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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: 2) by aim on Tuesday August 21 2018, @11:19AM
Actually, the only longer wait times I've encountered (and it's been a while since)
were due to the terminal dialing in to the clearing provider over an analog line, for
every single transaction - that dialin alone took sth like 30s.
By now, most of these parts have fiber or at least DSL (at up to 100mbit/s)
(more than 95% market penetration), and that issue is just gone (already was
with the move to ISDN, which made the dialin almost instantaneous). And there's
the (also fast) wireless option besides the landline.