Visa wants to speed up chip credit cards at checkout

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Apr 20, 2016

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Visa wants to speed up chip credit cards at checkout

Since they became standard back in October, 2015, chip credit cards have been disappointingly slow for many consumers. Now, Visa wants to change that.

An EMV chip embedded on a credit card. Starting October 1st, retailers who do not have a device that reads these chips will now be liable for losses when they accept a fraudulent card.

Since they became standard back in October, 2015, chip credit cards have been disappointingly slow for many consumers. Now, Visa wants to change that.

Since they became standard back in October, 2015, chip and signature, or EMV (Europay, Mastercard, Visa) credit cards haven't matched the speed of magnetic strip cards that were common before.

And that's frustrated consumers, according to Sienna Kossman with CreditCards.com.

Kossman joins Alex Cohen to talk about chip cards, why they're so slow and what Visa wants to do to fix the problem.