Now that I recalled, most of my chipped POS transactions have been indeed a few seconds slower than swipes. I wonder if that's caused by the data encryption/decryption? Embedded hardwares are very capable theses days, I am surprised to see that's the case though. Can someone with expertise on this issue explain?
Encyption/Decription times are neglible.
Do the systems in Europe take the same amount of time, and have the same amount of communication? I can't imagine passing a JSON object back and forth could take that long.
On each step in the chain (credit card, POS, bank entity, etc.) you have lots of verification and error control each one adding more and more overheadeing.
And let's not forget times regarding the user - pin request, payment type which the user has to select if it is necessary.
In the UK transactions typically take less than 5 seconds with more than 10 seconds usually prompting a response from the owner that it's "playing up today". In New Zealand it's quicker still, and contactless payments seem to get processed slightly quicker as well, although that could just be psychological because it removes the whole insert-wait-enter pin part.