New Tech Can Speed Up Chip Card Transactions

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MIAMI (CBSMiami/AP) - If you like the new smart chip embedded credit cards because they make transactions safer, but hate that they take a lot longer to process a purchase than the old magnetic stripe swipe cards, we have good news.

Visa Inc. said they heard the grumbling from businesses and customers forced to wait for transactions to go through and will be introducing new Quick Chip for EMV will let customers dip and remove cards, usually in two seconds or less, without waiting for purchases to be finalized.

The change will happen in the terminal software and businesses will be able to speed up their chip transactions without major changes.

Though the wait can be just seconds, in today's economy of swipes and scans, the newer chip cards have been a nuisance for high traffic retailers, for example, a coffee shop during the morning rush.

The cards are more secure than those with magnetic strips because the chip assigns a unique code to each transaction.

Visa Inc. said that more than 265 million of its credit and debit chip cards have been issued to date.

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