Square has announced that it has has cut its chip reader processing time for card transactions down to just two seconds.

The news comes a little more than a year after Jack Dorsey took to Twitter to boast that Square had trimmed its processing time down from 4.2 seconds to 3.6 seconds via a firmware update it rolled out to the Square Contactless and Chip Reader.

3.6 seconds down from 4.2 (industry average is 11 seconds).

Using that previous figure as a benchmark, Square has now effectively cut its processing time by a further 44 percent.

Square added that it achieved this speed reduction by working with Visa and Mastercard to implement their respective Quick Chip and M/Chip Fast technologies.

These kinds of reductions may seem so incrementally small as to not make much of a difference, but there are a number of factors at play here.

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