SoylentNews is people
SoylentNews
Submitted via IRC for Fnord666
If you’ve made any payments with a chip card, you’ve probably had awkward moments — those long seconds after you’ve inserted the card and everyone behind you is (literally or metaphorically) tapping their foot, waiting for the card to be processed. Well, Square has been working on this problem for a while now. Last fall, for example, CEO Jack Dorsey said the company had gotten the processing time down to under three seconds.
Today, the company is announcing that it’s shaved even more time off, and that Square contactless and chip Readers and Registers can now process chip cards in two seconds. To achieve this, it says it’s worked closely with payment partners — and it’s also streamlined the process so that you can remove your card as soon as it’s read, without waiting for the response from the card issuer.
Source: https://techcrunch.com/2018/08/15/square-chip-cards/
(Score: 4, Interesting) by SomeGuy on Monday August 20 2018, @04:00PM
I was under the impression that the chips in these cards were used to generate some kind of complex 2-way communication to authenticate. Much like a DRMed game or Windows 10 phoning home to authenticate itself. Which makes me wonder if they had to compromise on security somehow.
The other day I went to a store and their "internet" was down so they couldn't accept credit cards. Good old American cash for the win!