MasterCard says that cardholders can expect checkout speeds closer to the “familiar magnetic stripe transactions with the added security of EMV.”
Visa today announced the launch of “Quick Chip for EMV,” a technology enhancement that should cut the time consumers must leave their new chip cards in machines to about two seconds or less.
Now comes “facial recognition” as the next step in the mobile payments evolution. MasterCard is testing online purchases that can be approved with a quick shot of your face.
Banks give Apple a 0.15 percent cut of each credit-card transaction and half a cent for each debit card purchase when shoppers use Apple Pay. Not so for Android Pay.
Consumers can send and receive funds among friends and family, typically within seconds through providers, including card issuers, money transfer operators, merchants and other entities, MasterCard said.
Financial institutions which issued MasterCard credit cards affected by the 2013 breach say they lost about $160 million.
Best Buy was a big promoter of the not-yet-released CurrentC, a competing mobile payment service supported by Walmart, 7-Eleven, CVS drug stores and other big retailers.
The switch to the more advanced “chip & signature” system isn’t advanced enough to thwart cyberthieves, said Mike Cook, Walmart’s assistant treasurer and a senior vice president.
MasterPass, which is accepted in 16 countries, allows card customers to pay with already enrolled payment card data anywhere online and via an app on any mobile device.
The added layer of security involves creating the world’s “first fingerprint authenticated contactless payment card.”