Visa would like to make paying for goods and services even more frictionless. According to the global transaction technology company, payment-card scanners can read cards that use its new Quick Chip technology much faster than they can read existing chip-enabled plastic.
Instead of 15 to 18 seconds, Quick Chip cards sit in the slot of a checkout scanner for only a few seconds before they're recognized, the company said. Customers will still have to wait till the transaction completes though. There's no getting around that delay.
The technology is apparently compatible with payment chips within existing mobile phones and contactless NFC retail terminals. Indeed, The Wall Street Journal reports that big-box retailer Walmart plans to upgrade its brick-and-mortar locations to support Visa's solution, since all that's required is a software download.