Visa is about to make chip-based cards much faster with a software upgrade

Visa chip-based cards

Visa is about to fix the biggest complaint with its new chip-embedded credit cards — the speed at which they are accepted once inserted in a credit card machine.

Visa on Wednesday announced that it is upgrading software that will allow customers to insert and remove their credit card in two seconds or less. Currently customers can wait 7 to 10 seconds for their card to be accepted by credit card machines.

Before the chip-based cards were introduced customers simply swiped their cards and put it away.

A survey by Harbortouch found that customers are more worried about transaction time than card security.

Visa said the new process, which it dubs Quick Chip, should “make the checkout experience comparable to the ease and speed of magnetic stripe transactions.”

Unfortunately the software update will only affect Visa cards, with MasterCard and American Express needing to update their own processes to meet Visa’s new processing times.

More than one million merchants are already using the new technology.

Visa wants customers to know that the software upgrade occurs at the card reader level and new cards will not need to be issued.