American Express, Discover, Mastercard, and Visa each released their own “faster EMV®” processing solutions for optimizing online-only EMV transactions. These solutions give consumers the perception of a faster chip card transaction by allowing them to insert and remove their chip card from the terminal without waiting for the transaction to be finalized.
For each payments stakeholder, there are a lot of different options and things to consider when migrating to EMV for more secure in store payments, and many want to know – how do these faster EMV solutions impact me? Should I implement them? What do I need to know?
Here are some considerations for merchants, issuers and acquirers when thinking about implementing faster EMV solutions:
If you’re a merchant
As a merchant, offering these solutions can provide a number of benefits. For example, a faster transaction process improves customer experience and reduces the likelihood that a customer will forget their card. Plus, these solutions provide stronger security due to EMV chip technology.
If you have already made the switch to chip-accepting terminals, you can still implement faster EMV solutions through updating your software. This process doesn’t require additional testing or recertification and is relatively simple.
If you haven’t upgraded your in-store terminals to accept chip cards yet, faster EMV solutions can be incorporated into your migration plans from the start. Like a traditional EMV certification process, each payment network has different testing requirements, however the process is slightly streamlined for faster EMV implementations. This is because it simplifies the EMV transaction flow and eliminates the need for more complex EMV functionality, such as issuer scripting, response cryptography and card initiated reversals.
If you’re an issuer
For issuers, faster EMV solutions still provide the security benefits of EMV because it still allows the issuer to check that the card is genuine and provides counterfeit fraud protection. However, these solutions can have an impact on how you process the transaction because it delays authorization. While this is different from a traditional EMV transaction, this is similar to other deferred authorization scenarios as with magnetic stripe cards.
If you’re an acquirer
Faster EMV solutions improve the consumer experience without directly impacting transaction processing or routing on the acquirer side as the authorization request message is not different from that of a traditional EMV transaction. However, acquirers should still be educated on the faster EMV solutions as testing and certification requirements will need to be updated to reflect the requirements of these solutions.
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