Discover Financial's New Chip Card To Expedite Transactions

Discover Financial Services (NYSE:DFS) recently launched Discover Quick Chip to provide better check out process to merchants and cardholders. The latest option is expected to prove highly beneficial for Discover, Diners Club International and PULSE Networks.

Discover Quick Chip will reduce the time span required at point of sale (POS) terminal. Therefore, the chip card will enable merchants and cardholders to enjoy a better transacting experience with faster checkout.

Discover Quick Chip will also reduce the certification requirements at POS terminals. Moreover, it will be compatible with the payment network of other firms. Hence, the card will facilitate cardholders to conveniently check out from the billing counter.

In addition, Discover Financial will provide easy installation service to merchants willing to upgrade their POS Terminal in order to make them compatible with the newly launched chip card. This product is another feature added to the compelling suit of technology that cushions chip deployment as well as enhance customer experience. Also, the chip card has been designed to generate a unique one-time code every time it is used in store at a chip-activated terminal, in turn, minimizing chances of fraud.

Discover Financial has always committed toward fulfilling the needs of merchants and acquirers in the US EMV migration. The introduction of Discover Quick Chip bears testimony to the same. This Zacks Rank #3 (Hold) payment processor will also provide easy installation service to the merchants willing to upgrade their POS Terminal in order to make them compatible with this quick chip.

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The Quick Chip technology is not new for the payment industry. While American Express Co. (NYSE:AXP) has launched the Quick Chip technology in this month, Quick Chip for EMV by Visa Inc. (NYSE:V) and M/Chip Fast by MasterCard Inc. (NYSE:MA) were launched in April.

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