Square released an update to its contactless and chip reader in the US that reduces transaction time to 4.2 seconds, an improvement of more than 25 per cent from its previous speediest performance.
The transaction speed is defined as the time from when a customer puts their chip card in the terminal to when the payment is complete. The firm’s previous lowest speed was 5.7 seconds.
Customer annoyance with the time taken to process transactions on chip-and-PIN debit and credit cards, which were introduced to the US about a year ago, has become a concern for payments firms, including Square.
“Our goal is to keep chipping away at this time until we get it to around 3 seconds, and we hope to get there soon,” the company said in a blog.
Meanwhile, Square launched its contactless and chip reader in Australia. The device is available for A$59 ($45). It enables sellers to accept contactless cards, mobile payment services such as Apple Pay and Android Pay (both are available in Australia), as well as chip cards.
The country has been an early adopter of contactless payments. “We know NFC is important to Australian businesses, both for providing fast and secure tap-and-go card payments, and future-proofing for the next wave of payment innovation like Apple Pay and Android Pay,” said Square’s Australian country manager, Ben Pfisterer.
The reader can be ordered from the Square website and shipped nationally for free, as well as being available in leading retailers including Officeworks, Apple, Optus and Harvey Norman in the near future.