MasterCard is joining forces with payments industry players such as Verifone to enhance and expedite the consumer checkout experience leveraging the company's M/Chip Fast technology. M/Chip Fast prioritizes the elements of a transaction that are critical to security in order to speed chip checkout times, according to a press release.

Verifone intends to incorporate M/Chip Fast into its products deployed in the U.S., according to the announcement. Verifone products, including the FIPay line, are used by most of the top 200 U.S. retailers and will help drive greater adoption of faster EMV technology, the company said in a statement.

"Verifone is committed to creating faster and easier payment experiences for merchants and their customers. This collaboration with MasterCard covers a myriad of different use cases across a range of retail verticals," Paul Galant, chief operating officer of Verifone, said in a statement.

Global Payments will make the faster EMV technology available to key merchants in the fast food, grocery, transit and other retail environments, where speed is critical to the consumer experience.

"Global Payments is continually looking for ways to drive better, faster point-of-sale experiences to its merchants and we are pleased to work with MasterCard to deliver this technology," David Mangum, president and chief operating officer of Global Payments, said in a statement.