The solution enables merchants to accept payment into multiple formats in one streamlined device while maintaining security, convenience and the current value of traditional card acceptance, claims Chase.

Chase Paymentech president Mike Duffy said as emerging payment options gain adoption in the US, merchants are looking to make the customer check-out process as easy and safe as possible.

"The Future Proof terminal is a one-stop solution for merchants to keep accepting today’s forms of payment and prepare for new consumer payment preferences on the horizon," Duffy added.

The Future Proof terminal is available through Chase’s 5,300 bank branch network as well as on its web portal.

The service provider said that the merchants who accept EMV-chip cards with the Future Proof terminal, can expect fewer charge-backs and may have no liability in the future for the cost of card fraud,thus saving their time and money.