Payments software vendor Trintech has launched Smart 5000, an EMV certified chip and PIN terminal that achieved a record-breaking transaction processing speed of 8.4 seconds in a competition organised by the German savings banks association, Deutscher Sparkassen-und Giroverband (DSGV)
Six POS vendors participated in the race - staged at the recent Omnicard conference in Berlin - which aimed to highlight the importance of keeping chip and PIN-based transaction times to a minimum at the point of sale. A cash transaction was calculated to take 15 seconds.
The Smart 5000 terminal can be used in any type of POS system and is based on Trintech's OpenPay architecture consisting of an Arm processor and open source Linux operating system.
Eamon Keating, general manager of Trintech's retail business says consumers and retailers will only accept EMV smart cards with Pin verification if it improves check-out times.
"We have improved the ease of use of the product by providing a large display and keys, and hybrid card reader. All this means that consumers can quickly insert their card and enter their PIN in less time than it takes to complete a cash transaction," he adds.