contract manufacturers, distributors and key suppliers upon whom we rely in the conduct of our business, our dependence on a limited number of customers, the conduct of our business and operations internationally, our ability to effectively hedge our exposure to foreign currency exchange rate fluctuations, and our dependence on a limited number of key employees. For a further list and description of the risks and uncertainties affecting the operations of our business, see our filings with the Securities and Exchange Commission, including our annual report on Form 10-K and our quarterly reports on Form 10-Q. We may also provide material information about us on our investor relations website at www.ir.verifone.com, in company press releases and in social media postings. The forward-looking statements speak only as of the date such statements are made. Verifone is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.
Verifone is transforming every day transactions into new and engaging opportunities for merchants and consumers at the last inch of payments and commerce. Powered by a growing footprint of more than 30 million devices in more than 150 countries, our people are trusted experts working with the world’s best-known retail brands, financial institutions, and payment providers. Verifone is connecting more products to an integrated solutions platform to better meet the evolving needs of our clients and partners. Built on a 35-year history of uncompromised security, we are committed to consistently solving the most complex payment challenges. Verifone.com | (NYSE: PAY) | @verifone.