Visa has a plan to cut the wait for a chip-card transaction to complete

On Tuesday, credit card network Visa announced plans to offer an update to Point of Sale (POS) systems to make using an EMV chip-enabled card faster at the checkout line. (EMV stands for Europay, MasterCard, and Visa, the creators of the credit card specification.) Visa is calling the new specification “Quick Chip,” and it says it will bring the time it takes for a terminal to read the card’s chip down to two seconds.